Cost is a huge factor in adoption. Many people do not even look into the adoption process because of the common belief that only the wealthy can adopt. The Adoption Tax Credit the U.S. Government offers is an amazing resource that can really make adoption a reality for many families. Personally, I don’t think we could have adopted our two girls without knowing that we would get a lot of the money back. As much as we wanted to adopt, we didn’t want to morgage the next ten years of our lives either.
For those of you new to the adoption scene. The Adoption Tax Credit is currently at $12,150 per adoption. This is a TAX CREDIT, not a deduction, that you can claim up to five years. For example if you adopted a child in 2009, and pay $5,000 in taxes that year, you will get all $5,000 back with your return (make sure your tax help is familiar with this and keep your reciepts!) The following four years you can continue to claim the credit up to the $12,150. If you adopt siblings, you get that back PER CHILD. This makes adoption much more affordable for us middle income level folks.
The Adoption Tax Credit is set to expire in December 2010. There is currently a bill in Congress (The Adoption Tax Relief Guarantee Act of 2009, H.R. 213) to extend this credit PERMANENTLY. This would be huge for the adoption community and for children everywhere.
To fing your local representative check out: Writerep.house.gov. Let everyone you know about this and ask them to support adoptive families and children who need homes!
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