With proper financial planning, adoption can be an affordable option for many families. Here are a few commonly used resources available to prospective adoptive parents.
Employee Benefits Program
Many companies and organizations offer benefits such as leave or financial assistance to their employees who are adopting. Your employee benefits office will be able to tell you if your company participates.
IRS Tax Benefits – Adoption Credit and Adoption Assistance
Tax benefits for adoption include both a tax credit for qualified adoption expenses paid to adopt an eligible child and an exclusion from income for employer-provided adoption assistance. Please check with your tax-provider for advice on your eligibility for this credit.
Adoption Benefits for Military Personnel
Military service members who adopt a child under 18 years of age may be reimbursed qualified adoption expenses. More information is available on the National Military Family Association website.