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Tax Credit Consulting: Adoption Cordele GA

The adoption tax credit is unique in that it can be claimed over multiple years. The adoption process is often a frustrating, lengthy one. If it takes two or three years, you can claim a credit in the amount of your expenses for each year so long as the total for the particular adoption doesn't exceed the $10,390 limit set by the IRS. Also, keep in mind you can only claim the adoption tax credit for actual expenses. Reimbursed expenses may not be claimed

H&R Block
(229) 273-9902
3302 FRONTAGE rdSTE B
CORDELE, GA

Data Provided by:
Dr. Leonard D. Stimley (RFC®), MBA, PHD
(678) 986-9710
695 Ashford Cove Drive
Lilburn, GA
Company
Mobius Consulting Group
Qualifications
Education: BSEE, MBA, Ph.D(Financial Analysis)
Years of Experience: 9
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Noah Reichert
2450 Atlanta Hwy
Cumming, GA
Company
Company: North Georgia Investment Planning LLC
Education
Georgia State University/BS PUblic and Urban Affairs
Georgia State University/MBA in Finance
Years Experience
Years Experience: 5
Service
Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Estate Tax Planning,Asset Protection Strategies & Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Wealth Management,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income Tax Planning,Pension for Highly Compensated

Data Provided by:
Mr. Gordon L. Hillegas (RFC®), EA
(706) 234-7468
500 East 2nd St.
Rome, GA
Company
Peachtree Planning Corporation
Qualifications
Education: BS
Years of Experience: 17
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Alan McKnight, MBA, CFP®
200 Galleria Parkway
Atlanta, GA
Company
Title: Vice President
Company: Kays Financial Advisory Corporation
Type
Registered Investor: Yes
Education
Southern Polytechnic State University/Bachelor of Mechanical Engineering
Kennesaw State University/MBA/Finance
College for Financial Planning/Certified Financial Planning
Years Experience
Years Experience: 15
Service
Stock Market Alternative,Wealth Management,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Disability Insurance,Retirement Planning,Long-Term Health Care Planning,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only

Data Provided by:
Jackson Hewitt
(229) 268-1040
114 East Union Street
Vienna, GA

Data Provided by:
Mr. John R. Murray (RFC®), LUTCF
(912) 265-1932
PO Box 1733
Brunswick, GA
Company
John Murray & Associates Financial Group
Qualifications
Education: 31 Years in Public Accounting and Tax Services.20 Years in Insurance andFinancial Services.
Years of Experience: 25
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Family Offices, Mortgage Loans, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Daniyal Inamullah
4751 Best Road
Atlanta, GA
Company
Company: Waddell & Reed
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
Emory University/BA Economics
Service
Stock Market Alternative,Alternative Investments,Annuities,Alternative Asset Class Planning,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income Tax Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insur

Data Provided by:
Mr. Lawrence W. Hoffman (RFC®), CFP, CHFC
(706) 323-9980
18 9th Street, Suite 500
Columbus, GA
Company
First Command Financial Planning
Qualifications
Education: BS in General Engineering from United States Military Academy (West Point). MS in Administration from Central Michigan. MS in Secondary School Education (Principal) from East Central University (Oklahoma).
Years of Experience: 11
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Family Offices, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Mr. Maurice O. Miller (RFC®), CEP, MBA
(404) 298-0054
PO Box 1366
Stone Mountain, GA
Company
TM Financial Group, Inc/PBBIC Strategies
Qualifications
Education: BS, MBA
Years of Experience: 16
Membership
IARFC, NAPFA, NICEP
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Business Coach, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
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Tax Credit Consulting: Adoption

Adoption Tax Credit

Many Americans pursue the adoption of children in lesser circumstances. This excellent moral choice comes with a financial benefit - the adoption tax credit.

You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child. This includes a child with special needs. The adoption credit is an amount subtracted from your tax liability. At the time this page was created, the adoption tax credit was $10,390 per child, which applied to the 2004 tax regulations.

This is a huge financial benefit as a dollar for dollar reduction of the amount you owe the government is far more valuable than a measly tax deduction from your gross earnings.

The adoption tax credit is unique in that it can be claimed over multiple years. The adoption process is often a frustrating, lengthy one. If it takes two or three years, you can claim a credit in the amount of your expenses for each year so long as the total for the particular adoption doesn't exceed the $10,390 limit set by the IRS. Also, keep in mind you can only claim the adoption tax credit for actual expenses. Reimbursed expenses may not be claimed

To claim the adoption tax credit, you have to meet certain criteria:

  • Qualifying expenses include reasonable and necessary adoption fees, court costs, attorney fees, traveling expenses (including amounts spent for meals and lodging while away from home), and other expenses directly related to and for which the principal purpose is the legal adoption of an eligible child.
  • An eligible child must be under 18 years old, or be physically or mentally incapable of caring for himself or herself.
  • The adoption credit or exclusion cannot be taken for a child who is not a United States citizen or resident unless the adoption becomes final.

An eligible child is also a child with special needs if he or she is a United States citizen or resident and a state determines that the child cannot or should not be returned to his or her parent's home and probably will not be adopted unless assistance is provided. Under certain circumstances, the amount of your qualified adoption expenses may be increased if you adopted an eligible child with special needs.

Unfortunately, the adoption tax credit for qualifying adoption expenses is each subject to a dollar limit and an income limit.

Under the dollar limit, the amount of your adoption credit is limited to the dollar limit for that year for each effort to adopt an eligible child. For example, if we assume the dollar limit for the year is $10,000 and you paid $9,000 in qualifying adoption expenses for a final adoption, you may be able to claim a credit of up to $9,000.

The dollar limit for a particular year must be reduced by the amount of qualifying expenses taken into account in previous years for the same adoption effort.

The income limit on the adoption credit is based on your modified adjusted gross income (modified AGI). If your modified AGI is below the begi...

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