The 2 events Americans most fear they can't afford are things that happen to everyone (@LibbyKane @BIYourMoney)

"While the idea of being unable to afford your future is undoubtedly scary, there's another way to look at this information: It's good news!"

Full article at Business Insider

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

Tax Day extra difficult for many same-sex married couples (@stephenatap @AP)

For same-sex couples living in states that do not recognize same-sex marriage, filing taxes can get very complicated:

Full Article from the AP

"It gets complicated because most state income tax returns use information from a taxpayer's federal return.
Straight couples simply copy numbers from one form to another. But that doesn't work for same-sex couples reporting combined incomes, deductions and exemptions on their federal tax returns. These couples must untangle their finances on their state returns, where they are still considered single."



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

How to give your home to your children tax-free (@MarketWatch)

Bill Bischoff explains various ways you can pass your home down to your children, so you can make an informed decision, and start taking the steps necessary to ensure that all goes as planned.

Full article at MarketWatch

"Before the days of estate taxes, children simply moved into the family home and took over the master bedroom after their parents died. Unfortunately, it’s not that easy anymore.

There are several ways to give a home to your child. And a few are tax-free. But in order for the transaction to work properly, you’ve got to plan ahead."

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

Improve Your Financial Life Automatically With A Simple Checklist (@MONEY)

Great advice from Time's Money Magazine, which suggests automating as much of your finances as possible, which can help make bill-paying, among other things, quick and painless.

Full Article at Time's Money magazine

"The bills accumulate. You vow to plow through them but never seem to have the time. Then the late fees start adding up and maybe your credit score gets dinged.
Ever been there? There’s a way to avoid this problem: Automate at least some of the bill-paying process — and other pieces of your financial life while you’re at it."

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

Americans Failing on Basic Income Tax Knowledge (@NerdWallet)

How well do you basic income tax codes? According to NerdWallet, chances are you don't know much. Take the survey at NerdWallet and see how you compare with others!

Full article at NerdWallet

"Most American adults get an “F” in understanding income tax basics, according to a NerdWallet survey of 1,015 people across the U.S. in early February. Respondents scored on average 51% in a 10-question quiz on tax basics related to such personal finance issues as retirement, college savings and health care."

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

Tips for Navigating a Changing Tax Landscape (@nytimes)

Jan M. Rosen of The New York Times presents some helpful tips for this tax season, with a special focus on how The Affordable Care Act (Obama Care) affects different tax payers.

Full article at The New York Times

"What’s new this tax season? In a word: Obamacare. That’s the answer given by many tax professionals. People who overcame the challenges of Healthcare.gov and succeeded in buying health insurance under the Affordable Care Act last year now face a new set of hurdles in the form of daunting tax forms. So do business owners who offer coverage to employees under the law’s Small Business Health Options Program. But the good news for both is that they may receive a tax credit that reduces taxes dollar for dollar."

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

6 Financial Issues All Same-Sex Couples Should Discuss (@emstarbuck @nerdwallet)

This article highlights important financial issues for couples to consider. Talking about money is sometimes difficult, but very important.  Emily did a great job and gets our thanks for including us in her article.


http://ow.ly/IJS8C


"All couples in long-term relationships must learn how to tackle financial decisions together. But gay and lesbian couples face additional challenges thanks to confusing and ever-changing laws."

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

5 Smart Financial Moves for Umarried Couples Who Live Together (Farnoosh Torabi @FARNOOSH)

Farnoosh helps focus the financial concerns for unmarried couples. 


http://ow.ly/ID5ZW


"If your relationship is serious but you don't have any plans to walk down the aisle, you'll want to take some extra steps to protect yourselves financially."

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

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

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