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Taxes question - uofmcamaro - 01-12-2015 10:19 PM
So we are itemizing the crap out of our taxes. I've managed to get it down from owing $2500 to only owing $200. Question for someone who would know...and I think I know the answer...can I claim my pets prescriptions we buy from CVS? I'm leaning on no, but never hurts to ask.
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RE: Taxes question - TigerBill - 01-12-2015 11:32 PM
(01-12-2015 10:19 PM)uofmcamaro Wrote: So we are itemizing the crap out of our taxes. I've managed to get it down from owing $2500 to only owing $200. Question for someone who would know...and I think I know the answer...can I claim my pets prescriptions we buy from CVS? I'm leaning on no, but never hurts to ask.
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Not a CPA, but no. Only exception would be if the pet was some sort of recognized necessity. Or perhaps a therapy dog or SAR animal, we have both.
Dude, that's brutal. I haven't owed in memory. But then, I own three home based businesses and get to write off a lot of stuff that really helps.
Taxes question - uofmcamaro - 01-12-2015 11:36 PM
I've found a ton of tax write offs and really turned this around...now I'm super scared I'll be audited. Like, we're claiming A TON in medical deductions. My wife had roughly $12k in bad medical debt (some in collections) from some years ago. Blessed to be able to pay it off...so we can deduct (at least I'm pretty sure we can deduct medical collections paid).
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RE: Taxes question - Tygrys - 01-12-2015 11:49 PM
(01-12-2015 10:19 PM)uofmcamaro Wrote: So we are itemizing the crap out of our taxes. I've managed to get it down from owing $2500 to only owing $200. Question for someone who would know...and I think I know the answer...can I claim my pets prescriptions we buy from CVS? I'm leaning on no, but never hurts to ask.
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No, you cannot. I will say though, if you are to the point of itemizing then a good CPA will likely pay for himself...
RE: Taxes question - TigerBill - 01-13-2015 12:07 AM
(01-12-2015 11:36 PM)uofmcamaro Wrote: I've found a ton of tax write offs and really turned this around...now I'm super scared I'll be audited. Like, we're claiming A TON in medical deductions. My wife had roughly $12k in bad medical debt (some in collections) from some years ago. Blessed to be able to pay it off...so we can deduct (at least I'm pretty sure we can deduct medical collections paid).
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If you are ever audited, and trust me on this, hire a lawyer. Worth every penny to let them represent you.
For next time, a book I recommend is 'Lower Your Taxes Big Time' by Sandy Botkin.
RE: Taxes question - 21-17 Best Time I Ever Ha - 01-13-2015 01:30 AM
(01-12-2015 10:19 PM)uofmcamaro Wrote: So we are itemizing the crap out of our taxes. I've managed to get it down from owing $2500 to only owing $200. Question for someone who would know...and I think I know the answer...can I claim my pets prescriptions we buy from CVS? I'm leaning on no, but never hurts to ask.
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You can use the Shelby County "National Association of Counties, NACO" prescription card at nearly any pharmacy to get a big discount on drugs that your insurance won't cover and prescriptions for your pets. It's a card you get online if you are a Tennessean; Shelby County has contracted with most pharmacies to give you discounts on medicines. There is no charge and it is not a gimmick. Few people know about it.
RE: Taxes question - 21-17 Best Time I Ever Ha - 01-13-2015 01:33 AM
I would also recommend hiring a decent CPA; they will earn back what you pay them, and more.
They can represent you during an audit, which is helpful because the govt. auditor will respect another CPA much more than an ordinary citizen. Also, hiring an attorney is a very good move, if you are audited.
RE: Taxes question - MemTigerFan - 01-13-2015 09:37 AM
(01-12-2015 11:36 PM)uofmcamaro Wrote: I've found a ton of tax write offs and really turned this around...now I'm super scared I'll be audited. Like, we're claiming A TON in medical deductions. My wife had roughly $12k in bad medical debt (some in collections) from some years ago. Blessed to be able to pay it off...so we can deduct (at least I'm pretty sure we can deduct medical collections paid).
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you should be able to deduct the medical, but only for any amount over 10% (if I recall correctly) your AGI. So for example, if you made 100k between the two of you, you could claim $2k of your medical expenses in your itemized deductions.
(not a tax guy, just remembering rules)
RE: Taxes question - SkilletTiger - 01-13-2015 02:55 PM
You can include in medical expenses the costs of buying, training and maintaining a guide dog or other service animal to assist a visually impaired or hearing-impaired person, or a person with other physical disabilities.
In general, this includes any costs, such as food, grooming and veterinary care, incurred in maintaining the health and vitality of the service animal so that it may perform its duties.
Pretty simple to get your pet certified http://www.nsarco.com/
Partial List of Qualified Disabilities:
Physical Problem
Asthma (or other breathing problems)
Blindness (& partial blindness)
Deafness (& partial deafness)
Diabetes
Dizziness/Balance problems
Epilepsy
General Hearing Difficulty
Mobility Problems
Neurological Problems
Paralysis
Physical Weakness
Speech Problems
Seizures Emotional/Mental Problem
Age-Related Cognitive Decline
Any Psychiatric Condition (see exclusions below)
Autism
Depression
Dyslexia
Bipolar Disorder
Emotionally Overwhelmed
Panic Attacks
Post Traumatic Stress Disorder (PTSD)
Separation Anxiety
Social Phobia
Stress Problems
RE: Taxes question - snowtiger - 01-13-2015 03:59 PM
ouch. That hit a nerve. People bring their registered service animals into da food store, but their animals start licking the carts/baskets and/or eating any food, so I toss them. But furry animals are allowed by law, so I have to 'make' the owners leave while telling them their pets can stay. So-far folks have not left any in the store. lol.
RE: Taxes question - Hoopla - 01-13-2015 04:47 PM
Getting a CPA or tax professional to look over your return before filing won't cost you that much. Heck, call around and get an estimate first. Depends on complexity and your particular circumstances of course, but usually $200-$400 should cover it. And I'd just about guarantee they'll find something you missed that would cover their bill. Well worth it for the peace of mind, and they'll go with you if you are audited.
RE: Taxes question - 21-17 Best Time I Ever Ha - 01-13-2015 06:05 PM
I am a sole proprietor and my CPA never charges me more than $150 for my business return. He saves me way more than that every year. I was taught not to try to save a penny in areas I am not qualified and trained. Taxes, deductions and depreciation are complicated. The Tax Code is huge. And the consequences for a mistake can be nasty.
RE: Taxes question - OneShiningMoment - 01-18-2015 08:04 PM
did you claim your dog as a dependent?