Special Tax Breaks Just For Pet Owners
We may see our pets like they're our children, but the IRS doesn't agree and we can't claim them as dependents. But, there are a few situations where our furry friends can get us a tax break.
The only catch is, your cat or dog has to be a little more than just a pet. Here's the situations where they'll help on your taxes:
- Guard Dogs. You can deduct costs of food and vet bills if your pet is guarding a business location.
- Hobby Income. If you show your pet and make money from it, you might be able to consider it hobby income and deduct expenses.
- Foster Pet Parents. By foster animals you may be able to get benefits for charitable contributions.
- Guide Dogs/Service Animals. If your pet helps you in a health-related way, itemize the expenses and they're tax deductible.
- Moving Expenses. If you had to move due to work, you can deduct certain costs if requirements are met. Your move must be closely related to the start of work, you must pass a distance and time test.
Read more at MSN.