A baby adoption is not an inexpensive process. Many hopeful parents discard the idea of a baby adoption early because they do not realize that there are both private and government resources that are available to help prospective adoptive parents, which will aid in the costs associated with travel, agency fees and additional spending.
There are several tax benefits associated with baby adoption, which include the Federal Adoption Tax Credit. This amount is a credit issued for adoptive families on qualified expenses related to a baby adoption. Allowable expenses, in this case, are subtracted from the current tax liability. In addition, a number of states offer a tax credit in addition to the previously mentioned federal tax credit. When it comes to taxes, adoptive parents are allowed to claim the same dependency exemption as for their biological children. This exemption provides a reduction in taxable income.
In addition to tax assistance, a number of employers participate in the Adoption Assistance Benefits Program. This program allows employers to reimburse a baby adoption with a cash benefit. If your employer does not participate in this program, you may request...
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