The Same-­Sex Marriage Decision: What’s at Stake for Couples (@tarasbernard @nytimes)

Tara Siegel Bernard at The New York Times explains what's at stake financially for same-sex couples as we await the decision from the Supreme Court:

Full article at The New York Times

"The highest court’s landmark decision in 2013, United States v. Windsor,
already established that married same­-sex couples were entitled to federal
benefits. But two major federal agencies, Social Security and Veterans Affairs,
must still look to the states to determine marital status, so couples living in
nonrecognition states are generally cut off from receiving those benefits.
Same­-sex couples are not entitled to many state­-conferred benefits either."



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

House Value Jumping? Save Your Home Improvement Receipts (@ronlieber @Your_Money @nytimes)

Over the past twenty years, homeowners in cities including Los Angeles, San Diego, San Francisco, New York, and Boston have seen the value of their homes increase dramatically. So, if it ever comes time to sell the property, the gains on the sale can often be quite large, and exceed the tax-free limits.
But there are ways to offset these gains, mainly through things such as proof of the cost of home improvements, which can mean tens, and sometimes even hundreds of thousands of dollars in additional tax-free gains.

Full article at The New York Times

"If you've owned nearly any home here in Santa Barbara long enough, you could have a taxable gain on your home."

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

What Kids With Summer Jobs Need to Know About Taxes (@Kiplinger)

As summer approaches, many teens are getting ready to join the workforce -- for a few months, at least. But what effect does this have on them, as well as their parents, in regards to taxation? Personal finance columnist Kimberly Lankford explains:

Full article at Kiplinger

"Generally, anyone with earned income of less than $6,300 in 2015 does not need to file a tax
 return. If he will earn less than that, your son could check the box on Form W-4 that allows him to claim he is exempt from withholding. Note, however, that a child who is claimed as a dependent by someone else cannot claim an exemption from withholding if he has more than $350 of unearned income (from interest and dividends, for example) and his total income is more than $1,050."

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

How to lend money to a relative without getting whacked by the IRS (@MarketWatch)

If a family member is strapped for cash, and you're planing on helping by loaning them some money, make sure you do it properly:

Full article at Market Watch

"If you make a loan to a family member and charge zero interest, you may face unfavorable and complicated tax rules, as I’ll explain later. But you can avoid all the tax complications if you instead charge an interest rate that at least equals the IRS-approved applicable federal rate (AFR). Because AFRs are almost unbelievably low right now, you can be nice to yourself by charging the AFR while still being plenty nice to the borrowing family member as well."

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

You've Won Big -- What Will That Windfall Cost You in Taxes? (@Notteham @TheStreet)

You just won $10,000! Before taxes, that is:

Full article at The Street

"As Los Angeles-based tax expert Elizabeth Rosen notes, any winning you get from playing the lottery, gambling in casinos, betting on races or even playing keno in the local pub are fully taxable. The IRS even designates a form, W-2G, just for this purpose. If you win, Uncle Sam wants his cut."

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

When Does a Gift Trigger a Tax Bill? (@kerenzulli @MONEY)

If you're giving people in your life money, check and make sure you can legally do it tax free -- if at first it seems you cant, you may not be out of luck -- Kerri Anne Renzulli has some advice for you:

Full article at Money Magazine

"Every year, you’re allowed to give another person up to the annual gift tax exclusion—this year $14,000—without reporting the transfer to the IRS or having to pay taxes on the sum, says CPA Cari Weston, senior technical manager of the American Institute of CPAs taxation division."



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

Beware the I.R.S.’s Speeded-­Up Audit (@taxmandavid @AuditDefense @nytimes)

While budget cuts at the IRS at first may have seemed like good news for those worried about getting audited, reality is painting a different picture:

Full article at The New York Times

"In other words, I could return home from a vacation or a stay in the
hospital to find not only that I am being audited, but that my audit has already
been closed and sent to the notice of deficiency unit. At this point I will have
two choices: I can either pay the bill or file a petition with the tax court. And
while I am not likely to know what losing my appeals rights means, I will soon
find out that it is too late to hire an enrolled agent or accountant to help
defend me against the I.R.S"



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

Don’t Make the Same Tax Mistakes Twice (@BSteverman @business)

With April 15th behind them, many people think they now have almost a full year until they need to think about taxes again. However, as Ben Steverman points out, now is the best time to continue working on your taxes, so you can get all the deductions and credits you are entitled to next year.

Full article at Bloomberg Business

"Every year, millions of taxpayers miss out on chances to lower their tax bills. They miss deductions or don’t exploit tax breaks designed to lower the costs of education, retirement, and health care. The problem is that most smart tax-planning strategies require you to think about taxes long before they’re actually due — by the time you have a 1040 in front of you, it’s too late"



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

Can’t Pay Your Taxes? Here’s What to Do (@MattAboutMoney @MONEY)

In the last few weeks, many Americans had the displeasure of finding out they owed income taxes. Some found this too surprising, and are not sure how to proceed, as they do not have the funds necessary to pay them. If you've found yourself in this situation, read this article by Matt Bell, which has good advice on the best steps to take.

Full article at Money Magazine

"There are two distinct aspects involved in paying taxes: filing your return and paying it. Not filing your return on time and not paying what you owe come with different ramifications. It may surprise you to know that if you don’t file your return on time, even if you can’t pay all that you owe by April 15, you’ll face the biggest penalty."

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 Procrastinator’s Guide to Finishing Your Taxes (@ellenstark @MONEY)

April 15th is just hours away -- have you filed your taxes yet? If not, check out some advice from Ellen Stark on what your best options are going forward. 

Full article at Money Magazine

"The deadline to file your 2014 income tax return is hours away. If you're not done, you're not alone. And you have plenty of options."

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

Here’s What to Do If You Can’t Finish Your Taxes On Time (@RosatoDonna @MONEY)

Are you worried you will not be able to file your taxes by next Wednesday, April 15th? Donna Rosato offers some good next steps to take so that you are not heavily penalized by the IRS.

Full article at Money Magazine

"Tax Day is looming. If you haven’t pulled your documents together or made real progress on your tax return yet, filing for an extension by April 15 sounds like a pretty good idea. That’s what about 12 million people do each year, according to the IRS.

Getting more time isn’t as simple as it sounds. Here are seven things you should know if you can’t make the deadline."

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

6 Red Flags That Can Get You Audited (@gerridetweiler @MONEY @CreditExperts)

Worried about being audited? If one of these six red flags apply to you, your concern may be valid. Luckily, there are thing to be done to protect yourself:

Full article at MONEY Magazine

" If you’re really unlucky, you may find out the IRS is auditing your return. Fortunately, about 80% of audits are simply “correspondence audits,” meaning the IRS is “asking for documentation or showing an adjustment made based on information received,” says Lisa Greene-Lewis, CPA and TurboTax tax expert.
But no matter how innocuous, the only time most people want to get mail from the IRS is when they are waiting for a refund check. Here are six red flags that can trigger questions from the IRS, or even a full-blown tax audit."

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

3 Tax Loopholes for the Merely Middle Class (@bethpinsker @MONEY)

Not all tax loopholes are just for millionaires. Check and see if any of these three could help you save money:

Full article at MONEY Magazine

"Former presidential candidate Mitt Romney’s legendary tax deduction for his horse may sound like the ultimate boondoggle of the super rich.

Ditto for writing off the private jet, stashing money in offshore accounts and paying the nanny as a corporate employee.

Here are some other tax loopholes that might be within your reach:"

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

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

If You Owe Back Taxes, Try Making the I.R.S. an Offer (@nytimes)

Do you back taxes? If so, Charles DeLaFuente has some advice to follow, which could potentially lead you to get "the deal of a lifetime."

Full article at The New York Times

"The agency has a program it calls an “offer in compromise,” which develops payment plans for taxpayers who can demonstrate that they face problems involving ability to pay, fairness or liability.
The burden of proof rests with the taxpayer, who needs to make a payment offer, which the agency is free to reject. While it is easier than it once was to have an offer accepted, filling out the forms is no picnic. Still, the acceptance rate for taxpayers’ offers, which was under 25 percent as recently as 2010, rose to 42 percent in 2013, according to the I.R.S" 

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

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

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