Tax Implications for Same-Sex Marriage

When The Defense of Marriage Act of 1996 (DOMA) was overturned this past June, legally married same-sex couples are now required to file their federal returns and state results as “married” since all states are now required to recognize and allow same-sex marriage.

Keep in mind, however, that being married for tax purposes is not always beneficial, depending on a number of circumstances.

Need to File An Amended Tax Return?

Did you forget about a deductible expense on your tax return or an expense that would qualify for a tax credit?  Did you receive an unexpected or amended K-1 from a partnership, S-corp, trust or estate?

These are just a few examples of overlooked income or deductions that you may have forgotten on your tax return whether it was for the 2014 return or even prior year returns.

If you are considering whether to file an amended return (Form 1040X) or even a state income tax return, we recommend reviewing the following points:

IRS Tax Return Data Breach – Will This Impact You?

Over 100,000 taxpayers’ tax return information was taken from the IRS data and traced to somewhere in Russia.  The criminals used an online tool provided by the IRS through which taxpayers are able to obtain transcripts of their previously filed tax returns.  This service is called “Get Transcript” and is available to anyone that has the right information to access an individual’s transcripts.  Unfortunately, the information needed to access this service is readily available from other online sources.

$1 Billion Available in Unclaimed Tax Refunds

Every year the IRS reports around $1 Billion in refunds that are available for individuals who did not file a tax return with half of these refunds are more than $600. Maybe you decided not to file thinking that you don’t itemize and/or your employer is withholding tax so you don’t need to file.

If this is the case, you might want to consider the following reasons to file a return: