2023 Adoption Tax Credit Explained
Welcome back to Ask a CPA, your go-to channel for all things tax-related! I'm Brett Philips, and today, we've got a topic that can save you significant money. If you're considering or have recently adopted a child, this is the video for you. So this week I sat down with a young couple going down the road of adoption. After a long fight with infertility, they have decided to make their family complete through an adoption. As they have come to find out, adoption is expensive. The cost of adopting a child can be anywhere from $5,000 to $60,000. These numbers can vary significantly based on which adoption agency is used, whether the child is a U.S. citizen or comes from another country, or whether the child is adopted through fostering. So, after some research and a few long conversations with my client, the main talking points we addressed and the topics we will cover in this video include the following: What is an “eligible child” for the adoption tax credit? What is the adoption tax credit? What is the special needs exception? What are qualified adoption expenses? Can you claim the credit for a failed adoption? What are employer-provided adoption benefits? How can I show proof of my adoption expenses? How can I claim the adoption tax credit? When can I claim the adoption tax credit? Alright, there is lots of great information in today's video… Let’s get into it. If you have a question, please head over to our website http://www.askacpa.co and leave a question for us. Thanks for watching! Connect with Brett Philips, CPA Website – http://www.pscdfw.com E-mail – [email protected] Linkedin – / brett-philips-cpa Twitter - / brettphilips Must-read books!! Small Business Guide to QuickBooks Online - https://a.co/d/8GRFBdY Launch! - https://a.co/d/d7gepCH Music provided by Argofox: A Himitsu - Adventures • A Himitsu - Adventures [Royalty Free ... #AdoptionTaxCredit #adoption #taxcredits #askacpa #cpa #llc #limitedliabilitycompany #smallbusiness #tax #taxdeduction #taxsavings #adoptionstory #adoptionfamilylife #adoptionjourney #adoptions #adoptionsupport
