Are My Taxes Different if I’m Gay? (Updated Again)

Not like they used to be!  However, challenges certainly remain, even if you choose to marry.

There are tax issues that remain particularly relevant to members of the LGBT community — and all unmarried partners — especially those who have children, investments, or retirement plans.

At 1TaxFinancial, we’re knowledgeable of these issues.  We’ve studied the ramifications of the family relationships people actually live in, not just those the tax code anticipates, and we stay up to date in this rapidly changing environment.  Our expertise will ensure that these special issues are dealt with correctly, saving you time, expense and grief later.

Maybe you’ve had problems with financial professionals because they had issues, and so you’re cautious, and maybe not out with them.  Why should you be; why is it their business?

It’s their business because it matters to you!  Your tax situation, and the financial advice you need, may vary a lot based on who you really are – who you live with, who you support or share financial resources with.  If you can’t be open with a financial professional, you’ll get advice based on their assumptions.  At 1TaxFinancial, we’re LGBT friendly, and we like to know our clients, not who they might pretend to be in hostile environments.  You’ll feel safe, you’ll have a personal relationship with your tax professional, and you’ll get year-round access!

Also, if you’re legally married, IRS & the states now recognize it (congratulations!), so it’s not so complicated as it was in the interim, but you may have tax elections or choices that you haven’t considered.

Maybe you’ve always done your own tax return.  Do you need a professional?

There are a lot of reasons people do use professionals.  How much time does it take you?  How frustrating is it?  Do you keep up-to-date on all the relevant changes every year?  Are you sure you’re paying the least tax you legally can?  Are you sure that all your financial decisions make tax sense?  Will you be comfortable responding to inquiries from taxing authorities?  If you have a life partner, are you sure that you’re reporting all income & expenses in the most advantageous way under the law?

At 1TaxFinancial, we recommend that everyone at least have a professional review.  For most errors, you can amend for up to 3 years.  Bring your last return in for a free review, and we’ll see if we can save you money — and you’ll learn how much professional preparation can reduce your stress.

When choosing a professional, look for someone with credentials and membership in a professional organization, as well as knowledge of LGBT issues.  The IRS now registers some paid tax return preparers, but even mandatory training and testing requirements have still not been implemented.  Protect yourself: go to a CPA, Attorney, or Enrolled Agent, licensed professionals with annual continuing professional education requirements and the ability to provide you with full representation should the IRS or state taxing agencies contact you.  Ask your current or proposed tax professional about their licensing, which professional organizations they belong to and whether they are current in their continuing education requirements and compliant with all ethics rules.

What will it cost?

Professional preparation typically costs less than you fear – and will save you that much in tax &/or trauma!  Year-round access to a financial professional might save you more.  At 1TaxFinancial, a typical return might run $200-275; more with a small business, complex investments or rental property.  We also offer Spouse/Partner discounts!

Call 1TaxFinancial today for a *FREE* consultation.


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