Tax season is here. Some of us will get a refund and others of us will owe money. Before you find a reason to procrastinate doing your taxes, think about this for a minute: You can write off the money spent on the dog or cat you fostered this year. Yup, you read that correctly. You can deduct the expenses of fostering on your tax forms. Now, you may want to verify the details with an accountant but the expenses for fostering qualify as services rendered to a 501©(3) organization, aka non-profit donation.
What can you deduct?
You can write off things like pet food, toys, kitten milk, leash, bed, vet bills, and flea and tick medications. You can even write off things like cleaning supplies that were bought and used specifically for the pet you were fostering.
Hopefully you’ve kept the receipts for these things and can add them up, write them off, and document them. If you have your credit card statements hold onto them and highlight the charges that pertained to fostering. Keep in mind, if the organization has reimbursed you for any expenses you will not be able to deduct that from your taxes.
As always, consult an expert to see exactly what expenses are tax deductible. But for those of us who are hesitant to foster due to extra bills, take a deep breath, and know you can do it and get some money back… oh, and do we need to remind you the love you’ll get back from the pet waiting for their forever home?
Images from dogbreeds.com