Insights
We are proud to be named a West Coast Regional Leader for 2024
Tax Savings for Adoptive Parents: What You Need to Know for 2024
ARTICLE | September 10, 2024
Authored by Vasquez + Company
Adopting a child can be expensive, but the IRS offers a tax credit to help qualified parents offset some of these costs. For 2024, the credit is up to $16,810 for the adoption of a special needs child and applies to qualifying adoption expenses, including court fees, attorney costs, and travel. Parents can claim this credit for both U.S. and foreign adoptions, with phase-out limits based on modified adjusted gross income. Additionally, if an employer provides adoption benefits, parents may qualify for both a tax credit and income exclusion.
Read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Let's Talk!
Call us at +1 213.873.1700, email us at solutions@vasquezcpa.com or fill out the form below and we'll contact you to discuss your specific situation.
Vasquez + Company LLP has over 50 years of experience in performing audit, tax, accounting, and consulting services for all types of nonprofit organizations, governmental entities, and private companies. We are the largest minority-controlled accounting firm in the United States and the only one to have global operations and certified as MBE with the Supplier Clearinghouse for the Utility Supplier Diversity Program of the California Public Utilities Commission.
For more information on how Vasquez can assist you, please email solutions@vasquezcpa.com or call +1.213.873.1700.
Subscribe to receive important updates from our Insights and Resources.