Financial Focus: Love Animals? Learn How to Tax Deduct!
Did you know a junkyard owner can deduct the cost of cat food as a business expense? Did you know if you have a service animal or guide dog you can deduct the cost of buying, training, and maintaining it? Finally, did you know if your pet becomes an Internet sensation you might be able to deduct related costs as business expenses? Now, noticed I wrote business expenses? Yes, we can deduct our animals! But! Your pet’s activities must be considered a business–not a hobby–for expenses to be deductible. The IRS has a very strict multi-step procedure they use to
