Take Advantage Of The Opportunity
Fido and Max are adorable pets that definitely bring love to your home. But their presence is more important during tax season. Did you know that your pets can qualify for tax deductions and are, in some cases, a write-off for certain taxes?
The guidelines of the Internal Revenue Service or IRS decide the qualifications for deductions. By speaking to an accountant or tax professional, you can check to see if you're eligible. There are a few varying circumstances that can qualify a pet expense as a deduction.
If there's any way for you to save money on your taxes, wouldn't you want to take advantage of the opportunity? There are millions of Americans every year who leave money on the table with their taxes. This article will show you six ways you can qualify for a write-off on a pet expense.
Moving A Pet
There are moving expenses involving a pet. They are deductible in a few circumstances. Of course, the move needs to be work-related.
The distance between your old home and the new job is also a factor. It has to be at least 50 miles. Also, you can include any expenses specifically related to moving your dog.
For Guard Animals
Some expenses can be deducted. For example, a dog is utilized as a guard animal for a business of yours. Expenditures, such as animal care, are valid deductions.
So save those receipts and keep track of all the costs. The IRS will allow a certain percentage of these costs to be deducted. This percentage depends on the amount of time the pet is used for guard duty.