Allow me to introduce myself. My name is Becky Wilmoth and I work for Alan and Jaime Newcomb, who are the owners of Bills Tax Service in Southern Illinois and
O’Fallon, IL. We at Bills Tax Service are very passionate about helping as many adoptive families as possible with the Adoption Tax Credit.
This is a very personal issue for Alan, Jaime, and I. Alan and Jaime have been foster parents and have also adopted three children. I have been in the youth, jail, and prison ministry for years. Children and young people are very near to our hearts.
Several years ago at our tax office we began to see a desperate need for adoptive parents to be informed about the Adoption Tax Credit. We have amended and carried forward several years of returns in order for adoptive parents to reap the benefits of this wonderful adoption credit. It is now a permanent part of the IRS code, but we are still advocating for it to be made refundable again. Please contact your Representative and Senators and ask them to make this credit refundable again so that it will help more families!
Adoptions final in 2022 may claim the credit for $14,890. Even though it is a non-refundable credit at this time, it is still a valuable credit. It reduces your actual tax liability. The remaining, if not used, can be carried forward for up to five years. Since it is non-refundable at this time it does not cover self-employment tax. We advise all clients to take the Adoption Tax Credit even if they have zero tax liability in the event their situation changes or it becomes refundable within five years of their adoption being final.
This is not just about business for us! This is about a desire to help adoptive parents that work hard and spend everything they have to help children. Most adoptive parents are not aware of the help that is out there and with the outstanding cost of adoptions we want to help. We have been doing seminars to help educate adoptive parents and assist them in claiming this credit. Please put the adoption tax credit information on your community calendars, community pages, billboards, social media and pass onto all adoptive parents you know!
Becky Wilmoth, EA
Find out more about the Child Adoption Tax Credit on any of the following pages: