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Main Street Business

#422 Paws for Thought: Writing Off Working Animals

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 31 March 2023

⏱️ 37 minutes

🧾️ Download transcript

Summary

Hey there, it's Mark J. Kohler, and I'm excited to discuss the tax benefits of using working animals for your business or medical needs. Did you know that you could write off many of the expenses associated with your animal on your taxes? In this podcast, we'll explore the world of working animals and the specific expenses that may be deductible, such as food, veterinary care, training, and equipment. As a tax and legal expert, I'll also provide insights into the legal requirements and docume...

Transcript

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0:00.0

Coming with a unique topic, and one of those are pets.

0:02.5

It is more likely that a U.S. household is going to have a pet than a child. Do you have your pet in your estate plan? A lot of pets are euthanized every year because they get dropped off at the shelter because the family's like, I don't want a little fido. We got dogs, cats, service animals. Disneyland is our example here. It's like the old school pest control that God indented. All right? Just get a cat

0:23.3

Welcome everybody Disneyland is our example here. It's like the old school pest control that God indented.

0:21.4

All right?

0:22.3

Just get a cat.

0:24.0

Welcome everybody to this week's episode of the Main Street Business Podcast.

0:28.8

Coming with a unique topic, we love to reach out and hit topics that we really get asked about a lot in our tax law practice and clients and other certified tax advisors looking

0:40.1

for support on unique issues. And one of those are pets. So I'm here with my amazing co-host,

0:46.5

Matt Sorensen, you know. Yeah, I'm excited to talk about this today. Mark was like, let's talk

0:53.1

about pets. And I was like, go fish. I mean, I don't know. Oh, fish. I'm excited to talk about this today. Mark was like, let's talk about pets and I was like,

0:54.2

go fish. I mean, I don't know. Oh, fish. I forgot fish. That dog don't hunt. I don't know.

1:02.1

There's no one. I forgot fish. Yeah. I mean, you can be able to write off your fish. So,

1:07.5

you know, we're talking tax and legal stuff. I know Mark's gotten pretty into this on

1:12.6

how to ride off your pet. I've helped a couple clients over the years do that. And we want to talk

1:17.1

about some legal things need to know about your pet. You know, 68% of Americans have a pet. It is more

1:23.6

likely that a U.S. household is going to have a pet than a child. Wow. Well, I've had both,

1:29.3

and I'll stand behind that as a... Out there's a teenager. Your kids listen to the show.

1:36.1

For those of you with teenagers out there, you're like, damn straight. And when I was introducing

1:42.5

Matt, I was trying to think of what could I, I wanted to use it at some sort and I was going to go with boy toy. You know, Matt has often been called that. That's my wife calls me, you know. Matt's famous. He's good. Okay, well, let's dive into it. We're going to make this a quick show, hit some items. For those of, 68% of you are going to enjoy this show because you have a pet

2:02.6

for your other 22% you know whatever uh so no 32% that's the 30 yeah they CP and then the on the

2:11.6

podcast also yeah uh i'm the resident CPA there sorry uh oh it's but i need, I need another rock star. Bring me a rock star. You know, I don't need makeup. I need rock star. Oh, my gosh. Oh, yeah. Okay. Well, here's what we're going to cover. And Matt hit an important one for everybody that is going to affect every one of you. Do you have your pet in your estate plan?

2:37.9

And we're going to wrap up with the legal issue here after we go through some tax strategies.

...

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