Limited Income Can’t Stop You from Adopting Your Bundle of Joy
No one can deny the fact that adoption is expensive. According to a study published in Adoptive Family Magazine, a family spends $34,093 in open adoption and $33,966 through an agency. This is quite a big amount and people who have limited income would back off looking at the amount. But, where there is will, there is a way. And to make this proverb apt for you, we have come up with an idea where you can adopt without spending a fortune.
If you live in Oklahoma City, your adoption lawyer can help you out better, but here is the basic of the idea in a nutshell.
It is important to stick to domestic options. Adoption itself is a very expensive thing, but when it is international, it exceeds the budget of many wealthy people as well. Therefore, as your income option is limited, the first thing to keep it within your affordability, you have to stick to the domestic options. It varies from place to place. If the domestic option is also out of reach for you, you can go for the foster care options. This is a viable alternative. Though it is quite challenging, it makes adoption much feasible for the people who have low income.
In order to make it feasible for the people, the Federal Government provides some benefits for them. To lessen the financial burden of adoption, the one-time tax credit is available. This is not refundable. You will get this benefit if you owe taxes to the government. You will not get anything more than your liability. Whatever tax you owe, you will receive that amount as a tax credit rather the maximum.
The figure of the tax credit will grow day by day with the increasing cost of living. The income limits may apply depending on the modified adjusted gross income.
If you are searching for an adoption lawyer in Oklahoma City to learn all the processes in detail, you can come to us at Mazaheri Law Firm. The proficient team of lawyers is experienced in helping people to opt for hassle-free adoption. Consult with them and adopt without being under immense financial pressure.