NEVE and TRISTAN
12-31-2003, 06:49 PM
Since we are all getting ready to talk to our accountants don't forget if you see adoption in your future to inquire about the tax credit. A TAX CREDIT IS BY FAR BETTER THAN A DEDUCTION!!!!! dON'T CONFUSE THE TWO!!!!!
It is my understanding...and do not quote me, you know me always covering my derrierre and reminding folks to check with a pro on this, but it is my understanding that you get 10,000 tax credit per child. Now there are restrictions but I think if you make less than $150,000 it is that amount.
So if after your deductions etc... you do not have 10,000 owed this can be carried I beleive 5 years!!!!
I would ask you accountant to help you figure out what you should withhold from your pay check towards taxes. Because knowing this you can playw ith your deductions so that you have the money now to spend on home studies etc... instead of getting a chunk back...
anyway since close to tax time it might be worth looking into.
With this scenerio if someone adopted two children from Ukraine and went independent with a facilitator and translator and even a courier and documents guy I think it is almost safe to say you would recuperate possible all of the money you spent...
Neve
AKA "mama2be"-forgot password
and Baby Boy Tristan born @UNC
Feb 25, 2003
Brother to 3 pups "gees" and 2 kitties
It is my understanding...and do not quote me, you know me always covering my derrierre and reminding folks to check with a pro on this, but it is my understanding that you get 10,000 tax credit per child. Now there are restrictions but I think if you make less than $150,000 it is that amount.
So if after your deductions etc... you do not have 10,000 owed this can be carried I beleive 5 years!!!!
I would ask you accountant to help you figure out what you should withhold from your pay check towards taxes. Because knowing this you can playw ith your deductions so that you have the money now to spend on home studies etc... instead of getting a chunk back...
anyway since close to tax time it might be worth looking into.
With this scenerio if someone adopted two children from Ukraine and went independent with a facilitator and translator and even a courier and documents guy I think it is almost safe to say you would recuperate possible all of the money you spent...
Neve
AKA "mama2be"-forgot password
and Baby Boy Tristan born @UNC
Feb 25, 2003
Brother to 3 pups "gees" and 2 kitties