Tax season is a tricky period for gay couples
March 31st, 2011 - 11:49 pm ICT by Aishwarya BhattSacramento, Mar 31 (THAINDIAN NEWS) Gay couples in some states would be left scratching their heads while filling their tax returns. New tax laws in California, Nevada and Washington offer tax couples the opportunity to file their returns by adding up their income and dividing it into two.
What that means is that gay couples could gain or lose on their payments depending on the side of the divide that they may find themselves. For couples who earn different levels of income, the new tax law could be a very good idea because when they add their income and divide it into half they could fall below the tax bracket and save some money as a result of that.
However when a couple receive the same level of salary, they could see their tax go up. The new arrangement is only valid for gay couples who have registered their union in those states.
The president of KKS Tax Associates in San Francisco, Karen Stogdill, has some gay clients. She highlighted the positives of the new tax law saying, “I call this the income tax gravy train. It couldn’t really get better for the community as a whole.”
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Tags: california nevada, gay clients, gay couples, gravy train, income tax, money, new tax law, new tax laws, salary, san francisco, stogdill, tax bracket