In this episode, Dr. Friday explains the benefits of the Adoption Tax Credit, which offers up to $16,810 in dollar-for-dollar tax savings. Although not all of the credit is refundable, it can be carried over for up to six years, making it a valuable tool for adoptive parents. Dr. Friday also highlights how any withholdings from your paycheck may be refunded, providing additional financial support. Learn how this tax credit can make a difference in your finances while helping change lives through adoption.
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.
Adoption tax credit. Besides the fact that I think adoption is an awesome thing, there is some tax credits allowed to you up to $16,810 and you did hear the word credit which means it’s a dollar for dollar deduction. Now not all of it is going to be refundable but that may not make a big difference. Most the time you’re gonna use the money it will roll over from year after year for I believe up to like six years so you’re gonna be able to use that and any money you’ve paid out of your paycheck you can have refunded. So this is a great thing not only are you helping in changing people’s lives but this can be a way for you to actually get a little help. Call us at 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.