Home US Finance expert reveals ‘rich people’ hack that the wealthy use to write off their dog when doing their taxes

Finance expert reveals ‘rich people’ hack that the wealthy use to write off their dog when doing their taxes

by Jack
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Issachar Lee, a
  • Issachar Lee explained how the costs related to owning a dog can be deducted from taxes
  • The ‘personal finance edutainer’ explained how dogs can be a business expense
  • He went on to suggest that his mascot could be classified as a “service to the business.”

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An American financial expert claims that the “rich” can get away with writing off expenses related to their beloved dogs when doing their taxes.

Issachar Lee, a self-described “personal finance educator” who goes by @healerofwallets on Tik Tok and instagramshared a video speculating about how “rich people write off their dogs on their taxes as an expense,” as he put it.

‘And you can too!’ he exclaimed.

‘Let’s say you have a small business or a side business.

Issachar Lee, a self-described “personal finance educator,” explained how people can deduct their dogs from taxes as a “service to business.”

For bureaucratic purposes, the dog could be classified as a guard dog.

For bureaucratic purposes, the dog could be classified as a guard dog.

For paperwork purposes, the dog could be classified as a guard dog, but the puppy could also be considered a “certified medical service animal.”

“And you have an adorable dog you can’t live life without.”

He went on to describe that the puppy can have taxes written off as a “service to the business.”

For example, a business owner might classify the dog as a guard dog.

Stating that the dog is a “certified medical service animal” would also be sufficient, he continued.

“You can even write off the cost of their pet food, vet visits, and cute guard dog outfit,” Issachar enthused.

‘What do you have!’

He went on to emphasize that dog owners who wish to take advantage of this need should be sure to document three aspects related to the “work” being performed by the “service” dog in question.

First, “you must keep a document that records the hours worked by your dog.”

“A good dog is a helpful dog, especially when it helps your wallet,” concluded Issachar (file image)

@healerofwallets

The rich leave out their dogs on their taxes… And you can do it too! It’s 2024 and almost everyone here has two things: 1. A side job to add money to the house. 2. a pet that takes money. Here’s how you can deduct that adorable, fluffy freeloader from your taxes! Follow @HealerOfWallets for all things money. new york nyc taxes taxesseasonal taxestaxestaxes financefinance tipsnews petpet lovers personal financefor women personal financepersonal financial advice

♬ original sound – Personal Finance Edutainer – Personal Finance Edutainer

Second, make sure you have “a description of the exact service they provide for the business” on hand, he continued.

Third, be sure to update an “expense tracker for their maintenance,” meaning “basically everything they need to survive.”

Issachar concluded triumphantly: “A good dog is a helpful dog, especially when it helps your wallet.”

Elsewhere. Certified public accountant and attorney Mark J. Kohler corroborated Issachar’s claim in a LinkedIn post called 10 Ways to Pay Off Your Pet Taxes.

It is important to remember that no one should lie on their taxes, under penalty of law.

Personal finance advice is a popular category of content creation on social media.

As Daily Mail.com reported, another influencer in the space, Vivian Tu, who goes by Your Rich BFF on social media, went on a podcast in December to reveal her top financial tips.

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