Scandal. It’s not just a sleazy TV show. It’s real life. And, lately, it’s spreading like wildfire.
Every year my wife, Bethany, and I dread filing our taxes. We’re diligent and organized, but worry about missing some minute detail that would trigger the harrowing experience of an audit. I’ve been through one before because I own a small business. In the end, the IRS paid me thousands more in that year’s refund.
Middle class families have been hit hard with a crumbling economy, so getting any tax break we can relieves some of the fiscal pain, especially for adoptive families. The Adoption Tax Credit enables parents to recoup some of the out-of-pocket expenses incurred in the adoption process. The $13,360 refundable tax credit for 2011 was a welcome offset. (Depending on the type of adoption, that refund would only be a fraction of the actual cost—a cost that is well worth it.) It was the most the federal government has offered since 2006, and only 2010 and 2011 were refundable. In all other years, including this most recent year, the Adoption Tax Credit was non-refundable. This means it will only offset any amount that you may owe in federal taxes, but adoptive families will not see any of that amount refunded in cash.
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