April – ah, the joy of finally having spring flowers, a touch of snow, and temperature swings so wild you think you are on a grand roller coaster. The joys of living in North Carolina!
Ah, but the one big drawback of April it seems – the dreaded TAX DAY! However, it seems like the ideal time to discuss one of the few times for individuals that your legal fees might actually afford a substantial tax credit – not just a deduction – adoption!
The IRS has a tax credit for adoption, and according to official IRS Publication 17, in 2018 that credit was $13,810, as long as your modified adjusted gross income was less than $207,140 (at which point the credit starts to get phased out, and if you make $247,140 or more, you cannot take the credit). Note – this is PER child – so if you adopted 2 kids, it would be $27,620! In 2019, it appears as though the credit is being raised to $14,080 per child.