File Pets on Your Taxes
Instructions
- 1 Brainstorm a business in which the particular pets are a necessary expense. For example, business entities such as zoos, circuses, professional breeders, and professional animal showers are able to write off any and all costs for their animals as a business expense.
2 Legally create the desired business within the state of residence. The four traditional ways to file a business are corporation, partnership, limited liability partnership, and limited liability company.
3 Begin running the pet-related business and carefully log all expenses. Valid expenses may include food, grooming supplies, vet visits, and any other expenses that directly relate to that particular pet.
4 Pay anticipated taxes quarterly for that business, keeping careful calculations of actual profits. Profits are the overall amount earned minus all business-related expenses.
5 File the pet as a business asset on the final tax reporting documents.
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You will need to send in an original of each of these forms when you file your taxes (they usually come in triplicate, with one copy for federal taxes, ...
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File Pets on Your Taxes
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