Bill and Amy come to you and ask you to identify and explain what (if any) tax deductions, credits, or tax benefits they are eligible for based on their journey above. Re: Tax deductions, credits, benefits

Bill and Amy will ask you to provide information about tax deductions and credits to which they may be entitled based on experience. To organize your answer, make sure you have considered each point in detail. See also IRC and regulations. Send a message to Amy and Bill. They want you to refer to the correct authority when writing to these discerning clients.

From: Accountant

To: Bill and Amy


Reply to: Tax Credits and Deductions and Benefits

The seven-year journey points to a series of events requiring funding . You can take advantage of various tax credits and deductions. You can also get tax benefits when using financial resources. You can reduce your taxable income by spending $20,000 on infertility testing or diagnosis in 2014. IRS rules allow the IRS to deduct gross medical expenses that exceed 7.5% of your adjusted gross income. AGI 2014 was $150,000. Total medical expenses for the year were greater than 7.5%. In 2015, infertility physician medical bills incurred by OBGYN were personal and therefore not subject to government benefits. Since you spent more than 7.5% of your 2016 AGI on medical expenses, you qualify for a taxable income deduction if you spend $15,000 on delivery expenses. In 2016, adoption lawyers spent $3,000, fencing cost $5,000, and another $5,000 was spent on home repairs in preparation for the adoption. All of these costs are related to adoption. You are entitled to an adoption credit because it is an expense.

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