Episode 43: Tax Info for Foster and Adoptive Families

Tax season is officially upon us, and so we decided to have the best tax preparer in all the land join us for an interview. We are thankful that Wes Watson (who happens to be Chris' dad) was able to make time for us, so he could share everything related to taxes for foster and adoptive families. In this episode we talked about: The Keymaster from Ghost Busters. This is what happens when Chris has someone else to talk about obscure movies with. We also talked about how if you have had a child in your care for more than 6 months, you are able to claim them as a dependent on your tax return.  It can be VERY annoying trying to get your foster child's Social Security Number, so start asking your case worker NOW so that you have it before April 15th! If a child was born after June, and wasn't officially in your home for more than 6 months, BUT was in your care for most of their life, you still get to claim that infant. There are changes to many tax laws. The new federal standard deduction for a couple is $24k. HOWEVER, in Arizona, the standard deduction is $10k per couple, so you are still going to want to itemize your taxes for your State return. Did you know that there is a $13k credit if you adopted a child? You can read more here.  Charitable giving is a great way to dictate how your want your tax dollars to be used. For a list of qualifying organizations, you can check out Az Tax Credit. A few of our favorite organizations are: Christian Family Care, Advocacy 31 nine, and Foster Arizona. The Good Word of the Day: "Do not withhold good from those to whom it is due, when it is in your power to do it."  -Prov. 3:27 So, whether it's your time, or money, or other resources, if you see someone in need - help them! But especially with our finances, there is so much good that we can do when we allocate our money properly. We hope you enjoyed this week's podcast! Thank you so much Wes, for your time and expertise. To connect with Wes, you can find him here. And to find out more about Watson CPA, you can find them on Facebook. You do not need to use a tax preparer for your taxes. You do need to know what you are doing so you can maximize your return! So be educated, and take care of your finances throughout the year! If you Want to Connect on Social Media: You can find us at: Jihae Watson on Facebook Fostering Voices on Instagram Jihae Watson on Instagram AND we would LOVE it if you would leave us a review on iTunes! This helps others to find our podcast so we can share these voices from the foster care and adoption community with more people!