Few would call the yearly tax ritual Americans face each April joyous. And for many LGBT people it can be downright painful, both mentally and financially. This year is no exception, particularly for same-sex couples whose relationships are not officially recognized by the Internal Revenue Service.
Many same-sex couples are unsure of their tax-filing status and filing the wrong way can result in loss of certain tax breaks. Additionally, the IRS recognizes gay marriages but not civil unions or domestic partnerships which causes even more confusion for LGBT individuals and married couples. At Sancus Tax and Accounting, a Los Angeles accounting firm, our goal is to maximize your tax refunds.
Heterosexual or LGBT, married or unmarried, with or without children, now more than ever it is imperative to work with experts and specialists experienced in navigating the complex, hyper-local and shifting tax landscape for the modern family in America. InMarcum became the first national accounting firm to establish a tax and estate planning practice dedicated to the complex rules faced by people who don't fit traditional definitions. Today, Marcum is the thought leader in the specialty area of tax compliance and consulting services for high net worth modern families, same-sex couples and LGBT individuals.
It's been nearly three years since the Supreme Court ruled that same-sex couples have the right to marry nationwide. Confusion over taxes, however, for these filers continues. A recent survey by Credit Karma Tax found that more than a third of same-sex couples who got married between and said they were unsure and confused when it came to selecting their tax-filing status. Nearly three out of four respondents didn't know that the Internal Revenue Service had issued guidance on how gay couples can file their federal returns, which means there's still room for missteps once tax season rolls around.
Skip to content. Tax preparer for registered domestic partnership — Can anyone please suggest a tax preparer who does registered domestic partnerships?
Whether you're ahead of the game or procrastinate until the last minutefiling your income taxes is rarely a gratifying experience, even in the best of circumstances. The mere mention of April 15 may be enough to prompt visions of gloom and doom in even the most tenacious of individuals, but there are still a handful of ways for everyone to make Tax Day a bit less irksome. With just days to go before the deadline, The Huffington Post spoke to David Glusman, an advisory services partner at Marcum and a member of the firm's LGBT and Non-Traditional Family Practice Group, who shared his thoughts on the best tax planning tips for same-sex couples.
Tax preparers shouldnt ask acknowledge or care who someones married to. Just do ur job. Thats professionalism!
Although 82 percent of U. But there is good news. There are several deductions relevant to LGBT taxpayers they may not be aware of.
The Cost of Being Gay A look at the financial realities of same-sex partnerships. In community property states, generally all income and property acquired during a partnership or marriage is treated as equally owned by both individuals. Before the Internal Revenue Service changed its interpretation of the law last May, each partner simply reported his or her own income on the federal tax return.
Bailey Brazzel told the Washington Post that Carter Tax Service owner Nancy Fivecoate had prepared her taxes for the last four years, but refused to serve her when Brazzel brought her new wife, Samantha. The couple intended to file a joint tax return for the first time after getting married last year, but Fivecoate refused to prepare their taxes. I told them where I thought she might be able to get her taxes prepared.