Sunday, September 15, 2013

SAME SEX COUPLES SHOULD CHECK ON THEIR WAGE WITHHOLDING AND ESTIMATED TAX PAYMENTS NOW

A downside to the IRS’ recognition of same sex marriages is that such couples must file in 2013 as married – they can file jointly or or as married filing separately. This means they may now suffer higher income taxes due to the marriage penalties that exist in the Internal Revenue Code.

To avoid future headaches, such couples should check on their current wage withholding and estimated taxes, and adjust them upward if needed, if their taxes will be going up based on their new marital status.

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