Tax Implications after DOMA

On June 26, 2013, the US Supreme Court ruled Section 3 of the Federal Defense of Marriage Act (DOMA) was unconstitutional as it violates the equal protection clause of the Fifth Amendment of the US Constitution as applied to persons of the same sex who reside in states that recognize same-sex marriages.

This decision entitles same-sex married couples many federal tax related benefits.  These benefits will have an impact on their income tax filing status, estate and gift tax planning, employee benefits, and ability to inherit social security benefits, among others.READ MORE

Tax Filing Reminders….

The filing due date for your individual income tax return is coming up and is due on April 15, 2013.  If you are not going to be able to file your return on time, you can request additional time by filing an extension by the April 15th due date.  The extension gives you an additional six months; until October 15th to file your return.   However, it’s important to note the extension does not give you any extra time to pay any taxes due.  If you do not pay the taxes that you owe by the April 15th due date, you will owe interest on the taxes due and you may owe penalties as well. READ MORE

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