On behalf of Stange Law Firm, PC posted in Family Law on Wednesday, February 12, 2020.
Missouri parents are probably preparing to file their annual tax returns. Whether a person hires a professional to prepare their taxes or decided to prepare a return by themselves, people usually want to know what deductions and credits are available. Since tax laws can change each year, parents who finalized an adoption in 2019 — a matter of family law — might be unaware that the federal government is offering a tax credit just for them.
This year, the IRS is offering a credit of up to $14,080 per child adopted during the 2019 tax year. This credit is far greater than the usual child tax credit of $2,000, but that is because adoptions can be expensive. During the process of adopting a child, families may have to pay for things like travel, legal advice, court costs and adoption fees. This tax credit can make adoption financially easier for growing families. If a child was adopted within the country and also suffers from a disability, the credit may be even greater.
Parents who adopt children are also entitled to the same tax breaks as parents who claim their biological children. Medical expenses and child care are often chief among credits for which parents qualify. It is not uncommon for people to consult a professional before filing a tax return to ensure that they are getting what credits or deductions to which they are entitled.
Legal proceedings like adoption are another situation in which a Missouri resident might choose to consult a professional. The legal system can seem confusing, but people should not be discouraged from opening their home and heart to an adopted child just because they fear a legal mess. Knowledgeable family law attorneys are happy to help, and parents can look forward with confidence to welcoming a new child through adoption.