GEB Tax Deduction Info
Puppy Raising May Equal Tax Deductions
from
Tom Austin
Puppy raisers take on all of their responsibilities for a variety of reasons. However one of the financial advantages is often overlooked. Almost all of the expenses incurred by puppy raisers while raising the puppy can be tax deductible.
To make use of this tax deduction, the taxpayer must itemize their deductions and file a Schedule A. All items you buy for the puppy, including food and toys are considered cash contributions to a charity. Additionally, you can take a deduction for all mileage you drive associated with raising your pup. This includes trips to the vet, classes, evaluations, and just different socialization areas, as long as the primary reason for the trip was raising and training the pup. For tax year 2002, the deduction is 14 cents per mile and is also taken as a cash donation. All of these items are entered on line 15 of Schedule A. They flow from your federal return to your state return so you receive a deduction there as well.
Receipts are not needed unless a single expense is over $250. (Buying $300 of food throughout the year is not considered a single expense.) Simply keep a written record of mileage driven and everyday expenses in a small notebook and you can take advantage of this deduction.
If you haven't taken this deduction in the past, you can even go back three years and amend your returns if needed and receive a refund and interest from those years. If you have any questions, you can e-mail TOMA67@AOL.COM.
