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Tax Credit Consulting: Adoption Hilo HI

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

Kevin E. Lewis, EA
(808) 934-0144
908 Kumukoa St.
Hilo, HI
 
H&R Block
(808) 965-2388
15-2945 PAHOA VILLAGE rd
PAHOA, HI

Data Provided by:
Mr. Calen R. Matsuno (RFC®), RFP
(808) 589-3344
803 Kamehameha Hwy Ste 414
Pearl City, HI
Company
Advantage Group, LLC
Qualifications
Education:
Years of Experience: 27
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Michelle H. Tucker (RFC®), CPAPFS, JD
(808) 791-1444
820 Mililani Street, #401
Honolulu, HI
Company
Tucker Wealth Management, Inc.
Qualifications
Education: BBA, High Honors Accounting, University of Hawaii; Juris Doctor, William S. Richardson School of Law
Years of Experience: 28
Membership
IARFC, FPA, AICPA, Bar
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Mutual Funds, Charitable Planning, Asset Protection

Data Provided by:
H & R Block
(808) 487-4417
98-130 Kamehameha Hwy
Aiea, HI
 
H&R Block
(808) 961-5487
325 E MAKAALA ST
HILO, HI

Data Provided by:
Mr. John D. Cornillez (RFC®), CSA, LUTCF, RFP
(808) 884-5388
P.O. Box 1245
Kapaau, HI
Company
The Cornillez Group, LLC
Qualifications
Education: BS
Years of Experience: 22
Membership
IARFC, MDRT, SCSA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Tax Planning, Employee Benefits, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, BuySell

Data Provided by:
Conrad Takehara
2051 Young Street #89
Honolulu, HI
Service
Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Busine

Data Provided by:
Ms. Amber Maureen Puanani Doig (RFC®), CSA, EA
(808) 637-9690
66-250 Kamehameha Hwy., Suite C-209
Haleiwa, HI
Company
Financial Management Solutions, Inc.
Qualifications
Education: BBA
Years of Experience: 30
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Education Plan, Healthcare Accounts, Compensation Plans

Data Provided by:
H & R Block
(808) 235-2647
45-934 Kamehameha Hwy
Kaneohe, HI
 
Data Provided by:

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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