Business owners and parents seem to get all the tax breaks, but what if your “kid” has four legs and is furry? Guess what? You get some tax breaks too! Read on to see if your pet helps you qualify for any of these deductions.
- Pest Control – Did you get your cat or other animal primarily for the purpose of catching vermin at your business? You can deduct a few hundred dollars for pet food. Just be ready to prove that’s why you have your mouse hunter.
- Showing Off – If you spend your free time showing your dog or cat, you may be able to deduct your expenses for showing them. The rules around this are tricky, so consult with a tax specialist to see what you can deduct.
- Business Expenses – If your pet serves a real purpose at your business, you might get some tax breaks. A good example is if you have a guard dog at your business. In this instance, the size and breed of your dog matters. A miniature pinscher won’t qualify but a Doberman pinscher might.
- Service Animals – Is your pet more than a pet? Does it help you in a health-related capacity? You may get a tax break including training, veterinary bills, food, etc. You must have documentation such as a prescription from a doctor to qualify for any deductions.
- Fostering Pets – If you’re one of those big-hearted people that foster pets, you may have a tax break in your future. The animals must be from a qualified nonprofit to get the deduction and the expenses must be unreimbursed.
Speak to a tax expert to see if you could qualify for any of the above pet tax breaks. In the meantime, as a WWFCU member you can get a valuable discount on federal products from TurboTax. Click here to get started.
