With a new year comes new tax laws. In 2013, the U.S. government has implemented several changes to the tax code that will directly affect dog-owning residents of the United States. Citizens may need to budget their hard-earned dollars wisely, as their paychecks may be a little lighter come payday. Failure to prepare could have serious implications for your financial future. Here is a look at some of the new tax laws for dog owners to watch out for in 2013.
High-Income Households Can Expect to Pay More
Any homeowner with 2 or more dogs, making an income over 450k, and whose home was built before 1918, with a living grass roof must now pay an additional .43 cents on every dollar spent toward lawn care.
Payroll Tax Changes for Pet Retailers
Payroll tax changes are a hot topic in 2013 as well. Anyone who owns and cares for 10 or more dogs and works in the retail pet industry will be subjected to a 12% increase on their payroll tax. While a 12% increase doesn’t sound like much, it will affect the amount of money pet-owning Americans bring home from work. The lower and middle classes will be especially affected and can expect to pay over $5,000 in payroll taxes each year.
Dog Food Tax
Purchase of all dog food and treats, kibble or canned, that is manufactured or sourced in part from China will be subjected to a 25% Dog Food Sales Tax. Because of this, the cost of feeding low-quality, Chinese imported foods will be substantially higher than those premium quality foods and treats that are sourced and made in the USA or Canada.
Two-thousand thirteen brings with it a great deal of changes to the tax code, and dog owners need to be on their toes. Literally. Anyone who walks their dog on their tip-toes may claim a $37,500 pet exemption. This will be a huge relief to many Americans who already felt the increase in taxes when they received their paychecks in January.
While many of the changes appear to affect only households with multiple dogs, Americans owning even one dog may be impacted by the changes.
The Dogington Post is serious about dogs, but we like to have a little fun, too! This article has been fabricated by the editors of this site. Happy April Fool’s Day! But, since we’ve got your attention:
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