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New Proposed Tax Deduction for your pet....

Wednesday, 19 August 2009

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US Representative Thaddeus McCotter of Michigan (unemployment rate of 15.2%) recently proposed a new bill which would give animal owners a tax deduction for qualified pet expenses up to $3,500. The goal of this deduction is to make it more affordable to provide for your pets and hopefully discourage owners from abandoning their pets. Right now, people can deduct for their own medical expenses ONLY those costs that are over 7.5% of their Adjusted Gross Income. So the tax treatment for your pet expenses would be better than your own. This bill has encouraged a lively debate among the American public, with most people thinking it is ridiculous. The bottom line is if you can't afford a pet then don't get one. I really don't think this bill will go far, but it is getting plenty of press coverage.

About the author

Carol Somoano, MBA, CFP®

Carol Somoano, MBA, CFP^®Financial Advisor

Carol Somoano, Vice President of Asset Planning Inc., is a Certified Financial Planner, CFP^®, and is responsible for portfolio and financial plan analysis. Before Carol joined API, Inc in 2005 she worked as a management accountant for 15 years before deciding to concentrate on financial planning. Carol obtained her B.S. in accounting from Cal Poly Pomona and her MBA from Cal State Fullerton. She completed the UCI Financial Planning program and passed the CFP exam in March of 2004. She is also a Notary Public and Realtor^®.

She is an active member of the Orange County Financial Planning Association and has participated in the OC Register Annual Financial Planning Hotline. She is an active volunteer in her community and has received an Honorary and Continuing Service Award from the California State Legislature in 2003 and 2007.

Carol’s core values are client-focused, emphasizing long-term relationships built on confidence and trust. She works diligently to increase her client’s net worth, plan for their future, and ultimately enhance their lives today.

Carol's hourly financial planning rate is $250. Carol's portfolio management fee is a maximum of 1% and is discounted for portfolios over $250,000.

PH: 714-827-5794 | Email Carol

Asset Planning, Inc Blog

New Proposed Tax Deduction for your pet....

About the author

Carol Somoano, MBA, CFP®

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