Showing posts with label tax breaks for pet and animal owners. Show all posts
Showing posts with label tax breaks for pet and animal owners. Show all posts

Wednesday, April 25, 2018

Tax Breaks for Pet Owners


If you’re like most pet owners, then you probably love your furry friend, whether it’s a dog, cat, or anything in between, just as much as you’d love a human child. And, fortunately, the IRS is starting to recognize that by offering a wide range of tax breaks just for pet and animal owners.   


Guard Dogs
Deducting an animal as a business expense might seem like a crazy idea, but it’s actually quite possible.

If you have an animal that protects your business from thieves and intruders, you can deduct it as a legitimate business expense. After all, in this case, the animal really is serving a legitimate business purpose.

Show Dogs
Some people really enjoy showing their dogs. In some cases, they can even make money, often referred to as a “hobby income” from doing so, particularly if they’re good at it.

If you are making money from showing your dog or dogs and you’re counting that money on your taxes, then you can deduct some of the related costs, such as the expenses incurred in training the dog, entering shows, and grooming the dog before a big show.

It is also worth mentioning that it’s not only dogs that can be shown. If you’re earning money showing your pet chicken (and yes, this does exist) or your pet guinea pig, you may still be able to deduct relevant expenses.

Service Dogs
Another way to deduct money for your animals is if you have a legitimate service or guide dog.
In this case, you can deduct expenses related to training the dog, taking it to the vet, and registering it with a national service dog organization. Just make sure you have documentation showing that you actually need the animal to provide a legitimate service.

These deductions and others like them can be super helpful for people who own animals. However, they are not always easy to get. Nor is it easy to make them look legitimate even when they are. So, for these reasons, it’s always a good idea to seek professional tax help when claiming such deductions.