Gay Marriage Is About Tax, Too! And Now the Co Is Fally Fair

Contents:

• GAY MARRIAGE
• GAY MARRIAGE IS ABOUT TAX, TOO! AND NOW THE CO IS FALLY FAIRPAYDAYDANIEL GROSS ON WHY GAY UPL N FALLY LOOK FORWARD TO APRIL 15.DANIEL GROSSUPDATED JUL. 11, 2017 10:33PM EDT / PUBLISHED JUN. 26, 2013 12:10PM EDT JEWEL SAMAD/AFP/GETTYIT’S SAFE TO SAY THAT NO FERAL TAX SEASON WILL BE GREETED WH AS MUCH JOY AND GLEE AS NEXT SPRG’S. THANKS TO TODAY’S SUPREME COURT LGS ON GAY MARRIAGE, APRIL 2014 GAY UPL RIDG STAT WHERE GAY MARRIAGE AND SAME-SEX PARTNERSHIPS ARE LEGAL WILL BE ABLE TO FILE JOT RETURNS. MANY OF THE ENOMIC ARGUMENTS MA FOR GAY MARRIAGE REVOLVE AROUND THE NOTN OF STIMUL—LET GAY PEOPLE MARRY, AND THEY’LL SPEND MONEY THROWG FABULO BASH, PROVIDG EMPLOYMENT TO TERERS, FLORISTS, AND HOTELS. MAYBE. IF THAT MONEY WEREN’T SPENT ON WEDDGS, WOULD LIKELY BE SPENT ON OTHER GOODS AND SERVIC. BUT THERE’S SOMETHG TO BE SAID FOR SIMPLY MAKG OUR SYSTEMS MORE FAIR AND LS ARBRARY, REGARDLS OF THE EFFECT ON NATNAL FANC OR EMPLOYMENT.WEDNDAY’S LGS ARE A STEP THAT DIRECTN. AS THGS GO, THE RIGHT OF TWO ADULTS TO FILE A JOT TAX RETURN, OR OF ONE ADULT TO FILE A RETURN AS “HEAD OF HOEHOLD,” MIGHT APPEAR TO BE SYMBOLIC. AFTER ALL, MARRIED PEOPLE OFTEN FILE SEPARATE RETURNS. BUT MEANS SOMETHG. MARRIAGE IS, AMONG OTHER THGS, A SET OF FANCIAL RELATNSHIPS THAT HELPS LEATE HOW TO CREATE AND PRERVE WEALTH, HOW TO SHARE PROPERTY AND PASS ON, HOW TO CREATE FANCIAL SECURY AND AL WH RETIREMENT AND HEALTH RE. THE TAX —WHAT WE CHOOSE TO TAX, WHICH ACTIVI GET PREFERENTIAL TREATMENT, WHICH ACTIVI ARE SGLED OUT FOR OPPROBRIUM—ACTUALLY SAYS A LOT ABOUT AS A SOCIETY.AND UNTIL TODAY, THE FERAL TAX GENERALLY TREATED GAY PEOPLE AS SEND-CLASS CIZENS. THE SE THAT HELPED BRG DOWN THE DEFENSE OF MARRIAGE ACT, WAS, AT ROOT, A TAX SE. WHEN THEA SPYER DIED 2009, HER PARTNER, EDH WDSOR, WAS ANGERED THAT SHE WAS LIABLE FOR FERAL TATE TAX ON ASSETS LEFT TO HER BY SPYER. INSTEAD OF BENEFG OM THE PROVISN OF THE INTERNAL REVENUE CO THAT LETS SPO HER UNLIMED AMOUNTS OF ASSETS OM PRECEASED SPO, WDSOR RECEIVED A FERAL-TATE-TAX EXEMPTN ON ONLY THE FIRST $3.5 LN OF ASSETS. ON THE SUMS ABOVE THAT AMOUNT, WDSOR HAD TO PAY MORE THAN $363,000 FERAL TATE TAX.IT SOUNDS LIKE A 1 PERCENT PROBLEM. BUT THERE’S A PRCIPLE AT STAKE HERE. BEE REFED TO REGNIZE HER MARRIAGE AS VALID, THE FERAL ERNMENT SENTIALLY NFISTED A CHUNK OF WDSOR’S PROPERTY. AND THE ERNMENT’S REFAL TO REGNIZE GAY MARRIAGE AS LEGIMATE ENSHRED THIS ATTU THROUGHOUT THE TAX . CHECK OUT THE IRS’S FAQS FOR SAME-SEX UPL:Q: CAN SAME-SEX PARTNERS WHO ARE LEGALLY MARRIED FOR STATE LAW PURPOS FILE FERAL TAX RETURNS G A MARRIED FILG JOTLY OR MARRIED FILG SEPARATELY STAT?A: NO. SAME-SEX PARTNERS MAY NOT FILE G A MARRIED FILG SEPARATELY OR JOTLY FILG STAT BEE FERAL LAW DO NOT TREAT SAME-SEX PARTNERS AS MARRIED FOR FERAL TAX PURPOS.WELL, OM HERE ON OUT, FERAL LAW WILL TREAT SAME-SEX PARTNERS AS MARRIED FOR FERAL TAX PURPOS. OF URSE, THE CISN ISN’T ALL GOOD FANCIAL NEWS FOR GAY UPL. SURE, MANY WILL NOW BE ABLE TO CLAIM TATE-TAX EXEMPTNS AND OTHER DUCTNS THAT UNTIL NOW ONLY APPLIED TO HETEROSEXUAL UPL. AND ALG WH ISSU SUCH AS BENEFS AND SURANCE IS LIKELY TO GET MUCH EASIER. BUT AS THE JOKE GO, GAY UPL WILL NOW HAVE TO AL WH ALL THE IRRATN AND CHALLENG OF HETEROSEXUAL MARRIAGE. AND THAT CLUS AN TN ON THE ABSURD TWIST THE TAX KNOW AS THE “MARRIAGE PENALTY.” (NO, ’S NOT WHEN YOU HAVE TO SHARE NTROL OF THE TELEVISN REMOTE.) IF TWO SGLE PEOPLE EACH EARN $50,000, THEY WILL EACH PAY THE MARGAL TAX RATE THAT APPLI TO $50,000. IF THEY ARE MARRIED AND CLARED A BED E OF $100,000, HOWEVER, THEY WILL BE PHED TO A HIGHER TAX BRACKET.FROM A BUDGETARY PERSPECTIVE, GAY MARRIAGE IS LIKELY TO BE A WASH—SOME FILERS WILL WD UP PAYG LOWER TAX, AND SOME WILL WD UP PAYG HIGHER TAX. BUT WE’LL ALL GA BY LIVG A MORE JT AND EQUAL SOCIETY. HERE’S SOMETHG THAT IS OFTEN FOTTEN THE DISURSE OVER THE IRS: PAYG TAX AND FILG FERAL TAX RETURNS DON’T MAKE YOU A CHUMP. IT MAK YOU A CIZEN. CLAIMG LEGAL BENEFS AND DUCTNS DON’T MAKE YOU A CROOK. IT MAK YOU A CIZEN. IN EFFECT, THE SUPREME COURT TODAY TOLD WDSOR THAT SHE’S A FULL CIZEN OF THE UNED STAT, WH ALL THE RIGHTS, RPONSIBILI, TAX BREAKS, AND TAX OBLIGATNS THAT OBTA THERETO. DANIEL GROSS
• 4 VALUABLE TAX PLANNG STRATEGI GAY COUPL NEED TODAY

GAY MARRIAGE

Can Gay Coupl File Jot Tax?

Do the IRS Regnize Gay Marriage? Here are the top tax ems newly-married, or newly-regnized, gay upl need to know. ” They have three viable optns (assumg the state don’t legalize gay marriage before the 2014 filg season):.

The Marriage penalty n h gay uple uple hard.

GAY MARRIAGE IS ABOUT TAX, TOO! AND NOW THE CO IS FALLY FAIRPAYDAYDANIEL GROSS ON WHY GAY UPL N FALLY LOOK FORWARD TO APRIL 15.DANIEL GROSSUPDATED JUL. 11, 2017 10:33PM EDT / PUBLISHED JUN. 26, 2013 12:10PM EDT JEWEL SAMAD/AFP/GETTYIT’S SAFE TO SAY THAT NO FERAL TAX SEASON WILL BE GREETED WH AS MUCH JOY AND GLEE AS NEXT SPRG’S. THANKS TO TODAY’S SUPREME COURT LGS ON GAY MARRIAGE, APRIL 2014 GAY UPL RIDG STAT WHERE GAY MARRIAGE AND SAME-SEX PARTNERSHIPS ARE LEGAL WILL BE ABLE TO FILE JOT RETURNS. MANY OF THE ENOMIC ARGUMENTS MA FOR GAY MARRIAGE REVOLVE AROUND THE NOTN OF STIMUL—LET GAY PEOPLE MARRY, AND THEY’LL SPEND MONEY THROWG FABULO BASH, PROVIDG EMPLOYMENT TO TERERS, FLORISTS, AND HOTELS. MAYBE. IF THAT MONEY WEREN’T SPENT ON WEDDGS, WOULD LIKELY BE SPENT ON OTHER GOODS AND SERVIC. BUT THERE’S SOMETHG TO BE SAID FOR SIMPLY MAKG OUR SYSTEMS MORE FAIR AND LS ARBRARY, REGARDLS OF THE EFFECT ON NATNAL FANC OR EMPLOYMENT.WEDNDAY’S LGS ARE A STEP THAT DIRECTN. AS THGS GO, THE RIGHT OF TWO ADULTS TO FILE A JOT TAX RETURN, OR OF ONE ADULT TO FILE A RETURN AS “HEAD OF HOEHOLD,” MIGHT APPEAR TO BE SYMBOLIC. AFTER ALL, MARRIED PEOPLE OFTEN FILE SEPARATE RETURNS. BUT MEANS SOMETHG. MARRIAGE IS, AMONG OTHER THGS, A SET OF FANCIAL RELATNSHIPS THAT HELPS LEATE HOW TO CREATE AND PRERVE WEALTH, HOW TO SHARE PROPERTY AND PASS ON, HOW TO CREATE FANCIAL SECURY AND AL WH RETIREMENT AND HEALTH RE. THE TAX —WHAT WE CHOOSE TO TAX, WHICH ACTIVI GET PREFERENTIAL TREATMENT, WHICH ACTIVI ARE SGLED OUT FOR OPPROBRIUM—ACTUALLY SAYS A LOT ABOUT AS A SOCIETY.AND UNTIL TODAY, THE FERAL TAX GENERALLY TREATED GAY PEOPLE AS SEND-CLASS CIZENS. THE SE THAT HELPED BRG DOWN THE DEFENSE OF MARRIAGE ACT, WAS, AT ROOT, A TAX SE. WHEN THEA SPYER DIED 2009, HER PARTNER, EDH WDSOR, WAS ANGERED THAT SHE WAS LIABLE FOR FERAL TATE TAX ON ASSETS LEFT TO HER BY SPYER. INSTEAD OF BENEFG OM THE PROVISN OF THE INTERNAL REVENUE CO THAT LETS SPO HER UNLIMED AMOUNTS OF ASSETS OM PRECEASED SPO, WDSOR RECEIVED A FERAL-TATE-TAX EXEMPTN ON ONLY THE FIRST $3.5 LN OF ASSETS. ON THE SUMS ABOVE THAT AMOUNT, WDSOR HAD TO PAY MORE THAN $363,000 FERAL TATE TAX.IT SOUNDS LIKE A 1 PERCENT PROBLEM. BUT THERE’S A PRCIPLE AT STAKE HERE. BEE REFED TO REGNIZE HER MARRIAGE AS VALID, THE FERAL ERNMENT SENTIALLY NFISTED A CHUNK OF WDSOR’S PROPERTY. AND THE ERNMENT’S REFAL TO REGNIZE GAY MARRIAGE AS LEGIMATE ENSHRED THIS ATTU THROUGHOUT THE TAX . CHECK OUT THE IRS’S FAQS FOR SAME-SEX UPL:Q: CAN SAME-SEX PARTNERS WHO ARE LEGALLY MARRIED FOR STATE LAW PURPOS FILE FERAL TAX RETURNS G A MARRIED FILG JOTLY OR MARRIED FILG SEPARATELY STAT?A: NO. SAME-SEX PARTNERS MAY NOT FILE G A MARRIED FILG SEPARATELY OR JOTLY FILG STAT BEE FERAL LAW DO NOT TREAT SAME-SEX PARTNERS AS MARRIED FOR FERAL TAX PURPOS.WELL, OM HERE ON OUT, FERAL LAW WILL TREAT SAME-SEX PARTNERS AS MARRIED FOR FERAL TAX PURPOS. OF URSE, THE CISN ISN’T ALL GOOD FANCIAL NEWS FOR GAY UPL. SURE, MANY WILL NOW BE ABLE TO CLAIM TATE-TAX EXEMPTNS AND OTHER DUCTNS THAT UNTIL NOW ONLY APPLIED TO HETEROSEXUAL UPL. AND ALG WH ISSU SUCH AS BENEFS AND SURANCE IS LIKELY TO GET MUCH EASIER. BUT AS THE JOKE GO, GAY UPL WILL NOW HAVE TO AL WH ALL THE IRRATN AND CHALLENG OF HETEROSEXUAL MARRIAGE. AND THAT CLUS AN TN ON THE ABSURD TWIST THE TAX KNOW AS THE “MARRIAGE PENALTY.” (NO, ’S NOT WHEN YOU HAVE TO SHARE NTROL OF THE TELEVISN REMOTE.) IF TWO SGLE PEOPLE EACH EARN $50,000, THEY WILL EACH PAY THE MARGAL TAX RATE THAT APPLI TO $50,000. IF THEY ARE MARRIED AND CLARED A BED E OF $100,000, HOWEVER, THEY WILL BE PHED TO A HIGHER TAX BRACKET.FROM A BUDGETARY PERSPECTIVE, GAY MARRIAGE IS LIKELY TO BE A WASH—SOME FILERS WILL WD UP PAYG LOWER TAX, AND SOME WILL WD UP PAYG HIGHER TAX. BUT WE’LL ALL GA BY LIVG A MORE JT AND EQUAL SOCIETY. HERE’S SOMETHG THAT IS OFTEN FOTTEN THE DISURSE OVER THE IRS: PAYG TAX AND FILG FERAL TAX RETURNS DON’T MAKE YOU A CHUMP. IT MAK YOU A CIZEN. CLAIMG LEGAL BENEFS AND DUCTNS DON’T MAKE YOU A CROOK. IT MAK YOU A CIZEN. IN EFFECT, THE SUPREME COURT TODAY TOLD WDSOR THAT SHE’S A FULL CIZEN OF THE UNED STAT, WH ALL THE RIGHTS, RPONSIBILI, TAX BREAKS, AND TAX OBLIGATNS THAT OBTA THERETO. DANIEL GROSS

Makg tax planng for gay upl even more...

As a gay fancial planner, I am fortunate to offer fancial planng guidance to many LGBT upl. From a tax planng standpot, gettg legally married may greatly crease the tax bills for gay and lbian married upl.

4 VALUABLE TAX PLANNG STRATEGI GAY COUPL NEED TODAY

To do this efficiently, gay upl mt talk about money, talk openly about money, and often talk about money. As a ltle extra motivatn, savg money on tax may be the difference between beg able to afford that bucket list gaytn you have been dreamg of or wrg a big check to the IRS. Hopefully, you are workg wh a fabulo gay fancial planner who is helpg make this procs easier while mimizg your tax a fabuloly easy manner.

Keep readg to see a few of the ways the marriage penalty smacks the fanc of gay upl. [+] makg the marriage penalty crease the tax bills for gay and lbian. The 'Marriage Penalty' Is Rough For Many Gay Coupl.

Over the past 18 years helpg gay upl wh tax planng and fancial planng, I have seen many LGBT upl get slapped wh a high tax bill om the marriage penalty.

Y, I am aware many same-sex upl have children, but parentg is still ls mon the gay muny. Gay and Lbian upl are more likely to be double e and tend to live more expensive parts of town (on average, of urse).