In our evolving world of pet adoption and fostering, more people are embracing pet parenting to ease their anxiety. Pets bring love, joy, laughter, and companionship to our lives. But pets also have tax benefits. Yes, the IRS allows tax deductions for specific cases.
If you’re a pet parent or think you might want to be one, here’s a list that may be helpful with your tax deductions.
Receipts and Documentation
- Keep receipts of purchases to track your pet expenses. All expenses are not deductions, but keep receipts in case you can claim a deduction on your tax return.
- If you think the standard 2019 deductions ($12,200 for individuals,$24,400 for couples) are not an incentive to itemize your pet expenses, talk to a tax professional.
- Pets are family members, but not your dependents. Pets are not an exemption on your tax return. The Internal Revenue Service (IRS) generally does not allow for pet expenses, but there are exceptions.
IRS Exceptions
Service animals or guide animals can offer a tax deduction. If you have a medical condition, struggle with post-traumatic stress syndrome, care (training, food, veterinary care) for your pet can be a medical expense.
Again, documentation from your doctor that describes your medical condition should be in hand before you acquire a service or guide animal.
Pet-related businesses may qualify for a pet tax benefit. Your business must be a business, not a hobby. A legitimate business can be a pet grooming services, pet sitting service or mobile veterinary care. If pets are not active in your business, you cannot apply a tax deduction to your pet.
Guard animals can be a tax deduction. Your pet must perform guard activities, and have guard training. Keep daily records on how long your pet performs guarding and how your pet guards your business.
Disclaimer: Any information provided is only marginal advice and not a substitution for professional advice. Please seek help from a qualified tax professional to understand any benefits related to your pet.
Thanks for stopping by!
Dr. Pet Mom
“Clearly, animals know more than we think, and think a great deal more than we know.”
–Irene M. Pepperberg