Tax Adoption Deductions - ADOPTION Tax Credits
The Complete Book of International Adoption: A Step by Step Guide to Finding Your Child
by Dawn Davenport

This book is for anyone thinking about any form of adoption because it has a great discussion and comparison of all forms of adoption. Although the book goes on to a thorough coverage of international adoption, The author is clear that all forms of adoption should be considered and there is no one type of adoption that is best for everyone.

The book covers everything a prospective parent needs to think about, but the author is nonjudgmental about many of the choices parent will have to make. With each choice she urges parents to be honest with themselves and to put the interest of the child first.

The first couple of chapters most helpful if you are just starting the adoption process: are you ready to move on to adoption, what type of adoption is best for us, how to choose a country, and how to choose an agency.

     

Tax Adoption Deductions -


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Tax Adoption Deductions
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Tax Adoption Deductions * ADOPTION Tax Credits

Are You Eligible For Any Of These Tax Credits?   
Richard A. Chapo

Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns.

A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable - taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Below are some of the credits taxpayers could be eligible to claim:

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Petronas To Intensify School Adoption Programme (Bernama)
SERI ISKANDAR, March 6 (Bernama) -- Petronas will intensify its school adoption programme dubbed Program Bakti Pendidikan Petronas (PBPP) following the satisfactory results scored by pupils under the programme...

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Earned Income Tax Credit

This is a refundable credit for low-income working individuals and families. Income and family size determine the amount of the EITC. When the EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.

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Philip N. Cohen: International Adoption Under Siege? (The Huffington Post)
After a day at the 2010 Adoption Policy Conference. I'm not an adoption expert, but I know more today than I did yesterday. Spend a...

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Child and Dependent Care Credit

This is for expenses paid for the care of children under age 13, or for a disabled spouse or dependent, to enable the taxpayer to work. There is a limit to the amount of qualifying expenses. The credit is a percentage of those qualifying expenses.

Adoption Credit

Adoptive parents can take a tax credit of up to $10,390 for qualifying expenses paid to adopt an eligible child. A credit of up to $10,390 may be allowed for the adoption of a child with special needs even if you do not have any qualifying expenses. For more information, see Pub. 968, Tax Benefits for Adoption.

Credit for the Elderly and Disabled

This credit is available to individuals who are either age 65 or older or are under age 65 and retired on permanent and total disability, and who are citizens or residents. There are income limitations. For more information, see Pub.524, Credit for the Elderly or the Disabled.

Education Credits

There are two credits available, the Hope Credit and the Lifetime Learning Credit, for people who pay higher education costs. The Hope Credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. The Lifetime Learning Credit is available for all post-secondary education for an unlimited number of years. A taxpayer cannot claim both credits for the same student in one year. For more information, see Publication 970, Tax Benefits for Education.

Retirement Savings Contribution Credit

Eligible individuals may be able to claim a credit for a percentage of their qualified retirement savings contributions, such as contributions to a traditional or Roth IRA or salary reduction contributions to a SEP or SIMPLE plan. To be eligible, you must be at least age 18 at the end of the year and not a student or an individual for whom someone else claims a personal exemption. Also, your adjusted gross income (AGI) must be below a certain amount. For more information, see chapter four in Publication 590, Individual Retirement Arrangements (IRAs).


Richard Chapo is CEO of <strong>Business Tax Recovery</strong> - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.

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Index of Articles about Tax Adoption Deductions

What Other Authors say about Tax Adoption Deductions

Adoption Agency Selection Checklist by Bill Betzen

It was March of 1996 that the first draft of this checklist was placed online. It has been used by thousands since then and, with the feedback received since 1996, it has been shortened and simplified....

Choosing The Right Adoption Agency by Eric Morgan

When you are looking to adopt you should research different adoption agencies very carefully. There are many things to consider in order to help you narrow down to a list of specific adoption agencies....

Choosing An Adoption Service by Leon Chaddock

For many, an adoption service is one of the most amazing places in the world. These locations connect families who want to have children to those that can not have them. But, while all seem to be good...

What is Adoption? by Jean Rennick

Deciding to adopt a child is one of the most important decisions you will make. Not surprisingly, it can be a very difficult decision to make. In considering adoption, you need to address a number of physical,...


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