• KBD

KBD November Newsletter


November 2020 Volume IX

Purpose

The purpose of Kappa Beta Delta is to encourage and recognize scholarship and accomplishment among students of business pursuing associate degrees. To encourage and promote personal and professional improvement and a life distinguished by honorable service to humankind.

https://www.kbdhs.org/





Parents Who Adopt May Be Able to Benefit From a Tax Credit

The adoption credit is designed for families who adopted or started the adoption process. These taxpayers may be able to claim up to $14,080 of credit for each eligible child. To determine eligibility, taxpayers should fill out Form 8839, Qualified Adoption Expenses. This can help you determine how much credit you may be eligible for.

This credit may cover qualified expenses, including reasonable and necessary adoption fees, court costs and legal fees, adoption-related travel expenses, and other expenses directly related to the adoption. There are also income limits that could affect the amount of the credit.

The SECURE Act added an allowance for a $5,000 IRA withdrawal (without the usual 10% penalty) that can be used toward expenses related to childbirth or an adoption. This withdrawal counts as taxable income, though, and must be taken within a year of the child's birth or arrival.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov and CNBC.com


Are You Storing Your Food Correctly?

Storing your food correctly can help minimize food waste, keep you safe, and keep your food tasting as delicious as possible. Here are some tips:

· Your refrigerator should be at or below 40 degrees F and your freezer should be 0 degrees F. Check the temperatures regularly to make sure they are within safe ranges. Appliance thermometers are the easiest way to do this.

· Never allow meat, poultry, seafood, eggs, or other foods that require refrigeration to sit out for over two hours. This also applies to leftovers in to-go containers.

· Don't overcrowd your fridge or freezer because air won't be able to circulate.