January 23, 2014
Nanette Lee Miller, Leader of the LGBT Practice Group, Quoted in San Francisco Bay Times Article, "Top Tax Planning Tips for Same-Sex Married Couples."
“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.”
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: (1-5 of 10).
- Married tax status: Determine if there is any benefit to filing amended income tax returns using “married” status.
- 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.
- Employer spousal benefits: Take advantage of all non-taxable fringe benefits available to your spouse.
- 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.
- Social Security: Apply for social security marital benefits and the lump sum death benefit, if applicable.