Equally Wed
Barbie + Alexa: An Intimate Garden Wedding in DC
Published: Wednesday, 16 April 2014 18:48
Barbie + Alexa: An Intimate Garden Wedding in DC

Barbie and Alexa decided to make their love legal on their 8-year anniversary!

Wednesday Wedding Song: All of Me by John Legend
Published: Wednesday, 16 April 2014 08:00
Wednesday Wedding Song: All of Me by John Legend

John Legend's song All of Me touches me to my core every time I hear it, and that's why I'm choosing it as this week's Wednesday Wedding Song.

Ohio Marriage Ruling May Be Stayed
Published: Wednesday, 16 April 2014 02:23
Ohio Marriage Ruling May Be Stayed

A federal judge is considering staying his recent ruling that same-sex marriage be recognized in the state.

Patrick + Arive: Celebrating 10 Years Together
Published: Tuesday, 15 April 2014 19:31
Patrick + Arive: Celebrating 10 Years Together

Patrick and Arive recently celebrated 10 years of love together.

Sarah + Kelly: A Rustic Outdoor Wedding in Denver
Published: Tuesday, 15 April 2014 18:43
Sarah + Kelly: A Rustic Outdoor Wedding in Denver

Kelly and Sarah had a lovely rustic wedding in Denver!

It's Not All About the Dress: Wedding Lingerie for the Feminine Bride
Published: Tuesday, 15 April 2014 16:46
It's Not All About the Dress: Wedding Lingerie for the Feminine Bride

Your wedding isn't all about the dress—you want to feel fabulous underneath it, as well!

Feeling Visible: Filing Taxes Together as a Married Lesbian Couple Should
Published: Tuesday, 15 April 2014 11:17
Feeling Visible: Filing Taxes Together as a Married Lesbian Couple Should

It’s tax day, and I’m feeling visible, which is a pretty damn spectacular feeling for someone who has felt invisible in her country for the past five years of being married to the woman I love.

Same-Sex Couple is the First to be Married in UK Church
Published: Tuesday, 15 April 2014 14:29
Same-Sex Couple is the First to be Married in UK Church

A UK couple becomes the first to legally marry in a UK church.

Become a Preferred Local Vendor Today
Published: Tuesday, 15 April 2014 02:18
Become a Preferred Local Vendor Today

equallywed.com is the nation’s premier same-sex wedding magazine. We invite you to become a preferred local vendor today!

Ohio Will Recognize Same-Sex Marriages Performed in Other States
Published: Monday, 14 April 2014 16:47
Ohio Will Recognize Same-Sex Marriages Performed in Other States

A federal judge has ruled that Ohio must recognize same-sex marriages performed out of state.

taxes

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: 

  1. Married Tax Status:  Determine if there is any benefit to filing amended income tax returns using “married” status.  
  2. Non-Taxable Fringe Benefits:  Consider amending income tax returns to exclude previous taxable income which was used to purchase job-related benefits for your spouse, such as health insurance, life insurance, and other fringe benefits. 
  3. Employer Spousal Benefits:   Take advantage of all non-taxable fringe benefits available to your spouse. 
  4. Retirement Accounts:  To save taxes your beneficiaries will pay after your death and allow the pay out to be stretched out as long as possible, check your IRA/401K plan designations. 
  5. Social Security:  Apply for social security marital benefits and the lump sum death benefit, if applicable. 
  6. Estate Taxes:  If your spouse recently died and the estate paid estate taxes on the portion of the estate that you inherited, file a claim for refund. 
  7. Making Gifts:  Consider the effect of transferring assets, gift tax free, to your spouse. 
  8. Estate Planning:  If you reside in a state that has a death tax and recognizes same-sex marriages, establish a marital trust, Qualified Terminable Interest Property Trust (QTIP) or disclaimer trust for your spouse in your Will. 
  9. Payroll Tax Withholding:  Update your Form W-4 with your employer to change your status to married and increase or decrease your exemptions. 
  10. Transitioning:  Same-sex couples in a domestic partnership or civil union should consider getting married, as different laws apply. 

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.

Related articles: Expert Advice: How to Legally Protect Your Relationship

Photo: Flickr/Creative Commons

 

Advertisement

TRAVEL

Always Among Friends: St. John, U.S. Virgin Islands
Always Among Friends: St. John, U.S. Virgin Islands
Published: Friday, 21 February 2014 00:56

Many consider the island of St. John to be the jewel in the Caribbean crown. Affluent and tranquil, this tiny tropical paradise is only 13 miles long and four miles wide.

Glaciers, Humpbacks and Bears, Oh My: Honeymoon on an Alaskan Cruise
Glaciers, Humpbacks and Bears, Oh My: Honeymoon on an Alaskan Cruise
Published: Tuesday, 18 June 2013 19:11

Cruises serving the LGBT community have long been popular, but gay-friendly traveling options are widening as cruise lines increasingly welcome same-sex couples. 

Pocono Mountains Retreat: Mount Airy Casino Resort
Pocono Mountains Retreat: Mount Airy Casino Resort
Published: Tuesday, 30 April 2013 05:00

Mount Airy Casino Resort offers a picturesque honeymoon and wedding destination to gay, lesbian and allied couples alike.

ASK KIRSTEN Wedding Advice from our Editor

Our Families Don't Know We're Queer or Our Gender Identification and We're Getting Married
Our Families Don't Know We're Queer or Our Gender Identification and We're Getting Married
Published: Tuesday, 08 April 2014 05:00

As we approach our engagement party where our families will meet our partner for the first time, as well as each other, we are feeling really nervous that they will be uncomfortable and confused.