Pet Care Tax Deductions

Pet Care Tax Deductions

proposal that would make pet care expenses tax deductible

 

Unless you have been living under a rock for the last few years, you’ve noticed that costs have increased pretty much across the board – including health care costs for both people and their pets.

If I had a dollar for every time someone asked (tongue-in-cheek, of course) if they could write off their pet’s surgery expense, I’d be a wealthy woman. Of course, we all had a good laugh trying to come up with ways Mr. Smith could claim his dog as a qualified dependent.

Have you ever wished you could deduct your pet’s health care expenses? After all, “Fluffy” is part of the family, right?

Well, if Thaddeus McCotter has his way, you may soon be able to do just that! Veterinary Practice News reported last week that the Republican Representative from Michigan has proposed a measure that would make pet care expenses tax deductible.

You can read the full story here:

Tax Deductions for Pet Care Expenses Proposed

The “Happy Act” (Humanity and Pets Partnered through the Years) would allow a $3,500 deduction for pet care expenses.

The Pet Industry Joint Advisory Council (PIJAC), in support of the proposal, stated that this measure would help ensure that pet owners provide proper care for their pets. “It encourages responsible pet ownership and will hopefully reduce the abandonment of pets by people struggling as a result of the economic downturn,” PIJAC stated.

Click here to read the proposed measure, H.R. 3501.

So, how do you feel about allowing a tax deduction for qualified pet care expenses? Is this a good thing? What is the downside? Comment on this post to share your opinion.

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