Wednesday, October 31, 2018

Dogs and Tax Refunds


Are you a dog lover? If so, it might surprise you to learn that your love of and care for dogs could translate to some major financial help come tax time. Read on to learn more about how your “puppy love” could positively impact your tax refund.     


Donations to Animal Shelters
To start with, if you donate to animal shelters, whether you do it regularly or just here and there, you could count your donation as a tax deduction.

This is true whether you’re giving a cash gift or you’re donating goods, such as dog food, with a monetary value. Just keep track of the dollar amount related to your donation and keep your receipts for accurate accounting.

Dogs who Protect or Work for Your Business
If you have a dog whose main purpose is to protect and guard your business or to do other work around the business, such as serving as a guide dog, expenses related to that dog are deductible. It’s important to know the exact hours your special dog worked and how much you spent on food, vet bills, and other necessities. However, with some accurate record keeping, you could write these costs off as fully legitimate business expenses.

Can You Count a Dog as a Dependent?
The biggest question pet owners often ask is whether or not they can count their dogs as dependents. Unfortunately, in the eyes of the IRS, no matter how much you love your furry friend, he or she can’t be counted as a dependent.

However, by working closely with an accountant and taking advantage of all of the other ways your dog can benefit you, it’s almost as good as being able to claim your dog as a dependent!

No comments:

Post a Comment

I welcome your comments here :)