Congratulations to all my gay and lesbian friends and clients who live in the great state of New York and can now be legally wed. For those of you that are planning on getting married, one thing to be aware of is how this will impact your tax filings. Very simply, once married you will file a combined tax return for New York State. Unfortunately, the Federal government has not come around to recognizing gay marriage as a legal union so you will still need to file your Federal tax returns individually. Until the Federal government recognizes your union, a small conciliation is that the “marriage penalty” usually results in a married couple paying more in taxes so by continuing to file individually you will save some money. Perhaps you could use those tax savings for two extra plates at the wedding so you can invite your favorite Mr. and Mrs. CPA.

Once again, congratulations on this small step towards Equality. If you have any questions, please feel free to contact me.