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A New Tax Law For Same-Sex Couples
While the question of war with Syria looms, the Supreme Court has been busy and has recently decided on a ruling that effects same-sex couples. The Internal Revenue Service will now allow same-sex couples who are legally married to use the status of Married Filing Jointly or Married Filing Separately when filing their tax return.
Until now same-sex couples could only file as Single or Head of Household. For some same-sex couples where both partners work this could mean an increase in taxes. For same-sex couples where only one person works, the ruling could offer significant tax savings. The primary stipulation is that the parties must be legally married in a state that allows same-sex marriage. The ruling also allows same-sex couples to amend tax returns for prior tax years, up to three years in the past.
If you have any questions about the new law and how it might affect you please contact Bloch Rothman and Associates, your local Denver Accountant. We can help you navigate these complicated and meaningful changes.