This week, financial information website NerdWallet launched a tool to help LGBT partners work through the tangled financial, legal and tax complications implicit in their relationships. The Same Sex Couples Planning Tool lays out necessary documents, tax issues and tips on how to navigate housing, insurance and retirement decisions as well as the patchwork of regulations across various states. LGBT families are increasingly finding financial planning options that seem tailor-made for their unique situation. One website lists members of a network of financial advisors who are gay, lesbian or willing to work on LBGT issues. Business Insider has a financial checklist for same-sex couples that deals with snarls involving property, estates and more. Other resources include PridePlanners and Lambda Legal.
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What You Should Know About Gay Marriage Tax Benefits
Using a tax agent or accountant to help or be advised on your tax can help make the numbers work for you. At Billyward, while we pride ourselves on providing accurate, professional services, and we are also getting to know our clients and solve their tax and financial problems. Every client is our priority.
You can only use that designation, however, if you are actually married. However, those on the extreme ends of the income spectrum should beware. Their liability may actually go up once they tie the knot. What effect is this going to have on their taxes?