May 04, 2012 (Press-News.org) There are many available ways to lower the amount of income taxes an individual owes including filing status, deductions, dependents and credits. The filing status resulting in the lowest amount of taxes owed is "Married Filing Jointly." According to a recent CNN report, this filing status can save approximately $6,000 per year. The taxpayers must be married in order to take advantage of the "married filing jointly" filing status. However, this option is not available to same-sex couples.
Because of federal and state laws preventing same-sex couples from marrying or recognizing legal marriages performed elsewhere, same-sex couples cannot receive the same tax benefits dual-sex married couples enjoy. Even though many states grant partial or full marriage rights to same-sex couples, the federal government is prohibited from granting any rights to same-sex couples in accordance with the Defense of Marriage Act enacted in 1996.
This can create different tax treatment for state and federal income taxes. The states that permit marriage rights to same-sex couples allow these couples to file jointly at the state level, but they must file separately as single taxpayers for federal returns.
One spouse may claim the "head of household" status. This filing status exposes more income to a higher tax bracket, which means the couple is paying more than under the "married filing jointly" status, especially if the other spouse is not earning an income. Also, many credits phase out earlier for those with individual status as opposed to filling jointly.
In addition to paying higher taxes, same-sex couples also may need to pay higher tax preparation expenses for professional assistance in preparing multiple, and sometimes complicated, tax returns. A couple who has rights at the state level but not at the federal level must fill out additional returns to achieve the correct returns based on the laws of their state and the federal government.
It is not a good idea for a same-sex couple to choose to file "married filing jointly" on their federal income tax return. Such action may result in additional taxes, penalties, and interest, including those related to knowingly filing an incorrect tax return.
Article provided by Law Office of Williams & Associates, P.C.
Visit us at http://www.williamslawassociates.com/
Same-Sex Couples' Inability to File Joint Tax Returns is Costly
Because the federal government does not recognize marriage rights for same-sex couples, they are not eligible for the benefits married couples enjoy.
2012-05-04
ELSE PRESS RELEASES FROM THIS DATE:
Failure to File a Tax Return: What Happens?
2012-05-04
The Internal Revenue Service requires that anyone receiving income from any source must file a tax return each year, with limited exceptions. If an individual does not file an income tax return, the IRS will file one for them and then send that individual the bill of the taxes owed. At first, this sounds somewhat advantageous to have the service itself prepare and file taxes, but this process has its drawbacks.
The IRS prepared-filing is in no way a good substitute for a return a taxpayer prepares and sends personally. These "ghost returns" are based only on ...
Four Common Estate Planning Mistakes to Avoid
2012-05-04
After creating an estate plan, it can be easy to set it aside without a second thought. However, it is important to revisit your estate plan periodically to check for hidden errors or changes in circumstance that could undermine your intent. The following examples are just a few of the numerous estate planning mistakes that can occur every day.
Naming the Wrong Beneficiary on Your Retirement Plan
Many people make the mistake of forgetting or neglecting to update the beneficiary designations on their retirement plans as their circumstances change. For instance, young ...
Proposed Changes to New York's Domestic Violence Laws
2012-05-04
People should know their rights, and that is especially true of individuals who have domestic violence charges alleged against them. Allegations of domestic violence can result in criminal charges and can also affect decisions in family court. An important part of understanding one's rights is knowing how crimes in New York are defined. Recently, state legislators proposed changes to New York's domestic violence laws that would make the laws tougher.
New York state legislators recently proposed changes to the state's domestic violence laws that would make it a felony ...
Avoid Further Troubles by Filing Past-Due Tax Returns
2012-05-04
Benjamin Franklin once wrote in a letter, "n this world nothing can be said to be certain, except death and taxes." Franklin's words capture the distain many people hold for paying taxes. Few people appreciate having to file income tax returns with the federal government, but people who fail to file returns run the risk of a variety of punishments. However, people can mitigate some of the damage by filing past due returns.
Consequences of Failing to File Returns
People who do not file income tax returns open themselves up to the possibility of several penalties, ...
Federal Tax Liens
2012-05-04
The IRS may choose to file a lien on a person's property who has failed to pay on a tax obligation. A tax lien is an encumbrance on the debtor's property that secures the government's interest in the property for the amount of the debt. Those having tax troubles should be aware of the effects a tax lien, particularly how tax liens affect homes, and how to discharge a tax lien.
Effects of a Tax Lien
After the IRS determines that a person owes taxes and has not paid, the IRS notifies the person of his or her obligation. If the person still does not pay, the IRS will ...
Divorce Survival Tactics
2012-05-04
Divorce is a stressful time in people's lives. Experts have ranked it among losing a job, the death of a loved one and surviving a severe accident as one of the most stressful events a person can experience. Some people seem to handle the divorceexperience better than others, and that is usually attributable to the fact they employed some survival tactics to help them get through it.
Remain Calm
Divorce is an emotionally-charged event, but people will come through the process in a much better position if they can learn to table their emotions and think as rationally ...
Paul Kirley Fuels Visual Experiences Connecting Art, People and Places at Artspace Warehouse
2012-05-04
Kirley was born in Massachusetts to a family of designers and artists whose connection to architecture and landscape greatly influenced him at an early age. He discovered photography and 1950's abstract expressionist painting in his teens. In the fall of 1987 Paul moved to California to attend the Art Center College of Design. During this period he began to develop a collage style of work that merged his love of photography with a passion for painting.
Blending paint and photographic compositions together on a single picture plane, Paul seeks an integration of the two ...
Injured Service Members Enjoy Day of Relaxation and Rehabilitation with Former NASCAR Driver Ward Burton
2012-05-04
On Friday, May 4, Ward Burton Wildlife Foundation (WBWF) and Freedom Alliance are set to cohost the American Hero Event in Clover, Virginia. This event will provide American Heroes a healing experience to help them cope with their mental and physical injuries they sustained from serving our country during the last several years at war. This event is not open to the public.
"Through this event our goal is to show our guys a great time and make them feel good about themselves," says Ward Burton, former NASCAR driver and winner of the Daytona 500. "The outdoors ...
Hansons Windows to Enhance Customer Experience in Malls
2012-05-04
In an effort to use technology to reach customers, Troy, MI-based Hansons Windows will soon be introducing interactive kiosks in Metro Detroit malls, where potential customers can sample roofing, windows, and siding.
"Along with our very successful marketing efforts and state-of-the-art online presence, we have added kiosks in the area's busiest malls, making the selection process easier for our customers," said Brian Elias, owner and president of Hansons Windows.
Locations featuring kiosk stations include Oakland (Troy) and Lakeside (Sterling Heights) ...
Gifts of Love and Devotion Just Added Three Cross Cufflinks with Personalized Case to Their Line of Personalized Confirmation and First Communion Gifts.
2012-05-04
Gifts of Love and Devotion has just added three Cross Cufflinks with Personalized Cases to their line of Personalized Confirmation Gifts and First Communion Gifts. These elegant cross-shaped cufflinks are ideal for weddings, religious ceremonies, or just everyday wear. Contemporary in style, they are tucked in a handsome personalized keepsake box made of lightweight plated polymer with a lovely black satin lining. They make a great gift idea for someone receiving their First Communion, Confirmation, or any other special religious occasion!
The Silver Cross Cufflinks ...
LAST 30 PRESS RELEASES:
Capturability distinction analysis of continuous and pulsed guidance laws
CHEST expands Bridging Specialties Initiative to include NTM disease and bronchiectasis on World Bronchiectasis Day
Exposure to air pollution may cause heart damage
SwRI, UTSA selected by NASA to test electrolyzer technology aboard parabolic flight
Prebiotics might be a factor in preventing or treating issues caused by low brain GABA
Youngest in class at higher risk of mental health problems
American Heart Association announces new volunteer leaders for 2025-26
Gut microbiota analysis can help catch gestational diabetes
FAU’s Paulina DeVito awarded prestigious NSF Graduate Research Fellowship
Champions for change – Paid time off initiative just made clinical trials participation easier
Fentanyl detection through packaging
Prof. Eran Meshorer elected to EMBO for pioneering work in epigenetics
New 3D glacier visualizations provide insights into a hotter Earth
Creativity across disciplines
Consequences of low Antarctic sea ice
Hear here: How loudness and acoustic cues help us judge where a speaker is facing
A unique method of rare-earth recycling can strengthen the raw material independence of Europe and America
Epilepsy self-management program shows promise to control seizures, improve mood and quality of life
Fat may play an important role in brain metabolism
New study finds no lasting impact of pandemic pet ownership on human well-being
New insights on genetic damage of some chemotherapies could guide future treatments with less harmful side effects
Gut microbes could protect us from toxic ‘forever chemicals’
Novel modelling links sea ice loss to Antarctic ice shelf calving events
Scientists can tell how fast you're aging from a single brain scan
U.S. uterine cancer incidence and mortality rates expected to significantly increase by 2050
Public take the lead in discovery of new exploding star
What are they vaping? Study reveals alarming surge in adolescent vaping of THC, CBD, and synthetic cannabinoids
ECMWF - delivering forecasts over 10 times faster and cutting energy usage by 1000
Brazilian neuroscientist reveals how viral infections transform the brain through microscopic detective work
Turning social fragmentation into action through discovering relatedness
[Press-News.org] Same-Sex Couples' Inability to File Joint Tax Returns is CostlyBecause the federal government does not recognize marriage rights for same-sex couples, they are not eligible for the benefits married couples enjoy.