On August 29, 2013, the IRS issued an announcement (Rev. Rul. 2013-72 http://www.irs.gov/pub/irs-drop/rr-13-17.pdf ) ruling that it will treat same-sex couples, legally married in jurisdictions that recognize their marriages, as married for federal tax purposes. Importantly, the ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.
The Parsippany-Troy Hills Library is sponsoring a free seminar on financial and estate planning. The seminar is entitled Protecting your New Family: A Guide to Ensuring a Healthy Financial Future. It will be held at the Main Library on Saturday, June 8, from 10am-12pm.
I got divorced last year and will be filing taxes separately from my ex for the first time. We have two kids and share joint custody. Who gets to claim them on their income tax forms for deductions? Claiming a child as a dependent on your tax returns can be […]
On December 17, 2010, Congress enacted what we know as the 2010 Tax Act, changing the estate, gift and generation-skipping transfer (“GST”) tax regime. Before the passage of the Act, the federal estate tax exemption – the amount that an individual can pass to his or her beneficiaries tax-free – increased in steps from $675,000 per individual in 2001 to, ultimately, $3.5 million per individual in 2009. In 2010, the federal estate tax was eliminated; but only temporarily. Under prior law, the federal estate tax was scheduled to return in 2011 with a maximum tax rate of 55 percent and a $1 million exemption, meaning that if a decedent’s estate exceeded $1 million, such excess would be taxed at a 55 percent rate.
