Ways to Claim Your Dog on Your Taxes!
Tax time is upon us and millions of us share our homes with pets...so that raises the question can I claim my pet on my taxes? Well, according to Bankrate.com, you can! First off, you can’t claim a pet as a dependent, but here are five tax deductions for pets.
Business Expenses. Performing animals or pets that work and live at a business instead of at someone’s house fall under this category. If you own a business animal, like a guard dog, you may be able to deduct expenses like food, veterinary care and training related to the animal’s job as business expenses.
Moving Expenses. You may be able to deduct the cost of shipping your pet to a new home. You can find this deduction under Publication 521.
Hobby Expenses. If you participate in local pet expos, your dog earns a trophy and cash at an event, or your paintings of your pet made you some money...it all counts as taxable income. That means expenses related to that hobby can be deducted.
Donations to Pet Charities. Adoption fees are not tax deductible, but donations made to a rescue, can be.
Foster Pets. If you foster animals you can quickly rack up extra expenses. According to Bankrate.com, unreimbursed expenses for an IRS qualified 501(c)(3) shelter organization can be deducted