2023 Adoption Tax Credit Explained

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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

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