marriage - Herman & Co. CPA

7 Milestones In Life That Trigger Taxes: Birth, Marriage, Work, Homeownership and More

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate You were blissfully unaware of it, but taxes became a part of your life on the day you were born. From that beginning as a spanking-new…

Weddings Mean Tax Changes & Small Business Resources

It may not be as high on the wedding plan checklist as the venue, invitations and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding.

Employment Tax Withholding– Refunds and Adjustments for Same-Sex Married Couples

Following the Supreme Court’s decision in Windsor, the IRS provided guidance to employers and employees on how to make claims for refunds or adjustments (corrections) of overpaid payroll taxes.

New Tax Rules for Legally Married Same-Sex Couples

Same-sex couples will now be treated as married for all federal tax purposes (income, gift, and estate taxes) where marriage is a factor. The ruling applies to filing status, personal and dependency exemptions, the standard deduction, employee benefits, IRA contributions, and the earned income and child tax credits.

Getting Married: FAQs

Think about owning property together. This is a way to guarantee that property will pass to the other joint owner at the time of the other’s death due to the right of survivorship.

How Do Your Finances Change When You Get Married? FAQs, Part 2

You are entitled to file a joint income tax return upon marriage. Although this simplifies the filing process, you will more than likely discover that your tax bill is either higher or lower than when you were single.

How Do Your Finances Change When You Get Married? FAQs, Part 1

Adults that have no children or other dependents. You will need less insurance than people in the previous situation if your spouse can live comfortably without income. However, some form of life insurance is still necessary.

Filing Status Implications

Westchester tax preparation Herman & Company CPA’s has all the answers to your personal finance questions! For married taxpayers, the implications of filing a joint or separate return extend beyond tax rates and the standard deduction. Like many aspects of income taxation, there is usually more than one approach to finding the optimal solution. We…