Tuesday, February 1, 2011

Adoption tax changes

Hip Hip Hooray!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Sorry to burst your bubble, but those of you who've been hiding behind lack of money as the excuse for not following God's prompting to adopt--Congress went and eliminated it :)

The new tax changes are awesome.  Used to, the tax credit for adoption expenses was just that, a credit.  So, it would deduct from your tax liabilty--but you couldn't get more than you'd paid in.  Now, it is a refund.  See the difference?  ClickHERE, or cut and paste this from the IRS itself http://www.irs.gov/taxtopics/tc607.html
 for more explanation.  Of course, you must submit documentation to be legit.

Since we finalized Hudson's adoption last March, we weren't able to claim adoption expenses for 2009--when he came home.  Now, thank you Jesus, we are going to be able to get a refund for adoption expenses(yes, travel is even included) for up to 13,100.  Oh....MY....WORD!!  The remainder of our adoption loan will be completely paid off.

 When we said yes to Mike going to South Africa in March, we had no idea about this new tax change--it was a leap of faith--as so much of our trips and adoptions have been.  Talk about God's provision--even through the not so holy IRS! God works in mysterious ways huh??
Ha, that was a total joke any IRS tax lovers out there

1 comment:

  1. WAH?!?!?!? I had NO idea!!! Are you kidding me? I am going to the site now...seriously, this may impact us big time in the future!! holy cow!! Plus, we didn't finalize our adoption until April 2010!!! For serious?!? Maybe we could get it too? Either way what fantastic news!!!

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