(855) Marcum1 | FOLLOW US           
Marcum LLP
  • EVENTS
  • OFFICES
  • CAREERS
  • SUBSCRIBE  
  • 中文
Marcum LLP
News

As Seen In

 

In This Edition

Accounting Today

Marcum's Top Tax Tips for Same-Sex Married Couples Featured in Accounting Today Article "Marcum Shares Tax Planning Guide for Same-Sex Couples"

Featured: Nanette Miller, Partner, Assurance
Janis Cowhey, Partner, Tax & Business

Share:

Excerpt:

Top 100 Firm Marcum LLP’s Lesbian, Gay, Bisexual & Transgender Practice has released a list of top tax planning tips for married same-sex couples to help guide them on what they will need to file taxes since the federal government officially recognized same-sex marriage for tax purposes.

The firm uses the following tips (5 of 10).

  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.
“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,” LGBT Practice national leader Nanette Lee Miller said in a statement. “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,” according to Janis Cowhey McDonagh, co-leader of the LGBT group and a trusts and estates attorney, who noted that estate planning also plays a vital part of effective tax planning. “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.”

Click here to read full article on www.accountingtoday.com >>

 
Featured
Nanette Lee Miller

Partner
Assurance
San Francisco, CA
 
 
HAVE A QUESTION? ASK MARCUM
 
STAY IN TOUCH.

SIGN UP TODAY FOR MARCUM'S NEWSLETTERS.

ABOUT MARCUM

Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., Grand Cayman and China.

Learn More

CONNECT WITH US
               
OFFICES

Headquarters
750 3rd Avenue, 11th Floor
New York, NY 10017

Find an Office

(855) MARCUM1
info@marcumllp.com

FOUNDATION

Marcum Foundation

AFFILIATION

Leading Edge Alliance

DOWNLOAD THE MARCUM ON THE GO APP

© 2016 Marcum LLP. All Rights Reserved.
Privacy | Legal | Sitemap