Wednesday, January 2, 2013

Adoption Tax Credit Extended!!!

Happy New Year!!

It's only the 2nd day of 2013 and it's already off to a great start! Michael and I have had lots of family time these last few days and we've enjoyed every minute of it.

Well, in anticipation for our first home study visit we had a dog trainer come to the house to work with our pups for a bit. They are doing SO well. (It helps that I'm on break from work and school and have time to spare.) So, don't be mad next time you come to our house if it takes us an extra minute or two to answer the door, the doggies are learning nice door manners.

Anyway, the main point of this post, blog, whatever it's called, is that I just found out the Adoption Tax Credit has been extended. This is GREAT news for us, as well as many many other adopting families. Basically, we should get at least a $10,000 tax credit the year we finalize our adoption. This is what Nightlight just released:

Congress Extends Adoption Tax Credit

January 2, 2013 – Alexandria, VA – Late Tuesday night, Congress passed the American Taxpayer Relief Act which will become law upon President Obama’s signature. Amongst the provisions of this Act was an extension of the adoption tax credit.

Complete details of implementation are still to be seen, but the bill permanently extends the adoption tax credit which is set at $10,000, but may once again be scaled for inflation, potentially bringing it to near the 2012 amount of $12,650. Families with incomes under $150,000 will receive the full credit and it will gradually phase out for higher incomes.

We just feel like God is really laying out our path before us. Like I said last time, so many people have been so generous that between that and Michael working his 2nd job we are pretty close to having the money to complete our home study. The whole cost of this adoption will be around $25,000 and the home study is just a small part of that, but it is just nice to be moving ahead so quickly.

We'll post again on Friday after Beth (our social worker) leaves and let you know how it went. I'm ready to power through these next 48 hours and meet her. (Thank goodness for the people who've made plans with me to keep me sane while Michael is at the fire station. He gets off shift about 4 hours before Beth comes over...ahhh!!!) I have worked myself into quite a frenzy preparing for this, but I'm praying it will all pay off!    Love,Sara

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