Don't Mess With Taxes

The taxes facing new Facebook millionaires and the impending end of the adoption tax credit were the topics last week at my other tax blog.

Mother's Day is just hours away and moms soon will be getting lots of presents. But some mothers also get a tax break gift from Uncle Sam thanks to the adoption tax credit.

Unless Congress acts, however, this tax break will become much less beneficial in 2013.

Without the adoption tax credit, some parents will find they will need much more money to add to their families this way.

Of course, everyone -- with or without kids -- wants to make lots of money until tax time rolls around.

That's probably how the Facebook employee shareholders feel about the big tax bills they'll face when the company completes its initial public offering this summer. 

In fact, one former Facebook exec who'll make out quite nicely in the IPO is renouncing his U.S. citizenship.

Eduardo Saverin isn't saying that taxes were the main reason for giving up his naturalized U.S. citizenship. And one tax blogger says that the move won't really do him much immediate tax good.

But Saverin certainly isn't the first and won't be the last to expatriate because of IRS bills.

You can check out new posts each Tuesday and Thursday, and other days when tax topics are popping, at my Bankrate Taxes Blog. If you happen to miss them there, you can find a wrap-up here on the original ol' tax blog.

You also might find these items of interest:

• Tax expatriates trend growing
• Flight of 'golden geese' taxpayers
• Child tax dependency tests