The adoption credit is an extremely valuable IRS credit that often goes unnoticed.
Over the years, i have known many families who have adopted children from the Unites States and beyond. Adopting a child is not only a life changing event for both you and a child, but is recognized by the IRS in a favorable manner with a valuable adoption credit worth up to $13,360. This credit is for expenses incurred to adopt an eligible child and includes adoption costs, court costs, attorney fees, travel expenses and re-adoption expenses to adopt a foreign child. When adopting a special needs child, no expenses are needed to take the full credit. Read more about this credit at:
http://www.irs.gov/publications/p17/ch36.html#en_US_2011_publink1000246887
Stuart Steinberg, CPA, MBA has owned a strategic tax planning practice on the North Shore for 23 years. Please feel free to contact him anytime and let Erock Tax take care of you!