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The Lesbian, Gay, Bisexual & Transgender (LGBT) Practice group of Marcum LLP, a top national accounting and advisory firm, today released its Top 10 Tax Planning Tips for Legally Married Same-Sex Couples. The guide provides a preliminary roadmap for same-sex married couples in the first year they will file taxes since the federal government officially recognized same-sex marriage for tax purposes.
“Since the Defense of Marriage Act was invalidated by the Supreme Court in June, 2013 is the first tax year same-sex married couples will be able to file joint federal tax returns,” said Nanette Lee Miller, National Leader of Marcum’s LGBT Practice. “We are advising all our clients to take full advantage of the tax planning opportunities now available to them and to be proactive in leveraging tax provisions previously accessible only to heterosexual families.”
“Estate planning is also an essential component of effective tax planning and wealth preservation,” said Janis Cowhey McDonagh, Co-Leader of the firm’s LGBT group and a trusts and estates attorney. “2013 is a brand new environment for same-sex married couples looking to minimize their tax exposure. It is important to consider the full range of options for protecting their families and their assets.”
Marcum’s Top 10 Tax Tips for LGBT married couples is a companion to the Firm’s Top 10 Non-Traditional Family Estate Planning Checklist. The tax tips start with these basics:
To download the complete guide, or for more information about tax and estate planning services for same-sex married couples, visit www.marcumllp.com. An interactive map providing state-by-state information on same-sex marriage unions is also available on the website.
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