June 26, 2015
Janis Cowhey, Modern Family & LGBT Services Group Co-Leader, Featured in Marketplace Article, "The Financials of Same-Sex Marriage."
By Nancy Marshall-Genzer
The Supreme Court ruling that same-sex couples have a right to marry could bring some big financial changes.
First, let's talk taxes and the marriage penalty.
"Where there's a plus, there's a minus," says Janis Cowhey, a partner at Marcum LLP and co-leader of its Modern Family and LGBT practice group. "Once you're combining your income, you start to lose deductions, you start to lose credits as well as hit the higher income tax brackets faster."
But lower-income same-sex couples could save money filing as a married couple. Now they can claim their children as dependents, which leads to a higher earned income tax credit.