Develop a budget for your expenses. Once you begin to do this, it will make tax time so much easier. You can use a program like Quick Books or one of the financial software programs that comes with your computer, or even an old-fashioned ledger book.
So many expenses involved in adopting are deductible, but they are only deductible if you take advantage of them. Believe me; the government isn’t going to tell you if you’ve forgotten a deduction. Check with your accountant as well. Make sure your tax preparer is aware that you are adopting so he can assist you in your tax preparation.
Here are some things to remember when budgeting:
- Use an accounting program if at all possible
- Balance your checkbook each month. Having accurate totals will help ease your adoption stress.
- Watch your ATM usage! Even though they’re so easy to use and so convenient!
- Do you really need a big screen TV, new furniture, a new updated microwave?
- Stick to the necessities until your adoption is final
- Discover the difference between what you need and what you want!
This information was excerpted from a book called AdoptingOnline.com, which was authored by Lifetime Adoption’s Founder and Adoption Expert Mardie Caldwell. To learn more about how you can adopt a baby or child, please give Lifetime Adoption a call: (530) 432-7373 or visit www.LifetimeAdoption.com.