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

A US finance expert is claiming that 'rich people' can get away with writing off expenses related to their beloved dogs when doing their taxes.

Issachar Lee, a self-described 'personal finance edutainer' who goes by @healerofwallets on TikTok and Instagram, shared a video speculating how 'rich people write their dogs off on their taxes as an expense,' as he put it.

'And so can you!' he exclaimed.

'Let's say you have a small business or side hustle.

A US finance expert is claiming that 'rich people' can get away with writing off expenses related to their beloved dogs when doing their taxes 

Issachar Lee, a self-described 'personal finance edutainer,' shared a video speculating how 'rich people write their dogs off on their taxes as an expense,' as he put it 

'And you have a lovable pooch that you just can't live life without.'

He went on to claim that dogs can be written off as a 'service to the business.'

One example Issachar gave was a business owner could classify the dog as a guard dog.

Asserting the dog is a 'certified medical service animal' would also do the trick, he continued.

'You can even write off the cost of their pet food, vet visits, and cute guard-dog attire,' Issachar enthused.

'What have you!' 

He went on to emphasize dog owners wishing to take advantage of this need to ensure they document three aspects related to the 'work' being done by the 'service' dog in question.

First off, 'you need to keep a document logging the hours worked by your pooch.'

'A good pooch is a helpful pooch, especially when they're helping your wallet,' Issachar concluded (stock image)

Second, make sure to have on hand 'a description of their exact service that they fulfill for the business,' he continued.

Third, ensure to update an 'expense tracker for their maintenance' - that is 'basically everything they need to survive.'

Issachar triumphantly concluded: 'A good pooch is a helpful pooch, especially when they're helping your wallet.'

Elsewhere, certified public accountant and lawyer Mark J. Kohler corroborated Issachar's assertion in a LinkedIn post dubbed 10 Ways to Write-Off Your Pet on Your Taxes.

It's important to remember that no one should lie on their taxes, under penalty of law. Depending on the scale and nature of the offense, people can get slapped with anything from fines to jail time.

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

As Daily Mail.com reported, another influencer in the space, Vivian Tu, who goes by the social-media moniker Your Rich BFF, went on a podcast back in December to spill her top pieces of financial advice.