Bills Tax Service of Centralia LLC is a locally owned and operated professional tax accounting business owned by Alan and Jaime Newcomb. We have specialized in professional tax preparation, planning and representation, accounting services, and payroll services since 1977. Alan and Jaime have been foster parents for years and have since adopted two children. This is more than just about business for us! In 2011, we began to see a desperate need for adoptive parents to be informed of the Child Adoption Tax Credit. Bills Tax Service is also a member of the Christian Alliance for Orphans. We can help you wade through the tax documents needed to claim the Tax Credit.
We have helped many adoptive parents claim the Adoption Tax Credit. The Adoption Tax Credit was introduced to help make adoption more affordable. Many were unaware of this credit. That is how our mission began. It was mostly word of mouth by our clients. We began doing free seminars for adoptive parents to help spread the word. This project has since developed into a nationwide effort. We have linked up with Adoption agencies, organizations, and other professionals to help adoptive parents.
If you have adopted between 2007-2012 your tax return can be amended to claim the credit and carry it forward to 2010 or 2011. With the credit being made refundable in 2010 and 2011 it has been a wonderful blessing for many families. With the high audit rate associated with the Adoption Tax Credit we have learned some things that will help meet the IRS’s documentation requirements.
For 2013 and beyond we know the Adoption Tax Credit has been made permanent. The dollar amount for 2013 is $12,970, and will be indexed for inflation in future years. Even if you have zero tax liability you still need to claim the credit if you qualify. First, everyone’s tax situation could change from year to year. The credit can be carried forward five years. Second, in case the credit does become refundable again you would receive the remaining amount of the credit that you have not used up.
For 2014 the adoption tax credit amount is $13,190. Income phase out range is $197,880 - $237,880.
501 W. Broadway
Centralia, IL 62801