DAVID S. BABOIAN, CPA, PC

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2/14/2016

February 14th, 2016

Read Now
 
TAX TIP OF THE DAY...  IRS is generous with ADOPTION credit

Adopt a child and receive one of the largest tax breaks in the IRS code...  the Adoption Credit.

THE BASICS:
1) An adoption credit of up to $13,400 is available in 2015.  
2) The credit is limited for taxpayers with income over $201k.
3) Qualifying expenses include... adoption fees, attorney fees, court costs, travel, lodging and meals.
4) You can not use...  expenses to adopt a spouse's child, surrogate parenting costs, costs reimbursed by others, illegal payments.
5) Eligible child... any child under age 18, a disabled person of any age.
6) Special rules for special needs adoptions.

TIMING:
1) If the adoption WAS NOT FINALIZED in 2015, you claim 2015 amounts paid on the 2016 tax return.
2) If the adoption was FINALIZED IN 2015, you can claim 2014 and 2015 amounts paid on the 2015 tax return.

SHARE WITH A FRIEND. 
If you need a tax appointment... www.baboiancpa.com

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email