Tax Issues for Domestic Partners Potsdam 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

Johanne L. Sullivan
315-379-2410
48 Court St
Canton, NY
Anthony Jordan
315-379-2393
48 Court St
Canton, NY
Charles Bradley Nash
315-386-8501
113 Main St Apt 529
Canton, NY
Stephen James Easter
315-379-2249
48 Court St
Canton, NY
Alexander Lesyk
315-379-2225
48 Court St
Canton, NY
Jane Sarah Garland
315-265-5402
48 Court St
Canton, NY
Charles Fulton Bayer
315-379-2393
48 Court St
Canton, NY
Cathleen Ellen Ohoro
315-386-4595
117 Main St
Canton, NY
Francis C. Lavigne
172 RIVER DR
MASSENA, NY
Sharon Marie Lumb
315-379-2413
St Lawrence County
Canton, 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
- Employment Discrimination Settlement Potsdam NY
An employment discrimination settlement is the final legal agreement that resolves all issues of a discrimination charge. Once a settlement is reached between the employer and employee or potential employee, no further legal action can be taken.
- How to Choose a Lawyer for an Entertainment Contract Potsdam NY
- Personal Injury Lawyers Potsdam NY
- How to Create a Living Will Potsdam NY
- Personal Injury Lawsuit Damages Potsdam NY
- Bankruptcy Protection Potsdam NY
- Inheritance Protection Potsdam NY
- How to Choose the Right Divorce Lawyer Potsdam NY
- Criminal Lawyer Potsdam NY
- Beating a Speeding Ticket Potsdam NY