Sunday, December 20, 2009

Tax deductible cats and dogs: Bill would let pet owners deduct cost of care

 — Pets could soon pay for themselves if a bill that allows owners to deduct the cost of caring for their animal’s passes.
If approved, the Humanity and Pets Partnered Through the Years (HAPPY) Act would amend the Internal Revenue Code to allow a tax deduction of up to $3,500 per year for pet care expenses, including veterinary care, according the House Resolution 3501.
“I think it’s great,” said Stacey Huber a veterinarian at Animal Oasis Veterinary Hospital.
Huber, who learned about the bill through a reporter, said veterinary care has gotten expensive for people and, many times, pet insurance doesn’t cover some of the expenses.
If approved, Huber said this tax deduction could help pet owners who have pets that have illnesses and diseases and need long-term treatment.
The tax deduction could be nearly as much as a deduction for a child.
Last year, a taxpayer could claim a qualified child, who is 19 or under 24 and a full-time student, as a dependant for $3,500. In 2009, the deduction will climb to $3,650, according to IRS spokesman Mike Dobzinski of Plantation.

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