Tax Issues of Same-Sex Marriage
Now that the law for same-sex marriage is legal in the eyes of the federal government, same-sex married couples can now file joint tax returns which could benefit the taxpayer or make things worse.
Although State Tax Laws differ, the Federal Government, IRS, recognizes same-sex marriages as legal and are liable to filing taxes within the same acceptable parameters of the IRS rules and regulations as intended for all married couples and families.
Aug. 29, 2014 the Treasury Department and Internal Revenue Service announced that same-sex married couples, regardless of where they live, will be recognized as married for federal tax purposes. The law says that as long as the couple was legally married in a jurisdiction that sanctions the weddings, they are married in Uncle Sam’s tax eyes even if they later move to a state that does not recognize same-sex marriages.
Jurisdictions that recognize same-sex marriages
Here is what you should know about filing a federal return
1. Find a tax preparer who knows how to run numbers several different ways for the benefit of the tax-payer.
-Whether it is filing jointly, filing separately, single or head of the household, based on your income and on your exemptions and deductions, the preparer should know where you benefit the most and advise you accordingly.
2. In addition to running your numbers several different ways, your tax preparer should have the knowledge to recommend a structure to benefit your filing status for the future.
-Advising isn’t every tax preparer’s duty nor capability. Find someone who knows how to restructure and advise for the benefit of the taxpayer.
You can reach Avo at (818) 934-0578