You probably already think of your pets are your children, so why can’t you claim them on your taxes as dependents?
A lot of pets have a purpose in the home other than being family companions. Some pets are actually working animals. So, shouldn’t their expenses be considered business expenses? It just so happens some of them can be. The deadline to file your tax return is fast approaching, but your pets may be able to help you get some deductions that you didn’t even consider. Here are a few of them.
Shelters
If you donate money, food, or other items or volunteer your time at any animal shelters, you can write some of it off on your taxes. Keep receipts from any money or items donated and keep track of the hours you volunteer and any expenses you have while volunteering to use for your tax preparations. You can count each item as a deduction and possibly reduce the amount of money you have to pay in for taxes or increase your tax return.
Fostering a Pet
A lot of people foster pets until they can find homes where they can live forever. If you opened your home to a pet and worked with a 501C shelter or another nonprofit group, you can write off your expenses on your taxes. You can count vet expenses, food, cages, and more. Make sure you save your receipts and get a written statement from the rescue or shelter you are working with to foster the pet.
Service Animals
Many people don’t realize that they can write off the expenses related to their service animals. If your dog is trained to perform a task, trained to assist with a disability, or registered as a therapy dog, you may be able to claim some of the cost as a business expense. You can even include the cost of training. While you don’t need to show proof that your pet is a service dog, you do need to show proof that you paid for the training or supplies for tax purposes. In most cases, a simple receipt will do.
Working Pets
Do you have a dog that guards your place of business? Do you work on a farm and use a dog to guard your livestock? You can consider any costs associated with these pets, such as veterinary care, training, food, and other supplies, as business costs. Keep all your receipts and give them to the person who prepares your taxes, so these expenses can be deducted.
You love your pets and you probably spend a lot of money taking care of them. Wouldn’t it be nice to get some of that money back on your taxes? Of course, you can’t claim all of your pet expenses on your taxes.
You never want to attempt to claim something that isn’t a real expense or that you don’t have the receipts to prove.
If you are concerned about filing your taxes, talk to your tax preparer or accountant to look over the receipts and help you decide which expenses can be claimed and which ones can’t. You can even have them file your taxes for you, so you know that they are done correctly and legally.
Before you file your taxes, make sure you are taking advantage of all the deductions.
Your pets hold a special place in your heart, and while you may not be able to put a specific dollar value on them, the IRS can. Why not get back some of the money you spent on your pets this year? Maybe you can use it to go on a nice vacation…. with your pets.
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