“Aw, that puppy is cute! Is he a minor financial burden?”
That’s not something most people are accustomed to hearing when they take Fido out for a walk. Nevertheless, your pet can actually help you out around tax time. Here are three tax deductions you may potentially receive for enjoying time with your pet:
1. Guide Dog
This seems like a no brainer, but a lot of people have not considered that their guide dog is a major asset to maintaining their current lifestyle, and the aspects are tax deductible. As per the IRS, the costs of purchasing, maintaining and training a guide dog can be included in medical expense deductions.
2. Guard Dog
Although you see a round eyed pup every time you look at your canine baby, others may see a vicious, toothed warning sign to not go anywhere near your residence. According to Entrepreneur.com in regards to guard dog deductions, you can “…deduct expenses relating to the dog." This is only for legitimate guard dogs of course, not just because your Cocker Spaniel won’t stop yapping at everyone who walks in the door!
Moving can be an emotional and financially-taxing proposition. Luckily, you can deduct your pet as your personal property! I know you don’t want to think of your pet as another piece of furniture, but in some cases, when moving costs are deductible, so is your pet!
With these ideas in mind, remember that taxes can be complex and you should obtain the help of a tax professional to make sure you are able to write off these expenses or find the best ways to do so.
Hopefully, if the situation ever does arrive that someone asks you if your pet is a financial burden, you can answer with a grin, and say “no actually, he was a tax exemption!”
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