“Give me a (tax!) break, please!” Pets as tax deductions? Perhaps…

  Posted on January 3, 2014  by joyofliving  No comments

 

Party Marty here! TGIF! It’s been bitterly cold outside, which is all the more reason I can remain one cool cat!  As you have come to know me as a fountain of knowledge, I am going to provide some interesting information on pets as potential tax deductions. With the New Year upon us, I am sure many of you are wrapping up the financial details of 2013 and thinking about getting your taxes in order.  That April 15^th due date will be here before you know it.

If you are savvy, you may often find ways to enter IRS-approved tax deductions on your forms. Well, even though you cannot completely write off your pet in the form of a tax deduction (I know, I know…they are your “kids,” but the government does not see it that way!), there may be a few ways to keep some money in your pocket at tax time when it comes to your pets.  While I am not an expert on this subject, as I merely did some basic research, please do not take this information to heart without consulting your tax advisor first. Do not rely on me as the end-all of information here! Yes…I am wise, but take what I say with caution.  As with anything, please do your research.

According to gobankingrates.com, there are possible tax breaks with respect to your pets. Here are just a few:

• Animal adoption fees:  For the most part, certain donations to non-profit groups such as churches and other charities can be tax deductible. However, if you make a donation to an animal shelter, this is not tax deductible.  Any additional donations, however, can be tax-free. For example, if you adopt a pet that needs a good home, you can welcome your new family member while simultaneously making a tax-deductible gift.
• Service animals: Typically, seeing-eye dogs and those with special training are tax-exempt. However, this does not apply to training your dog to grab a treat while you are chilling at home. Service dogs are licensed by law with special documentation and neck tags from a doctor. The IRS will most likely require verification of this.
• Guard dogs: If you have an intimidating breed such as a German Shepherd or Pit Bull and that dog is specifically guarding something, such as a gated home or valuable property, then most likely his services (not the dog!) are tax exempt.

Now…I need to take a break and meditate on how I can be a tax saving pet for my human. There has to be a way….catch you all later!  I’ve got work to do!