Tax Issues for Domestic Partners Lancaster NY

Additionally, we all know lawyer fees are not cheap. In fact, it can cost a same sex couple thousands of dollars in legal fees to get similar financial rights as those awarded by a marriage. While a marriage license on the other hand, usually costs under about $50.

Local Companies

Patrick James Mackey
716-849-1333
42 Delaware Avenue, Suite 120
Buffalo, NY
Barbara Ann Schaus
716-838-5095
1925 Kensington Ave
Buffalo, NY
John Arthur Ziegler
716-845-9496
50 Delaware Ave
Buffalo, NY
Eileen Tomaka
716-823-7189
701 Ridge Rd
Lackawanna, NY
Dennis James Bischof
716-630-6500
6720 Main St Ste 250
Williamsville, NY
Jacqueline A Brummer
1886 Sweeney St
North Tonawanda, NY
Randall C. Meidenbauer
585-535-7300
Po Box 504
Varysburg, NY
Andrew Diakun
716-632-4212
14 Cardinal Dr
Williamsville, NY
Aaron Christopher Miner
716-831-8488
4224 Ridge Lea Rd
Amherst, NY
Matt A. Albert
716-858-2424
25 Delaware Ave
Buffalo, NY
Data Provided by:
  

Provided By:

A Deeper Look at Tax Issues for Domestic Partners and Same Sex Couples

Author: Roni Deutch

Civil Marriages vs. Legal Documents

To understand the importance of tax equality, I think it is first important to understand the common misconceptions surrounding same-sex couples and taxes. You have probably heard before that civil marriages and same-sex marriage are not even necessary, that you can have any lawyer draw up the necessary documents. However, this is false. While it is true you can have a power of attorney appointed for certain asset-sharing and finances, it does not assure your partner access to your full wealth like a marriage would. Additionally, we all know lawyer fees are not cheap. In fact, it can cost a same sex couple thousands of dollars in legal fees to get similar financial rights as those awarded by a marriage. While a marriage license on the other hand, usually costs under about $50.

Taxes for Same-Sex Couples with Children

Perhaps the biggest tax inequality concerning the LGBT community affects couples who have children. Since the federal government does not recognize same sex marriages, couples who have children, or adopt, do not always qualify for the benefits most married couples would. Due to this large disadvantage, many same-sex couples with children can only take advantage of tax benefits for single parents.

Can Gay Marriage Save the Economy?

According to studies the U.S. gay community spends a whopping $174 billion annually within the country, and just imagine how high that number would be if those couples were allowed to wed. With that much money being spent you would think the federal government would want a piece of the pie. Although the US economy may not be saved by gay marriage's legalization, it could certainly help.

Social Security Tax Disadvantage

The LGBT community, like everyone else, must pay their social security taxes every tax season. The difference is, no matter how many years they have been with their partner, they cannot take spousal benefits or survivors' benefits. Reports from the census 2000 found "when a gay, lesbian, or bisexual senior dies, his or her surviving partner faces a financial loss that can amount to tens of thousands of dollars."

LGBT Real Estate Taxes

Another financial difficulty same sex couples face has to do with the transfer or property between one another. An article by the Advocate Online found that "when someone puts his or her same-sex partner on the title to a home, it often constitutes a transfer of 50% of the value of the home -- as if the two were strangers -- and is taxed accordingly. Different-sex married couples do not pay this tax. Inheritance taxes apply when a taxpayer dies and leaves assets to another person. Different-sex spouses receive a complete exemption from such inheritance taxes, but same-sex partners do not. Because thresholds for state inheritance taxes are much lower than the federal threshold, inheriting the couple's common home (or even the half of it that belonged to the deceased partner) can trigger inheritance tax."

The Tax Lady Roni Deutch and her law firm Roni Lynn Deutch, A Professional Tax Corporation have been helping taxpayers across the nation find IRS tax relief for over seventeen years. The firm has an experienced IRS tax attorney who will fight the IRS on your behalf.

Article Source: http://www.articlesbase.com/taxes-articles/a-deeper-look-at-tax-issues-for-domestic-partners-and-same-sex-couples-830588.html

Related Articles
- How to Choose a Lawyer for an Entertainment Contract Lancaster NY
There are a few things to consider when signing an entertainment contract. You will need to be alert or you will find yourself bound up in an unfavorable agreement for quite some time. This industry is a large one and has its share of crooks who will readily take advantage of someone who is new to the game. The best course of action is to hire a lawyer who can help you. Here are some steps to help you choose the lawyer that is right for you.
- Bankruptcy Protection Lancaster NY
- Personal Injury Lawyers Lancaster NY
- Personal Injury Lawsuit Damages Lancaster NY
- How to Create a Living Will Lancaster NY
- Criminal Lawyer Lancaster NY
- Inheritance Protection Lancaster NY
- Beating a Speeding Ticket Lancaster NY
- Employment Discrimination Settlement Lancaster NY
- How to Choose the Right Divorce Lawyer Lancaster NY