That April 15th tax deadline is coming up soon! Here are some ways your pet could become a tax deduction!
#1 – Guide Dog
If you utilize a guide dog due to reduced vision or hearing, you might be able to deduct the costs of buying, training & maintaining that animal under medical expenses!
#2 – Guard Dogs
If you are using a dog as a guard dog it may count as a business deduction! The IRS may ask you to prove that keeping the dog on work premises is necessary & some sort of demonstration as how it helps protect your inventory. It also helps if you have a breed that is typically used for that job.
#3 – Moving Costs
You probably knew that you could deduct the cost to move for your stuff. However, did you know that you could also deduct the cost for your pets?
#4 – Animal Adoption Fees
Animal adoption fees above and beyond the typical adoption fee may be seen as a donation to a nonprofit so you may be able to deduct part of the cost of your new pet!
#5 – Fostering Animals
If you have any un-reimbursed expenses for fostering a pet for an IRS qualified adoption organization you may be able to deduct them!
#6 – Professional animal
If your pet works in show business they might be tax deductible! It must be documented, business-related and a reasonable expense.
#7 – Hobby Expense
Any hobby related earnings are taxable income. However, you may be able to use the hobby’s expenses to offset the hobby earnings. All expenses must be itemized.
Note: I am not a professional tax advisor. Always consult a professional tax advisor for tax advice.