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Our pets mean a lot to us. By now, most of us even consider them as art of our own families. They bring us joy and keep us in touch with our inner youth by being fun, playful, energetic, and mischievous. Although the joy of having pets is incomparable, they are expensive to care for. We only want the best for them so without even realizing it, we tend to splurge on food and accessories at times and that can add up in the long run.There were some recent changes that had been made to the tax laws after the Jobs Act and Tax Cuts were filed. These laws basically mean that our pets can’t be seen as dependents on our taxes. There are however, a few circumstances where the IRS will allow you to include your pets in your tax deductions. There are different ways in which you can go about doing this. You can pet related expenses when your pet is seen as a business expense.For this to be valid, your pet needs to stay on the premises of the business and have a specific purpose such as to be a guard dog or to be a mouser. However, they do come with terms and conditions of their own. Before you make any additional moves as far as tax deductions are concerned, it’s always wise to have a meeting with your tax professional first.
- If you relocated with your dog.If you relocated during the major tax changes in the past year, you might be able to deduct all your moving expenses – including the expense you had to specifically undertake to move your dog. You can save some money on getting your pooch from his old home to his new one – it’s on the government.
- If your canine is a guard dog.As far a guard dogs are concerned, the government is willing to turn a blind eye. You can deduct the cost of caring for your guardian from your tax returns depending on the amount of time that he spends guarding you. If your guard dog is a full time employee of your business or company, you’re then eligible for a sizeable deduction.
- If you have a therapy or service dog.Therapy and service dogs also tend to get a free pass. You can deduct the cost of adopting, training, and maintaining your service dog, as far as you have the adequate medical records to back his purpose up. The government allows hearing-impaired, visually-impaired, as well as physically disabled people to own therapy dogs.
Caring for our beloved animals don’t always have to be such a hassle. There are ways in which we can love and care for them without breaking the bank.