November 27, 2012
Adoption Tax Credit
From Bradenton Herald:
November is designated as Adoption Month in Florida.
Special events are happening all over the state to highlight the number of children available for adoption in Florida. In the 12th Circuit, events are centered around a picnic where potential adoptive families have the opportunity to meet and have fun with some of the local children who are available for adoption. On Nov. 16, the circuit will celebrate Adoption Day in the court where 23 children will be adopted into forever families.
Adoption Month presents an opportune time to take action if you are a family thinking of adoption. Private adoption can cost $30,000 or more. Adopting a child from foster care can have minimal or no out-of-pocket cost. On Dec. 31, 2012, the Federal Adoption Tax Credit expires. Families who adopt a child before the 2012 deadline may qualify for a $12,650 tax credit that can be used against a tax liability for up to five years. After Dec. 31, the only tax assistance available will be a $6,000 non-refundable credit for the adoption of a special needs child.
Read more here.
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