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Tax Tip: Filing for Same-Sex Couples

Stockbyte/ThinkstockMarriage equality means tax payment equality. 

New York tax accountant Janice Hayman says there's no disparity between traditional marriages and same-sex marriages in the eyes of the Internal Revenue Service.

"We really don't have any major differences anymore," she notes.

The question is whether couples choose to file jointly or as individuals. 

"The combined income will subject them to a whole slew of tax issues that married couples have been dealing with over the years. They will have to look to see if it does make sense to file jointly or separately," Hayman explains.

She says newlyweds may want to carefully research their options.

"Their withholding during the year may have been fine for their income, but the combined income has them in a higher bracket and they fall short, ending up owing in many instances," she says.

On the plus side, same-sex parents are entitled to the same dependent care and child tax credits as everyone else.

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