Comments on: Tax Tips for Children and Newborns http://cashmoneylife.com/tax-tips-for-children-newborns/ Money Management, Small Business, Career Wed, 23 May 2012 21:16:10 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Carol Topp, CPA http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-21230 Carol Topp, CPA Wed, 13 Jan 2010 15:31:56 +0000 http://cashmoneylife.com/?p=2023#comment-21230 Ryan, All good advice. What about teenagers? Their tax situation gets complicated because they start earning money themselves. Although a cute baby like yours could earn money as a model! I'll email you about using some of my posts from TeensAndTaxes.com, a site I just created. Ryan,
All good advice. What about teenagers? Their tax situation gets complicated because they start earning money themselves. Although a cute baby like yours could earn money as a model!
I’ll email you about using some of my posts from TeensAndTaxes.com, a site I just created.

]]> By: Len Penzo http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-21072 Len Penzo Sat, 02 Jan 2010 19:23:03 +0000 http://cashmoneylife.com/?p=2023#comment-21072 Another great article, Ryan. And I am positive Emma is even more beautiful than the cute little baby in your featured photo. :-) I find the tax breaks to be relatively substantial and I will take a real hit once my kids reach an age where I no longer qualify for the benefits. I'd also like to give a shout out to parents who choose to adopt their children. Both my sister and I were adopted and I thank the good Lord every day for giving us such a great mom and dad. All the best, Len Len Penzo dot Com Another great article, Ryan. And I am positive Emma is even more beautiful than the cute little baby in your featured photo. :-)

I find the tax breaks to be relatively substantial and I will take a real hit once my kids reach an age where I no longer qualify for the benefits.

I’d also like to give a shout out to parents who choose to adopt their children. Both my sister and I were adopted and I thank the good Lord every day for giving us such a great mom and dad.

All the best,

Len
Len Penzo dot Com

]]> By: Tyler http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-20908 Tyler Wed, 23 Dec 2009 13:51:11 +0000 http://cashmoneylife.com/?p=2023#comment-20908 I love it, with a little planning in advance your little bundle of joy can also be a bundle of tax deductions! For our first pregnancy my wife and I had to use a fertility expert at a total cost, when medicine and hospitals were added, of over $30,000. Unfortunately, we were not able to take advantage of the medical expense itemized deduction because the payments were spread over two years and they didn't clear the 7.5% hurdle for itemized deductions. God blessed us with a son on that attempt. In our efforts to give our son a little sister or brother, we switched our insurance to a high deductible with an HSA and filled up up, paying for the treatment with pre-tax dollars and thereby knocking off about $5,000 from our tax bill ($20,000 cost of treatment * 25% tax rate = $5,000, the treatment was unsuccessful and therefore less expensive). Now we are investigating adoption and that isn't cheap either, but as the comments above show there are tax advantages to help defray the cost. Children are certainly the greatest of God's blessings, congratulations Ryan on your daughter. I love it, with a little planning in advance your little bundle of joy can also be a bundle of tax deductions! For our first pregnancy my wife and I had to use a fertility expert at a total cost, when medicine and hospitals were added, of over $30,000. Unfortunately, we were not able to take advantage of the medical expense itemized deduction because the payments were spread over two years and they didn’t clear the 7.5% hurdle for itemized deductions. God blessed us with a son on that attempt. In our efforts to give our son a little sister or brother, we switched our insurance to a high deductible with an HSA and filled up up, paying for the treatment with pre-tax dollars and thereby knocking off about $5,000 from our tax bill ($20,000 cost of treatment * 25% tax rate = $5,000, the treatment was unsuccessful and therefore less expensive). Now we are investigating adoption and that isn’t cheap either, but as the comments above show there are tax advantages to help defray the cost. Children are certainly the greatest of God’s blessings, congratulations Ryan on your daughter.

]]> By: Ryan http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-20655 Ryan Thu, 10 Dec 2009 03:35:10 +0000 http://cashmoneylife.com/?p=2023#comment-20655 Adopting is an amazing act of love, and I have a lot of respect for people who adopt a child. I think the tax credit is a nice help for them. I bet the limit came from a time when adopting was less expensive and probably hasn't been updated.... but I could be wrong. Adopting is an amazing act of love, and I have a lot of respect for people who adopt a child. I think the tax credit is a nice help for them. I bet the limit came from a time when adopting was less expensive and probably hasn’t been updated…. but I could be wrong.

]]> By: LeanLifeCoach http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-20654 LeanLifeCoach Thu, 10 Dec 2009 03:29:28 +0000 http://cashmoneylife.com/?p=2023#comment-20654 Great job on the post! A coworker just adopted. I will make sure he is aware of the opportunity. We were just discussing the possibility of an adoption credit. It's sad that it's limited to $12,000. Seems to me that if anyone is willing to take on the the challenge and expense of adopting a child they should get a tax credit for every dollar they spend. People willing to share their love and care for another child are truly special and deserve all the support they can get. Great job on the post!

A coworker just adopted. I will make sure he is aware of the opportunity. We were just discussing the possibility of an adoption credit. It’s sad that it’s limited to $12,000. Seems to me that if anyone is willing to take on the the challenge and expense of adopting a child they should get a tax credit for every dollar they spend.

People willing to share their love and care for another child are truly special and deserve all the support they can get.

]]> By: Mrs. Money http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-20651 Mrs. Money Wed, 09 Dec 2009 20:14:41 +0000 http://cashmoneylife.com/?p=2023#comment-20651 Is that your daughter?? She is too cute!! I can't wait to have a baby of my own. :) Is that your daughter?? She is too cute!! I can’t wait to have a baby of my own. :)

]]> By: Ryan http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-20652 Ryan Wed, 09 Dec 2009 19:17:05 +0000 http://cashmoneylife.com/?p=2023#comment-20652 Mrs. Money, No that is not a picture of our daughter, but the girl shown is cute. :-) Mrs. Money, No that is not a picture of our daughter, but the girl shown is cute. :-)

]]> By: Ryan http://cashmoneylife.com/tax-tips-for-children-newborns/#comment-20649 Ryan Wed, 09 Dec 2009 16:52:58 +0000 http://cashmoneylife.com/?p=2023#comment-20649 My daughter amazes me every day. We are taking pictures every week and we have a small camcorder that we use on occasion. It's fun, and I know we will love looking back on those memories later in life. For now, we are just enjoying it as much as we can. :-) My daughter amazes me every day. We are taking pictures every week and we have a small camcorder that we use on occasion. It’s fun, and I know we will love looking back on those memories later in life. For now, we are just enjoying it as much as we can. :-)

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