Same-Sex Couples in California Face Tax Filing Obstacles

11:46 am Uncategorized

Last May, the IRS ruled that same-sex couples who are registered as domestic partners or who married when it was legal in the state are entitled to file federal taxes separately and split their earned incomes on their tax returns – a right enjoyed previously only by heterosexual married couples.  And one that can result in a lower tax bill.

However, according to an article last Friday in the New York Times, it seems as if many IRS agents have not gotten the 4-1-1 on this new rule, which will likely make it necessary for many of California’s 60,000 same-sex couples to obtain professional help in filing taxes this year if they want to take advantage of the new tax break.

This is because current IRS forms do not have the proper check-boxes or work sheets for same-sex couples to file their returns electronically.  One California tax accountant quoted in the article says same-sex couples will need to engage a professional to assist them with creating the proper paperwork.

If you need assistance with utilizing tax-saving strategies to create or update your estate plan, contact our California estate planning law firm.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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