Data Scientists Can Link Your Instagrams To Your Credit Card Purchases (@andrewflowers )

This is unbelievable.  This is beyond what even George Orwell could have imagined; "Big Brother is Watching."  Great article Andrew Flowers.


http://ow.ly/IetbB


"...with as few as four publicly available geo-tagged data points, scientists can accurately connect 90 percent of people to their credit card transactions, according to research published in the journal Science on Friday."

To learn more about us, go to our website http://www.lgbt.tax/about

Why You Should Tell Your Children How Much You Make (@RonLieber @NYTimes)

Ron Lieber write a great article on how parents should demystify the concept of money to their kids.


http://ow.ly/Ia3BK


"When Scott Parker wanted his six offspring to know more about the value of money, he decided to do something that many parents would consider radical: show them exactly what he earned."

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

Time to Re-Finance

With the 10 Year Treasury rate hitting 1.75% it is a good time to refinance your home.  The rates may go down lower, but at some point the $17 Trillion debt will need to be repaid and interest rates will increase.  Locking in a long term low interest rate, while you can, is a conservative play that will give you more money each month to spend or save.

Check out of website for more information about us http://www.lgbt.tax/

The Most Important Talk You Need to Have Before Marriage (@FARNOOSH of Money)

This is an important article for all those couples considering marriage.  It is also important if you are just moving in together. 


http://ow.ly/Hofee


"A frank conversation about finances early on will prevent relationship land mines later on, says love and money expert Farnoosh Torabi."

If you filed taxes in CA, NV, OR or Washington states and are (or were after 2010) Registered Domestic Partners, try our calculator to see if you may be eligible for an IRS refund http://www.lgbt.tax/Calculator

When a Roth conversion is right for your estate — and when it isn’t [by Brian Vnak of MarketWatch]

Mr. Vnak writes a good article on estate planning and a Roth IRA conversion.  I would add one additional thought.  By converting to a Roth IRA now, an estate over the lifetime exemption amount (currently $5.43MM) will be reduced by the taxes paid.  This immediate reduction in assets may work to the benefit of the estate tax planner.  Just something else to keep in mind.


http://ow.ly/HjrhD


"The decision to execute a Roth conversion and generate taxable income is more complicated than it may seem at first blush — especially when you consider it in the context of your estate plan."

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

Banking as a Couple: One Checking Account or Two?

It is legal for same-sex couples to open and maintain joint checking accounts in every state in the country, even where gay marriages or even civil unions are not recognized. College roommates, a parent and a child or two Army buddies could all open joint checking accounts – without anyone asking if they’re gay or straight.

But is banking as a couple always a good idea? Consider the benefits and drawbacks before you decide.

Pros

• When two people share a bank account, they pool resources, with each then having access to more money than they would have as individuals.
• Simplification: The entire aggregate of the couple’s cumulative expenses is laid out in one single place on one single balance sheet.
• Transparency: Each can clearly see the expenditures of the other. This can be especially beneficial if one person is more financially responsible. The open nature of a joint account can make the more prudent party less likely to play cop, and can subtly goad the spendthrift into fiscal responsibility.
• It can make couples feel more like a couple – especially in states where same-sex marriage is not recognized. Perhaps more importantly, a joint checking account can serve as a “step” on the way to marriage (or basic cohabitation) to test the waters regarding financial competence, trust and compatibility.

Cons

• Loss of privacy: Everything one party spends – and, if you use a shared debit card, everywhere they spend it – is visible to the other.
• Neither party any longer has his/her “own money”, which can be difficult for independent people to accept.
• If one party earns more than the other, resentment can be a factor for both parties.
• Neither partner can be certain of current bank balance as both partners write checks from the same account. 
• The biggest risk by far, however, comes down to trust, financial competence and potential for abuse. If one party sees a text message they don’t like on the other’s cell phone, they can take every dollar out of the joint account on their way out of the relationship, and the other party has essentially no legal recourse. If one allows tax arrears to fester, the government can seize funds in the account, regardless of whether the partner timely paid his or her taxes. A poorly maintained or frequently overdrawn checking account can degrade borrowing power or limit options for people whose credit is in poor shape, whether they were the ones who were irresponsible or not.

Sharing expenses is an intimate and personal choice for all couples – but it doesn’t have to be absolute. Consider maintaining separate checking accounts, but also open a combined checking account exclusively for shared bills (or emergencies) as a way to ease into this important and consequential decision.

For more information, contact us at http://www.lgbt.tax/contactus

Gift Tax -- Things to Keep in Mind

Everyone loves giving gifts, but depending on the value of the gift, you may have to make one to Uncle Sam as well.

Federal law requires every person who makes a gift of cash or property to another person (except their spouse) to file a gift tax return and pay taxes if the value of the gift is more than the gift tax annual exclusion. Gift taxes are paid by the donor of the gift, not the recipient.

In 2015, the annual gift tax exclusion amount is $14,000, although it increases every year. Gift taxes are calculated on the portion of the gift that exceeds the annual exclusion; in 2015, the gift tax rate is 40%. Gifts are also cumulative, meaning it is the total amount of all gifts made to a single person each year, and not the individual value of each gift.

So if in one calendar year you make one gift of $20,000, or four gifts of $5,000 each, to the same person, you must file a gift tax return. The tax will be calculated on $6,000, the difference between the $20,000 gift and the $14,000 annual exclusion.

There are certain exceptions to the gift tax requirement. No gift tax return is required, and no taxes will be incurred, if the gift was made to benefit any of the following:

• Spouse. The marital exclusion only applies to couples who are legally married; couples in domestic partnerships do not benefit from the exclusion.  With the Repeal of DOMA, this is one more reason to consider marriage.
• Education or medical institutions. Payment for someone’s education or medical expenses are not subject to gift tax, provided the payments are made directly to the educational institution or medical provider. So if you are paying for your son’s or granddaughter’s college education, make sure the payments are made directly to the college, not to your son.
• Charitable donations. The recipient must be a recognized by the IRS as a qualified charitable organization.
• Political contributions. The recipient must be a recognized political candidate or organization (keeping in mind state and federal election finance rules).

If you make a gift that triggers the gift tax, you have two options. The first is to file a gift tax return in the year the gift is made and pay taxes.

The more popular option is to apply the gift toward your lifetime estate tax exemption, which is currently $5.43 million (remember, the amount applied toward the exemption is the amount that exceeds the $14,000, or the then applicable, annual exclusion). This then reduces your available estate tax exemption, which is the amount of money each person can pass onto heirs or beneficiaries, tax-free, at his or her death. When you die, if the total value of your estate is less than the estate tax exemption amount, as adjusted, (which it is for the vast majority of people), the end result is a tax-free gift to beneficiaries.

If you filed taxes in CA, NV, OR or Washington states and are (or were after 2010) Registered Domestic Partners, try our calculator to see if you may be eligible for an IRS refund http://www.lgbt.tax/Calculator

Seven money mistakes to avoid in your 20s (from Anna Helhoski, csmonitor.com)

Great article by Anna Helhoski (@AnnaHelhoski) on financial pitfalls of people in there 20's and beyond.


http://ow.ly/H4g1X


"For the YOLO generation, your 20s may seem like they’re all about embracing mistakes. But when it comes to money, what you do now can make or break your future financial success. Here are seven money mistakes you’ll want to avoid in your 20s."

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

LGBT seniors face special challenges in retirement (Emily Starbuck Crone, csmonitor.com)

Emily Starbuck Crone (@emstarbuck) spells out issues facing LGBT seniors in retirement.


http://ow.ly/H4icJ


"LGBT couples can face high levels of financial insecurity in their retirement years. Many in the LGBT community do not trust traditional financial institutions, and retirement income streams like social security benefits, state pensions, and more do not always recognize same-sex partners."

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

A Response to Leelah Alcorn's Suicide Note by Jennifer Finney Boylan (@nytimes)

An opinion piece from Jennifer Finney Boylan (@nytimes) on how society should address the issues raised by the tragedy of Leelah Alcorn.

“It happens every year, people coming together to mourn trans individuals lost to murder or suicide. As a trans woman, I wish that the one day on the calendar that recognizes transgender experience was about celebrating the successes of our diverse community, rather than counting the lives we’ve lost. But the losses go on, year after year.”

To learn more about us, go to our website http://www.lgbt.tax/about

Social Security Post DOMA

The Supreme Court’s June 2013 decision to knock down DOMA (the Defense of Marriage Act) helped usher in more accepting times where same-gender couples in the United States face one less roadblock to go up against. In repealing the law (in which same-gender marriages wouldn’t be recognized by the government), a blanket of oppressive thinking has been removed and in states in which same-gender marriage is legal, such advantages as employees being able to gain access to health insurance for their partners has been granted. But what of the other financial benefits? The repeal of DOMA has also had a significant economic impact  as it finally allows same-gender couples to gain access to social security benefits that any other married (opposite gender) couple would, which is one of the biggest post-DOMA outcomes of all.

 

A pillar of a couple’s plans of how they’ll spend (both in time and in terms of money) their retirement is that all social security benefits previously allowed for opposite gender couples would now be granted to those of the same gender. That includes being able to receive 100% of a deceased spouse’s benefits (if it’s less than their own) even if the surviving spouse is divorced from their deceased partner. It also includes Medicare benefits (which are available even if one spouse hasn’t contributed), disability benefits and in couples where only one spouse is earning, they can receive a spousal benefit of an extra 50% of the worker’s retirement benefit while both spouses are alive. Even federal benefits for same gender couples (which were restricted immediately following DOMA due to lack of a ‘for’ decision by the President) are now on the table thanks to a ruling from President Obama last month that made it so. So things are arguably on the up, right?

 

Yes and no. These social security benefits are only a heart-warming symphony to the ears if the same gender couple in question resides in a state where same gender marriage is recognized (New York, California, Washington etc.) as for those who may have been married in one of the same gender marriage allowing states but who live in a state that doesn’t recognize it, things will sound more like a cacophony to the ears as their hopes crash around at their feet. That’s because the Social Security Act states that the marriage has to be recognized where you "domiciled when you filed for benefits” which is as blatantly exclusionary as it is unfortunate.

 

Rep. Mark Takano, a Democrat from California would like to change that with proposed legislation that would see couples given access to social security regardless of their state’s policy on their marriage. While hopeful, Republicans hold the House majority and are unlikely to support the bill enough to see it go through, but as a decision has not been fully decided, this could be a huge step forward in post-DOMA financial benefits yet.

 

Resources: NY Times, Lamda Legal, GLAD, Politix

 

If you filed taxes in CA, NV, OR or Washington states and are (or were after 2010) Registered Domestic Partners, try our calculator to see if you may be eligible for an IRS refund http://www.lgbt.tax/Calculator

Buyer Beware [10 Subliminal Retail Tricks You’re Probably Falling For]

Susie Poppick @susiepoppick of Money shows us how we are manipulated to buy.  Buyer beware.


http://ow.ly/GlXoy




"Consumer experience these days is not simply designed; it’s engineered. Research determines the ads you see, the scents and sounds you encounter in stores, even the way a salesperson might casually touch your arm. It’s not all high-tech brain science, but here are some of the tricks companies use to entice you to spend more."


Check out of website for more information http://www.lgbt.tax/

This is why people carry credit card balances [FromMarket Watch]

Interesting article from Simon Constable on why we carry credit card debt.


http://ow.ly/GiXUV


"Why do people so often carry credit-card balances costing 10% to 20% a year, while at the same time keeping money in savings accounts that pay less than half of one percent?"

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

Transgender Kids, Tough Choices [Press Play with Madeleine Brand]

Great piece from Press Play with Madeleine Brand @themadbrand on @KCRW entitled Transgender Kids, Tough Choices.  Worth the listen.


http://ow.ly/GaKeG

For examples of how others were helped by LGBT.tax check out http://www.lgbt.tax/case

The Marriage Tipping Point [Five Signs We've Reached the Marriage Equality Tipping Point]

Nico Lang of Rolling Stone had an interesting article about hitting the marriage tipping point.


http://ow.ly/FZCMo








"For those keeping count, this means that 32 states (and Washington D.C.) grant federal marriage benefits to gay couples, more than doubling the count as of this time last year. Following the Court's repeal of the Defense of Marriage Act last June, this moment marks a historic tipping point for the United States on same-sex marriage."

If you filed taxes in CA, NV, OR or Washington states and are (or were after 2010) Registered Domestic Partners, try our calculator to see if you may be eligible for an IRS refund http://www.lgbt.tax/Calculator

Banking as a Couple: One Checking Account or Two?

It is legal for same-sex couples to open and maintain joint checking accounts in every state in the country, even where gay marriages or even civil unions are not recognized. College roommates, a parent and a child or two Army buddies could all open joint checking accounts – without anyone asking if they’re gay or straight.

But is banking as a couple always a good idea? Consider the benefits and drawbacks before you decide.

Pros

• When two people share a bank account, they pool resources, with each then having access to more money than they would have as individuals.
• Simplification: The entire aggregate of the couple’s cumulative expenses is laid out in one single place on one single balance sheet.
• Transparency: Each can clearly see the expenditures of the other. This can be especially beneficial if one person is more financially responsible. The open nature of a joint account can make the more prudent party less likely to play cop, and can subtly goad the spendthrift into fiscal responsibility.
• It can make couples feel more like a couple – especially in states where same-sex marriage is not recognized. Perhaps more importantly, a joint checking account can serve as a “step” on the way to marriage (or basic cohabitation) to test the waters regarding financial competence, trust and compatibility.

Cons

• Loss of privacy: Everything one party spends – and, if you use a shared debit card, everywhere they spend it – is visible to the other.
• Neither party any longer has his/her “own money”, which can be difficult for independent people to accept.
• If one party earns more than the other, resentment can be a factor for both parties.
• Neither partner can be certain of current bank balance as both partners write checks from the same account.
   
• The biggest risk by far, however, comes down to trust, financial competence and potential for abuse. If one party sees a text message they don’t like on the other’s cell phone, they can take every dollar out of the joint account on their way out of the relationship, and the other party has essentially no legal recourse. If one allows tax arrears to fester, the government can seize funds in the account, regardless of whether the partner timely paid his or her taxes. A poorly maintained or frequently overdrawn checking account can degrade borrowing power or limit options for people whose credit is in poor shape, whether they were the ones who were irresponsible or not.

Sharing expenses is an intimate and personal choice for all couples – but it doesn’t have to be absolute. Consider maintaining separate checking accounts, but also open a combined checking account exclusively for shared bills (or emergencies) as a way to ease into this important and consequential decision.

For more information, contact us at http://www.lgbt.tax/contactus

Another good article from Kathleen Pender (http://blog.sfgate.com/pender).  This one discusses an often overlooked property tax exemption for people over 65 years of age.  http://ow.ly/G47tB




"California homeowners 65 and older should check their property tax bills and make sure they are getting any senior exemptions on school parcel taxes to which they are entitled. These exemptions could reduce their tax bills by hundreds of dollars, or more than $1,000 in some wealthier districts."

For examples of how others were helped by LGBT.tax check out http://www.lgbt.tax/case

Donations to CA Universities costs almost nothing (after tax breaks) [You can now apply for big college donations]

This article http://ow.ly/FGUyR from Kathleen Pender of SFGate.com talks about a way to donate to Universities in California and get most of the funds back through tax refunds.  It shows how states are getting creative about funding education.

"A state agency is now taking applications from people who want to donate to a new higher education fund and get most of their donation back in the form of federal and state tax benefits."

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

The Best Online Tools for Retirement Planning and Living (Anne Tergesen @annetergesen WSJ)

Good article by Anne Tergesen on Apps to help with retirement.  If you are looking for tools to help with the process, this article give a good summary.


http://ow.ly/HDu0b


"A growing array of apps and websites make it easier to complete many of the most basic—and most important—tasks, from saving money and creating legal documents to figuring out a second career and where to live."

To have us call you about finance, estate planning or tax issues, fill out the form at http://www.lgbt.tax/Start

What Married Same-Sex Couples Need To Know About Filing Income Taxes (Alexandra Temblador of The Next Family)

Good basic article by Ms. Temblador of The Next Family in Huffington Post on Same Sex Couples filing a joint return.  There are a number of other issues to consider, not the least of which is should the couple get married in the first place as married couples may be subject to the "marriage penalty."


http://ow.ly/HLHI1


"In 2014 we saw some major steps toward marriage equality in the United States. Although the celebrations have not ended and many are still fighting for marriage equality in the remaining states of the U.S., the couples that were married last year will find that things will be different for them in 2015. They begin a full year of marriage together. They might be starting a family together. Perhaps they bought a house. However, one thing is for certain in the next few months for these newlyweds: a whole new world of taxes."

If you filed taxes in CA, NV, OR or Washington states and are (or were after 2010) Registered Domestic Partners, try our calculator to see if you may be eligible for an IRS refund http://www.lgbt.tax/Calculator

The $700,000+ mistake nearly 6 in 10 millennials may make (@cateyhill of WSJ)

With interest rates at new lows, the article by Catey Hill on the advantages of buying over renting for millennials could not be more timely. 

http://ow.ly/HM8aw

"Most millennials say they’d rather rent than buy a home — a decision that could cost them more than $700,000 over the course of their lives."

For more information, contact us at http://www.lgbt.tax/contactus

The 5 Worst States for LGBT People (Nico Lang in Rolling Stone)

Nico Lang talks about the states to avoid, if possible.


http://ow.ly/I1Kov


"So where do LGBT people have it worst? According to Michaelangelo Signorile, the editor-at-large for the Huffington Post's Gay Voices section, the worst states are clustered in the Midwest and the Bible Belt South."

To learn more about us, go to our website http://www.lgbt.tax/about

How to Improve Your Credit Score

 

Your weight. Your credit score. What does one have to do with the other? Turns out, if you’re like most people, you’re more ashamed to reveal the latter digits, according to a recent study by National Foundation for Credit Counseling. The good news is that just as you can take steps to manage your weight, you can also improve your credit score by following a few simple guidelines.

 

Get your report. Why? You always pay on time. But that doesn’t necessarily mean your credit score is excellent. Be sure to actually check your ratings. Visit AnnualCreditreport.com, where each of the reporting bureaus—Experian, Equifax, and TransUnion—must legally offer you one free report per year. Unless you suspect fraud, it’s a good idea to request a report every four months from a different bureau. Credit scores can range from 350 to 850, and while there’s no solid rule on this, you should be OK above 700. Anything below 650 means you’ve got a lot of fixing to do.

 

Check for errors. Look over the report carefully for misspelled names, credit cards you don’t have, inaccurate debts. If you see any mistakes, relax, it may just be that, a mistake. Identity theft is less likely than simple slip-ups by the reporting companies. Importantly, ensure that your actual credit-card limits reflect accurately in the report. Otherwise, it will seem like you’re always on the precipice of debt default. And if you do discover blunders, contact the credit bureau to file a dispute.

 

Use your credit card. But use it wisely. Letting it sit idly in your wallet won’t help; neither will racking up debt. Nothing slashes a credit score like an adult who spends like an irresponsible teen. Moreover, since 30% of your score is based on how much you currently owe, you ideally don’t want to charge more than one-third of your credit-card limit on each card, even if you pay in full each month. Of course, life is not cheap. So if you have regularly high expenses, ask your credit-card company to raise your limit.

 

Pay down debt. If you have the cash, this tip seems obvious, but depending on the type and cause of the debt, even after you pay it off, it can take from several months to seven years for the record to disappear. To speed things along, ask the creditor to remove the debt or an account that went to a collection agency. If that fails, try to get the creditor to mark the account “paid as agreed.”

 

Pay on time. Again, this is obvious, just as it is obviously often ignored. If you can’t remember to pay your bills by their due dates, sign up for email reminders and automatic payments. Given that 35% of your credit score relies on your payment history, you can’t afford to mess this up.

 

Finally, remember that as with weight management, it takes time to see results. If you follow these steps and spend wisely, you’ll eventually see your credit score go up.


To have us call you about finance, estate planning or tax issues fill out the form at http://www.lgbt.tax/Start

The process of getting a mortgage may move completely online (Amy Hoak @amyhoak of WSJ)

This article by Amy Hoak show the trend away from personal loan brokers and bankers to online services. 


http://ow.ly/I2aKR


"The Internet is often the first place mortgage seekers turn to research how much they can afford and to get rate quotes. But many borrowers say they wouldn’t mind if the entire mortgage process moved online—and for some, that’s becoming a reality."

To have us call you about finance, estate planning or tax issues fill out the form at http://www.lgbt.tax/Start

IRS warns of over-the-phone tax-payment scams (Mark Glover @sacbee)

Mark Glover tells about a new phone scam using the IRS.  Beware!!


http://ow.ly/I2s87


"Aggressive and threatening phone calls by individuals impersonating Internal Revenue Service agents top the IRS list of tax scams for the 2015 filing season."

Read more here: http://www.sacbee.com/news/business/article8216682.html#storylink=cpy

Check out of website for more information http://www.lgbt.tax/

Great Message from Starbucks

The Starbucks/MLK ad shows if we look differently at the world, we can see things "clearly." http://ow.ly/i/8jrSg

Check out of website for more information about us http://www.lgbt.tax/