Forbes has published an article, “4 Valuable Tax Planning Strategies Gay Couples Need Today” which not only encourages all readers to file their taxes early, but also provides useful information for LGBTQ couples to consider when they plan for their finances. The article begins as follows:
Two of our good friends just got married, and of course, they asked me what this meant for their taxes as a gay couple. While I am a huge fan of marriage equality, I don’t love all the marriage penalties in our tax code. Many of these penalties are especially onerous for high-earning gay couples.
The Internal Revenue Service (IRS) has pushed back the tax deadline for 2021; please don’t wait until 11:47 p.m. on May 17th to ask for a referral to an amazing tax expert. When you do, you put yourself at risk of getting shocked by a surprisingly high bill. This also increases your odds of missing out on strategies to lower your taxes owed, greatly increasing the odds of a mistake being made on your tax returns. Trust me, paying more taxes than you owe or racking up interest and penalties is nobody’s idea of a gay old time.
Click here to see full article: 4 Valuable Tax Planning Strategies Gay Couples Need Today.
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.