January 7, 2013
The Cost of Adoption
Considering adopting? Find out about tax breaks that could help reduce the expense of the process.
Anyone who's investigated adopting a child knows it often costs tens of thousands of dollars–even if the adoption somehow falls through. Fortunately, the government provides strong tax incentives for people who adopt. And many employers offer adoption assistance programs, too. Depending on your income, you may be able to claim tax credits worth over $12,000 per child for out-of-pocket adoption expenses. Those who adopt special needs children can claim the full credit, even if their out-of-pocket expenses were less. Note that if you adopt a child from another country, you may only be able to claim the credit or exclusions after the adoption is final.
Bottom line: Adoption is a generous act. Make sure you're taking full advantage of the tax breaks.
- Financial Impact of Adoption
- Financial Planners Not Just for the Wealthy
- Back to School Budgeting Tips
- Financial Advice for Fathers
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