Maximize Savings with the 2024 Adoption Tax Credit

The 2024 Adoption Tax Credit offers adoptive parents up to $16,810 as a dollar-for-dollar reduction of their tax liability. Unlike deductions, this credit directly lowers the taxes owed, provided expenses are documented. Ensure you have your adopted child’s Social Security number to claim this benefit and avoid filing delays. Dr. Friday emphasizes the importance of proper paperwork for a seamless filing process. Transcript: G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. The 2024 adoption tax credit is $16,810. The tax credit is not a deduction that reduces your income for the purpose of determining tax liability. Rather, it’s a tax refund that is based on a dollar-for-dollar reduction of your tax liability. So it’s a credit, right? Simply put, an adoption credit in, and you will save $16,810 if you have spent that. You need to make sure you have a Social Security number for the child that you have adopted. We’ve had to file extensions more than once just to make sure we had the paperwork in line. You need help, 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.