Adopting a child is among the most selfless things a person can do. It is also one of the most mutually beneficial. However, for many, adopting a child is a significant financial expense. In fact, adoptions average at around $43,000 each, when the cost of lawyer fees, court fees, home studies, and more are totaled up. Unfortunately, the steep cost of adopting a child prevents many willing future parents from doing so. That said, the government recognizes this and offers parents who adopt children an adoption tax credit to help offset some of the cost of the adoption. Continue reading and reach out to our experienced Los Angeles adoption attorney to learn more about the tax credit, how it works, and how it can help you and your family. Here are some of the questions you may have:
What is the adoption tax credit?
The adoption tax credit is in place to help families financially who adopt children under the age of 18. Currently, the adoption tax credit is over $14,000. That said, to receive the full tax credit, you will have to incur at least that much in expenses. If you receive the full tax credit, you can put it towards any taxes you owe. It’s worth noting that only those who make under a certain amount each year will qualify for the adoption tax credit. Currently, those who have a modified adjusted gross income of $216,600 will receive a lesser tax credit for adopting a child, and those with a modified adjusted gross income of $256,660 will no longer qualify.
How do I receive the adoption tax credit?
To receive the tax credit, if you adopted a child domestically, you can claim the tax credit for the year you incurred your expenses. Parents who adopt internationally can only claim the tax credit for the year the adoption is finalized. Our firm can help ensure your adoption goes as smoothly as possible. We will keep you organized and help you claim your tax credit accordingly. If you have any further questions or you are ready to get started, simply reach out to our experienced Los Angeles family law attorneys today. We are here to assist you through each phase of the process ahead.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.