Title:

Funding The Baby Adoption Process

Word Count:
406
Summary:
A baby adoption is not an inexpensive process. Many hopeful parents discard the
idea of a baby adoption early because they do not realize that there are both pr
ivate and government resources that are available to help prospective adoptive p
arents, which will aid in the costs associated with travel, agency fees and addi
tional spending.
There are several tax benefits associated with baby adoption, which include the
Federal Adoption Tax Credit. This amount is a credit issued ...
Keywords:
baby adoption
Article Body:
A baby adoption is not an inexpensive process. Many hopeful parents discard the
idea of a baby adoption early because they do not realize that there are both pr
ivate and government resources that are available to help prospective adoptive p
arents, which will aid in the costs associated with travel, agency fees and addi
tional spending.
There are several tax benefits associated with baby adoption, which include the
Federal Adoption Tax Credit. This amount is a credit issued for adoptive familie
s on qualified expenses related to a baby adoption. Allowable expenses, in this
case, are subtracted from the current tax liability. In addition, a number of st
ates offer a tax credit in addition to the previously mentioned federal tax cred
it. When it comes to taxes, adoptive parents are allowed to claim the same depen
dency exemption as for their biological children. This exemption provides a redu
ction in taxable income.
In addition to tax assistance, a number of employers participate in the Adoption
Assistance Benefits Program. This program allows employers to reimburse a baby
adoption with a cash benefit. If your employer does not participate in this prog
ram, you may request material to provide your employer in an effort to request a
doption assistance by contacting the National Adoption Center.
Both federal employees and military personnel are eligible for baby adoption ben
efits, which vary from extended leaves and/or reimbursement of up to $2,000.00 a
fter the baby adoption is finalized.
Employees of Harvard University are also eligible for baby adoption assistance d
irectly from the Harvard Adoption Assistance Plan. Under this program, up to $5,
000.00 may be granted for expenses relating to the adoption of a child with fina
ncial need not being a factor.
In addition to these options, there are grants specifically designed to help pro
spective parents with expenses relating to the adoption. These include A Child W
aits Foundation, Hebrew Free Loan Association, Funds 4 Families, A Mother s Love F
undraising, Community Fundraisers, The National Adoption Foundation, Ours By Gra
ce and United Way International.
As a final option in assistance with funding a baby adoption, individuals may co
nsult with their local bank or credit union regarding loan programs for adoptive

families. Others may choose to use their savings account or cash out the equity
in their home to make an adoption happen. If you ask most adoptive parents, mon
ey is no object when it comes to the love of a child and the joy that he/she bri
ngs into the life of loving parents.