Little Known Tax Deduction Home Business Owners Overlook.

Ah… the ever elusive tax deduction… We all want them but are confused at how to get’em…Right?…

Well, I’ve been in the banking industry for over 20 years and there are a lot of things I know about the industry and how our money works but, there a WHOLE LOT OF THINGS I don’t know.

This is why I decided to take a deeper dive into how the rich get richer and the poor get poorer. One of the answers to that question is tax deductions.

The wealthy people of the world KNOW about how to make money and especially how to make their money make even more money!

Making sure they position themselves to get the most tax deductions possible is a strategy we all need to copy if we are going to become one of the wealthy ones.

Or least keep from having to shell out thousands of dollars every year at tax time!

That brings me to this tid-bit of awesome tax deduction news that I’ve uncovered!

Yes…Fluffy and Fido are more than just your adorable pets who fill your home with love! During tax time, their presence is more important than you may think!

Did you know your pets can be a valid write-off on your taxes and can qualify for tax deductions? 

Of course not! Who knew, right? 

Well, besides owning your own Home-Based Business to reduce how much money you pay to old Uncle Sam.

Check out the 411 to increasing your tax deductions on your favorite pet. =)

And here is a cute pic of my little baby Boxer… Tiny 😉

Isn’t he precious!? =)

Okay…See if any of these examples hit home for you.

The Internal Revenue Service (IRS) has specific guidelines for deciding if pets qualify for a deduction. Of course, as all ways, speak to a license tax professional or accountant to check if your household is eligible.

These circumstances can qualify pet expenses as deductions: 

Fido Tax Deduction #1 | Moving a pet.

Moving expenses that involve a pet can be deducted in some instances. 

• The move has to be work-related, and there has to be at least 50 miles between the new job and your old home.

• Expenses specifically related to moving your dog can be included.

Fido Tax Deduction #2 | Guard Dogs.

If a dog is used as a guard animal for your business, then some expenses can be deducted.   

• Expenses related to caring for the animal are deductible, and it’s important to save all receipts to show how much they cost. The IRS will allow a percentage of the cost of care to be deducted, depending on how much time the animal spends on guard duty.

Fido Tax Deduction #3 | Pets related to work.

Jobs that involve animals are eligible for some tax deductions.

• Are you a professional dog breeder? Do you love to race horses? Are you a dog walker who purchases supplies to care for the animals you watch? Depending on your job, you can deduct some expenses.

Fido Tax Deduction #4 | Service dogs.

Households with service dogs used for therapeutic purposes may be eligible for tax deductions.

• Guide dogs and service dogs fall into this category, this was actually the only write off I was aware of! The IRS requires careful documentation, so save all of your receipts, bills, and veterinarian notices. These deductions go on the medical expenses form.

• Food and leashes are some of the common items that can be written off. Trips to the vet and training are also frequent deductions.

• The actual cost of buying the service dog or guide dog is also included.

Fido Tax Deduction #5 | Foster care for animals.

Households that provide foster care for animals can deduct expenses in some instances.

• Fostering an animal for a charity allows households to take the cost of caring for the animal off their income. The charity has to be a 501(c)(3) nonprofit and registered with the Internal Revenue Service.

• The animal shelter can provide paperwork proving that your household is fostering animals.

• Items like pet beds, food, leashes, medication, vet visits, and others are eligible for deductions. The IRS may ask to see receipts, so it’s important to save all of them and keep them separate from other pet-related files to avoid confusion.

Fido Tax Deduction #6 | Sales taxes.

States with sales taxes can play a part in writing off some of the cost of caring for a pet.

• According to the IRS, filing Schedule A and deducting state sales taxes can help some pet owners. The sales taxes include the cost of pet food, supplies and other items purchased throughout the year.

• Local sales taxes, which differ from state versions, also qualify for Schedule A.

• Saving your receipts is essential, but the IRS allows you to use Schedule A without them (but save them anyway). The optional general sales tax tables let you calculate the deduction on a worksheet. In addition, the IRS has an online sales tax calculator.

Is this cool or what!!??

Tell your friends and family, you never know who could benefit from this awesome tax deduction strategy!

I have a boxer and love the heck out of him even if he wasn’t a tax write off!

Lol! But since he is…that’s more money in my pocket to invest!

Remember, the number one strategy that can make you wealthy is investing the right way. Any extra cash flow you can find should be applied to your investment portfolio. If it applies, use this little tax gem to help you out.

And as always…

It’s important to speak to a tax professional about all of your deductions before filing. According to the American Pet Products Association, pets cost an estimated $56 billion a year. Some pets can qualify for tax write-offs, and every little bit helps if your pooch is one of these.

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