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Adoption Tax Credit

The Affordable Care Act increased the amount of the Adoption Tax Credit and made it fully refundable, which means it can increase the amount of your refund or decrease the amount of your tax liability in the immediate tax year. Additionally:

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Posted in Adoption, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation

Expanded 2011 Adoption Credit – IRS Form 8839

The Adoption Tax Credit in 2010 was increased to $13,170 and made refundable for qualified expenses paid to adopt an eligible child by the Affordable Care Act.  Basically this means that as a parent who completed an adoption in 2010

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Posted in Adoption

Tax Benefits for Parents

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able

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Posted in Dependent, Family, Marriage

Adoption Tax Credits including Tax Credit Carry Forwards are now FULLY REFUNDABLE in tax year 2010 According to IRS Notice 2010-66

According to Marilyn E. Brookens, an attorney in the IRS Office of Associate Chief Counsel (Income Tax and Accounting), “Effective for the 2010 tax year, the adoption tax credit is a FULLY REFUNDABLE TAX CREDIT.  The credit was made refundable

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Posted in Tax Credit

2010 Adoption Tax Credit – New IRS Guidance

IRS on Wednesday issued guidance on the expanded adoption credit included in the health care reform legislation passed earlier this year. The Affordable Care Act raises the maximum adoption credit to $13,170 per child (from $12,150 in 2009) and makes

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Posted in Refundable Tax Credit, Tax Credit
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