April 15th: Doomsday! Can Your Pet Alleviate Some of Your Tax Pain?
Posted on April 15, 2014 by joyofliving No comments
Jessie, the inquiring canine, taking a break from filing her 2013 tax returns to reflect on the possibilities of claiming a tax deduction for pets:
It’s April 15th….the inevitable annual Doomsday! Are you prepared?
If you are filing your taxes at the last minute today, have you ever wondered if there was a way to obtain a tax deduction by virtue of owning a pet? As with anything related to the IRS, the answer is not 100% definite and certain variables can apply. In an effort to learn more, I logged on to the irs.com web site, a/k/a US Tax Center, and found some information as relayed by the Internal Revenue Service.
According to the IRS:
“You can include in medical expenses the costs of buying, training and maintaining a guide dog or other service animal to assist a visually impaired or hearing-impaired person, or a person with other physical disabilities. In general, this includes any costs, such as food, grooming and veterinary care, incurred in maintaining the health and vitality of the service animal so that it may perform its duties.”
Further, if you are someone who raises guide dogs for a charitable organization, such as Guide Dogs for the Blind, you can possibly claim an itemized deduction.
Do you foster or rescue animals for an IRS-approved charity? If so, it is possible that any expenses you incur that are related to food, litter and veterinary bills may be deductible.
However, as with anything pertaining to your tax returns and potential deductions, we highly recommend seeking the services of a qualified accountant/income tax specialist. (And if you rely on any financial or tax advice from that mangy cat Party Marty here at Joy of Living, you are completely on your own! We take no responsibility for that cat’s meow!) Hurry now…get to the post office before they close! Get those returns mailed!
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