HAPPY Act: $3,500 Pet Care Expenses Deduction (Proposed)
Wouldn’t you throw your support behind something called the HAPPY Act? I know I would, it sounds so… cheery!
It exists and it’s a bill that has been introduced in the House of Representatives by Representative Thaddeus McCotter (R-MI). The Humanity and Pets Partnered Through the Years (HAPPY) Act, H.R. 3501, would offer a $3,500 tax deduction for qualified pet care expenses. A qualified pet is a “legally owned, domesticated, live animal” that isn’t used for research or business. Expenses cover pet products, service, veterinary visits, and basically anything that is related to the care of a pet.
It seems like a difficult time to be introducing this bill when we have so many other economic issues to deal with but it sure is sweet.
First reaction: Frivolous deficit spending? Or legitimate deduction we should entertain?

One of the biggest challenges in almost anything you do is knowing where your blind spots are. In simpler terms, you don’t know what you don’t know.

A few years ago, when the housing market was sizzling hot, everyone and their mother talked about how their home was a fantastic investment. They talked about how a home that sold ten years ago had quadrupled in value over the last five and cursed themselves for not buying more. I knew someone who owned four rental properties, all bought on ARMs, and was making a “killing” on the rents and appreciation. I knew someone else who was looking at his paper riches and marveling at how wonderful homeownership was.
When the market took a nose-dive earlier in the year, I tried to catch a falling knife. Several times.



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