Well now that I’ve become completely un-helpful this morning by locking my keys in the car and therefore not being able to take my dad to a doctor’s appointment (I know, I know…what a horrible child!) I’ve read all of my favorite blogs, posted my comments, and said various prayers for various families in the adoption process. Now I’m ready to update on what I learned about the adoption tax credit yesterday…it’s really exciting!!
I’d been reading (on various blogs) that the adoption tax credit had changed for the year. Taxes are a foreign language to me, and anything regarding them. But, it sounded like everyone was really excited about it. So, I decided to email our “tax man” yesterday and have him explain it to me…in terms I would understand!
His first email was based on the “old” law. He said that because Q is a pastor and considered self-employed, we don’t have a lot of taxable income. So, he said that we wouldn’t benefit much from the tax credit.
I continued to look around and realized that the changes made the credit “refundable”, increased the credit to $13,170, and allowed you to receive the entire credit at one time (before it was spread out over 5 years). From what people were saying, the credit being “refundable” meant that you could receive a refund even if you had little to no taxable income.
So, I emailed our “tax man” back and asked him to look at the new law and see if it applied to us. His response was, “Wow, yes, it looks like you will be able to receive the full refund if you spend out-of-pocket or have a loan to repay.”
You talk about excited!? I was excited! That meant that instead of having our little tax wiped away, we could now receive an actual refund of up to $13,170…that is huge! And we have until December 31, 2011 to finalize an adoption in order to take advantage of this revision.
Wow, God, you are amazing!! It amazes me to see You work through the things of this world. To know that so many more orphans and babies that may have been aborted otherwise are going to be able to have loving, forever families. All because of Your provision through a law that so many people are up in arms over. You are glorified in ALL things and this proves that once again. Lord, continue to provide for us in ways that only You can…in order to fulfill Your will and Your purposes for our lives…
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YAAAAAY!!!!! I AM SO HAPPY FOR YOU GUYS!
I know, I am super excited about this too! My husband and I are hoping to save all of that into our adoption #2’s account to bring another child home and not have to start from scratch again to pay for the adoption fee’s.