30 September 2013 0 Comments

It’s official! You can check the ‘married’ box on your Federal tax return form.

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iStock 000001334173 Medium 300x200 It’s official! You can check the ‘married’ box on your Federal tax return form.Same-sex married couples can now plan for how their financial lives will change when it comes to Federal taxes – even though there are still questions regarding benefits, such as Social Security and veterans’ benefits.

The Internal Revenue Service has new rules that will cost or save a particular couple money. It depends on how much you earn, whether you and your spouse are working and whether, together, you earn too much to claim the same sort of tax-saving deductions and credits you did when you were filing as a single person.

Basically, couples will pay less in Federal income tax when one person makes less than the other or does not work at all. If you are a high-income couple, you will probably pay more.

In California, where the state recognizes your union, your life just got much easier. You can file a joint Federal tax return as well as a joint state return.

These regulations should be taken seriously and applied carefully to your return. Those who do not properly file taxes with their correct status and correctly reported income could be subject to an audit from the IRS.

If you are a same-sex married couple filing taxes for the first time and have questions, contact an experienced attorney who can answer your questions and show you the best options for your situation. Contact the family law offices of Holstrom, Sissung, Marks & Anderson; we are located in Riverside and Orange Counties for your convenience.

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