Take Advantage Of The Opportunity
While Fido and Max are adorable pets that definitely bring love to your home, their presence is more important during tax season. Did you know that your pets can qualify for tax deductions and are in some cases a write-off for certain taxes?
The guidelines of the Internal Revenue Service, or IRS, decides the qualifications for deductions. By speaking to an accountant or tax professional, you can check to see if you're eligible. There are a few varying circumstances that can qualify a pet expense as a deduction.
If there's any way for you to save money on your taxes, wouldn't you want to take advantage of the opportunity? There are millions of Americans every year who leave money on the table with their taxes. This article will show you 6 ways you can qualify for a write-off on a pet expense.
Moving A Pet
Moving expenses involving a pet in a few circumstances are deductible. Of course, the move needs to be work related, and the distance between your old home and the new job has to be at least 50 miles. Also, you can include any expenses specifically related to moving your dog, for example.
Some expenses can be deducted if, for example, a dog is utilized as a guard animal for a business of yours. Expenditures such as animal care are valid deductions, so save those receipts and keep track of all costs. The IRS will allow a certain percentage of these costs to be deducted. This percentage depends on the amount of time the pet is used for guard duty.Next »