FYA 012: Understanding The Adoption Tax Credit

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In this episode of the Fund Your Adoption Podcast, I interview Becky Wilmoth. She is an Enrolled Agent and Registered Tax Return Preparer and Adoption Tax Credit Specialist® with Bills Tax Service, licensed in all 50 states. She is an expert on the Adoption Tax Credit, regular speaker at national adoption conferences and guest writer for Adoption Today Magazine. She has helped hundreds of families successfully claim the Adoption Tax Credit.

What Is Covered In This Episode

What inspired Bill’s Tax Service to get involved and serve adoptive families
It’s nationwide mission to help adoptive families make sense of the Adoption Tax Credit
The importance of working with tax preparers experienced in working with the credit

What is the Adoption Tax Credit

The difference between a refundable and non-refundable tax credit
The importance of claiming the credit even if you don’t have any tax liability and the ability to carry it forward for up to 5 years

The maximum amount you can claim and adjusted gross income limits for the credit

What types of adoptions qualify for the credit
The differences that apply to the credit for each of type of adoption including domestic, international and special needs
The importance of accurate documentation, what the IRS wants and how they want it
What are qualified adoption expenses
Getting organized and make copies of all documentation and receipts
A simple example of how the tax credit works
Can families with failed adoptions claim the credit
How adoption grants and financial assistance impact your tax credit
How qualified employer adoption benefits are viewed by the IRS
How families can get organized, make copies of all documentation and receipts and apply for the Adoption Tax Credit

Adoption Resources Highlighted

The Adoption Tax Credit
Bill’s Tax Service – Adoption Tax Credit Specialists
National Council For Adoption
North American Council on Adoptable Children
Christian Alliance For Orphans

IRS Website – Adoption Credit and Assistance Programs
Form 8839 and Instructions
Employer Adoption Benefits
Dave Thomas Foundation
Fund Your Adoption: A Step-By-Step Guide To Adopt Debt-Free

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Jeremy Resmer

Child Advocate. Entrepreneur. Fitness Junkie. Parent. Jeremy is an adoption fundraising coach that provides creative strategies and resources that empower families to adopt without debt.