As of 2014, the federal government is allowing families to claim up to $13,190 per child adopted into the home. You can claim this tax credit if you are pursuing a domestic, foster to adopt or international adoption. The adoption has to be finalized before you can claim the adoption tax credit. The adoption tax credit is a non-refundable tax credit, which means taxpayers can only get the credit reimbursed if they have federal income liability.
There are many employers out there that offer adoption assistance in the form of educational resources, financial assistance and parental leave policies. Get involved with your employer and ask questions, they may offer one or more of the benefits listed.
There are several grants available to families who are hoping to adopt such as:
Reece’s Rainbow offers grants for special needs children.
Show Hope offers grants to help families pursuing adoption.
Give1Save1 accepts donations on your behalf by promoting your adoption journey.
Gift of Adoption offers grants for families who have already started the adoption process, but still need more funding to the finalize the adoption.
Lifesong for Orphans offers grants and loans to adoptive families.
Brittany’s Hope offers grants to families adopting special needs children.
Katelyn’s Fund provides adoptive families with financial assistance.
An adoption loan is another option for families to receive financial assistance to help with adoption costs. There are organizations that offer interest free adoption loans such as ABBA Fund, which is a Christian organization that helps fund domestic and international adoptions.
The people in your life who are supporting you may want to offer donations and help you through your adoption journey. You can set up a donation web page with YouCaring to create your fundraiser. You can share the fundraiser with your friends, family and Facebook page to raise money for your adoption. Many people believe in adoption and want to help.
Raise money to support your adoption costs by selling Young Living essential oils and: