F'ing Taxes

[Cody]

You can deduct dog food, shots, travel expenses, the amount you purchased your dog for, if you can prove you will make a profit of showing/breeding for a 2 year period. (I didn't give you the tax info though lol) and we have more deductions taken out of our paychecks durning the year and get on average between 5-13 thousand back each year and take a family vacation. This way we don't spend it throughout the year, I know bad savings account lol

Wait... are you a breeder?

 

[Wyo- Dogue de Bordeaux]

Not yet no. I worked at a CPA firm and we do deductions for cattle and for horses all the time, the same rules apply for dogs.

---------- Post added at 10:28 AM ---------- Previous post was at 10:27 AM ----------

Texas has no state income tax either but we pay for it in property tax...

I think we do here too. But it's a lot lower than other places.

 

[Wyo- Dogue de Bordeaux]

Texas has no state income tax either but we pay for it in property tax...

I think we do here too. But it's a lot lower than other places.

 

[raechiemay]

Wyo, what kind of deductions can a person do with horses? I have a friend who's parents own 170 acres & we were going to talk to them about using 10-15 acres for horses & possibly doing rescue work. Her & I both want our own personal horses to just get up & go whenever but we are very interested in rehabilitating abused & neglected horses than adopting them out. Probably won't have anymore than 5-6 at a time.

 

[Wyo- Dogue de Bordeaux]

They would either have to show them or breed them for the deductions.then they would have to prove that they can make a profit (even if its a 1) for a minimum of two years. But you have to take this with a grain if salt since I do not have my CPA license yet. And to rescue you can run a non profit and get those tax benefits.

 

[voidecho]

You have to prove it's a business and not a hobby. You can look up specific rules online.

http://www.irs.gov/uac/Business-or-Hobby%3F-Answer-Has-Implications-for-Deductions

 

[Duetsche_Doggen]

Still waiting on my mother to do mine......maybe she's planning it as a house warming gift???? I pretty much get eaten alive by taxes being single and all. Wish I could claim the animals.

 

[voidecho]

Just read an article yesterday that said you could deduct pets if they were guard dogs for a business.

Looks like I need a home office for Lincoln to guard.

 

[Bloke]

the coolest thing about an illegal immigrant?

i don't pay no stinking taxes :razzberry:

 

[voidecho]

the coolest thing about an illegal immigrant?

i don't pay no stinking taxes :razzberry:

In the quiet words of the Virgin Mary... come again?