Happy National Dog Day! How Finding Your New Best Friend Can Save You Money

Tax Deductions and Credits Stocksy_txpa634d1d7eyY000_Small_411578

Happy National Dog Day! Today is a special day to celebrate our beloved four-legged furry friends. They can be great companions, show kids some responsibility (well sometimes), and great watchdogs, but man’s best friend can be very expensive. We often hear the question “Can I Deduct my Dog?”

In general, you can’t take tax deductions for taking care of your dog, but there are some tax deductions available for different types of dog owners. Here are five ways finding your new best friend may save you money come tax-time.

Adoption

If you felt charitable this year and adopted your new best friend you may be able to deduct your donation given to a qualified charitable organization to adopt the pet.

Fostering a Dog

Did you directly foster a dog for a shelter or rescue organization? If so, you may be able to deduct expenses such as vet bills, boarding, pet food, collars, leashes, medication, cat litter, and toys.

Guide Dogs and Seeing Eye Dogs

If you or your dependent have a disability that requires the use of a guard dog or seeing-eye dog, the cost of buying, training, and caring for the animal qualifies as a medical expense deduction.

Guard Dogs

Guard dog services are tax deductible as a business expense if your protective friend guards your business property.

Breeders

Breeders can claim pets as a business deduction as long as breeding is their career and not a hobby.

Pet Actors

If you are lucky enough to have your dog in show business you may be able to deduct some of the expenses directly related to the business as long as the expenses are reasonable.

How are you celebrating with your furry friend today? Did you learn anything new about how finding a dog may save you money?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s