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!