How Being a Pet Owner Could Score You a Bigger Tax Refund

most people will admit that the fur baby in their life brings them endless amounts of joy but did you know they can also get you a tax break believe it or not this is true if it's the right circumstance today I'm gonna explain to you four tax breaks that pet owners can actually qualify for number one cats use for pest control does your cat keep your business property free of mice rack and other vermin cats that are cut primarily at businesses for pest control are in fact deductible believe it or not this actually happened to a couple who owned a junkyard they put food out to attract feral cats so they keep the rats away and they were actually entitled to a $300 business expense the couple not the cats if you're trying to claim your feline exterminator you'll need to prove to the IRS that your pet is not only common and accepted in your business but helpful and appropriate as well number two foster pet parent deductions do you foster animals first of all good for you second you might just be able to take advantage of tax benefits for charitable contributions are you spending money on pet supplies food or vet bills if these purchases are not expense and they're coming out of your pocket they are tax deductible on schedule a as charitable donations if it's from a qualified non-profit do you volunteer to shelter rescue organization keep track of your mileage to write that off as well number three service animals does your pet help you to health-related capacity let's not forget that medical expenses are in fact tax-deductible if you itemize this includes the cost of purchasing a training guide dogs vet bills and food and grooming expenses when finally the deduction make sure you have a prescription or documentation that shows you your medical necessity prior to obtaining the pet you're going to claim the animal must be trained and certified for a diagnosed illness for the IRS to approve the deduction number four moving expenses although the IRS won't let you claim your pet as a dependent being relocated to work with a pet is a little bit different you can deduct costs associated with transferring your pet to new home but like with everything there are a few requirements your move must be closely related to the start of your work you have to pass a distance test and you have to pass a time test so basically here's the deal your new workplace must be at least 50 miles from your old home than your old work place was so let's just say you have a job and you're commuting only 10 miles from your house to work your new work place must be at least 60 miles from your old home in order to qualify for the deduction once you satisfy the IRS requirements you can deduct the cost of shipping your new household pets to your new home along with other move related expenses did you learn something give this video a thumbs up and do not forget to subscribe for more money related content

2 thoughts on “How Being a Pet Owner Could Score You a Bigger Tax Refund

  1. Wow, this is great information. Who knew you can deduct your rat-killing cats! Seriously, there's a lot of great tips here for pet owners to save money on their taxes. Love the graphics too – thanks for posting this!

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