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 by Adoptive Family Magazine, a family spends $34,093 in open adoption and $33,966 through an agency. This is a large amount and people who have a limited income would back away from the idea. But, where there is a will, there is a way. And to make this proverb true 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 better, but here is the basics 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 even exceeds the budget of many wealthy people. Therefore, to keep it within your affordability, you have to stick to domestic options. This however, does varies from place to place. If the domestic option is also out of reach for you, you can look into foster care options. This is a viable alternative. Though it can be challenging, it makes adoption much feasible for people who have low income.
In order to make it feasible people, the Federal Government provides some benefits for them. To lessen the financial burden of adoption, a one-time tax credit is available. This is non 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 available.
The figure of the tax credit will grow day by day with the increasing cost of living. Income limits may apply depending on your modified adjusted gross income.
If you are searching for an adoption lawyer in Oklahoma City to learn all about the processes in detail, you can come to us at Mazaheri Law Firm. Their proficient team of lawyers are experienced in helping people to opt for hassle-free adoptions. Consult with them and adopt without being under immense financial pressure.
** Disclaimer: This blog content is no substitute for legal advice and in no way implies a lawyer-client relationship.