Everyone is cutting back. People are losing money in devalued assets, unemployment has hit intolerable levels, and for some reason the cost of living continues to rise. None of these are secrets and everyone and their mother is affected by them. There seems to be a silent minority, however, that people don't generally appear to be too concerned about: the poor college kids.
As the end of the year approaches and and tax day begins to loom in the horizon, tax experts say even legally married gay couples are inviting the wrath of the IRS by filing their taxes jointly as a married couple – particularly if the status means they will end up paying less in taxes to the government.
Tax law allows heterosexual couples who are married to divide their incomes when they file jointly, which typically results in a lower tax rate. Then what should gay couples do? Better to file as singles, say tax preparers, or to calculate their taxes as married filing separately, then submit the return that forces them to pay the most.
"Even if you're wrong in the end, you don't face the consequence of underpaying," said attorney Jamie Pedersen...
There are more than three million gay men and lesbians over the age of 50 in the U.S. today. Those numbers are expected to explode over the next few decades with the maturing of the Baby Boomer generation. The current denial of equal status for gay couples, however, has serious consequences for those who want the same benefits hetero married couples receive in planning their estates...
You'd think that nothing could throw a wet blanket over a flourishing romance half as reliably as a prenuptial contract or – in the case of gays and lesbians – a domestic-partnership contract. Yet over the past several years the numbers of such contracts has soared. Is this because couples have more assets to worry about in this flourishing economy, or is it because they take a more realistic view of the longevity of many relationships? Either way, the time is now...
To celebrate the launch of the new GFN.com, all LGBT-friendly professionals are offered a FREE listing in the GFN Professional Directory. Just register your listing and your fee will be waived until April 30, 2008.
The GFN Professional Directory, launched in 2000, is the definitive national resource for seeking LGBT-friendly financial advisors, attorneys, insurance agents, accountants and real estate professionals. For instructions on how to signup, click HERE.
Here’s a little trick that may help you – voluntarily – be more frugal, thereby to build more wealth as you get older. To wit: Whenever you spend money on something optional – not the mortgage, but a mocha grande, say – do the math. Annualize it.
It’s not a $4.50 coffee, it’s a $2,000 coffee because ...
Bryan was selling the car he'd had since college. He and his partner, who live in Southern California, had just bought a new Prius (so Californian) and now they were getting rid of the Jeep. Sounds simple, no? Not always.
Most people worry most about getting taken by the seller. But getting taken by the buyer is equally common. A few rules, both logical and obscure, apply.
You may well find the Bush economic stimulus package approved this week an insult to gay Americans, denied the most basic economic advantages of marriage. If you're curious, though, to know just how much you might be receiving in the way of a rebate, we have the answer.
The oh-so-excellent consumer product review mag, Consumer Reports, offers some new and notable automobile Standouts for 2008. In alphabetical order, you might enjoy, as I did, their nine top picks:
Tax planning for same-sex couples requires a year-round approach, but now is the time to take advantage of tax law changes for the 2007-filing year, says Ernst & Young's Patricia Wiley.
Although the federal government doesn’t permit same-sex couples to file their taxes jointly (typically providing greater tax savings than two single filers), partners can reduce their taxes by being thoughtful about how certain assets, liabilities and expenses are owned or paid. Here's how...
The notion of receiving an "economic stimulus" check from the government seems to be receiving a hearty ho-hum reaction from my middle- and upper-middle class gay and lesbian friends.
Could it be less "stimulating" than the government hopes?
Although Jason Smith and Settimio Pisu were joined in a civil union in Connecticut nearly two years ago, getting that little legal document acknowledged by local companies has brought a slew of obstacles, from the DMV to adoption agencies.
The latest stumbling block, though, comes from the biggest block of all, H&R, the behemoth tax preparer, who claims it's their software that prevents them from filing same-sex couples taxes online.
Itemized deductions account for one of the areas most open to scrutiny by the IRS.
People who are self-employed are often the most vulnerable IRS targets, not only because they claim a slew of deductions, but, statistically, they also tend to be aggressive in writing off many day-to-day expenses.
The travails of the gay media portal, PlanetOut Inc. - the parent company of Gay.com, Out and Advocate magazines - continues this week with the sale of the company's magazine and book publishing business to the gay-themed television network, Here, for $6 million in cash.
But PlanetOut is not done with the disposition of its assets. Could the sale of its core online businesses be next?
GFN's gay financial guru says: "Normally, shorting the market is dumb. First, who the heck knows which way it will go? Timing the market is all but impossible. Second, profits from short sales, when you do make them, are always taxed as short-term gains, even if you’ve held the short position for years....
The price of gas this week hit a high of nearly $4 a gallon, alarming everyone, including those of us in urban areas who don't drive a car on a regular basis. Our palpable national outrage prompted President Bush to speak to the nation about the issue, and, surprising no one, offered scant relief, but lots of blame (mostly directed at Congress).
Fortunately, the fuel efficiency experts have a few fresh ideas designed to keep more money in our wallet in between gas refills.
More than 39% of same-sex couples in the U.S. are raising children, and more than half of us say we plan to. Entering the realm of parenthood brings up estate issues heretofore unexplored by many gays and lesbians -- like how much is too much when it comes to bequeaths to our children?
Personal finance wizard and blogger, Nina Smith, founder of Queercents, weighs in.
Studies have long shown that gay and lesbian individuals tend to spend more on their vacations than their heterosexual counterparts, but with the slowing economy and higher gas prices hitting everyone equally, a new study shows that gays are cutting back on the spending less than heterosexual travelers.
It seems almost inevitable that at some point in our lives a friend or co-worker will ask how much money we make. But what's the right response?
While some of us might consider this the height of rudeness, finance blogger, Nina Smith (Queercents.com) says Gen Y is all about revealing what they make. But where does that leave the rest of us?
Suppose you have more than $100,000 you'd like to put in a CD -- or millions. What must you do? Run all over town opening up accounts in every bank you see to ensure your money is insured?
There's a simpler answer many people don't know about: CDARS.
Struggling gay media company, PlanetOut Inc. — the parent company of Gay.com and PlanetOut.com -- has filed its most recent quarterly filing, reporting an accumulated deficit of nearly $100 million.
According to national surveys, nearly half of gay adults report they like to keep up with the latest styles and trends, compared to only 38 percent of heterosexual adults.
Apparently, the image of gay affluence lives on. But what do these spending habits reveal? Are gay men wealthier than straight men? Or do they just have the queer eye for shopping?
Now that more than 1,000 newspapers across the nation accept wedding announcements from same-sex couples, it only seems right that Hallmark should make a card specifically celebrating that happy occasion. And they have. Finally.
Update: The anti-gay rights lobbying group, American Family Association, has announced a boycott of Hallmark for "promoting" the gay lifestyle.
Finance blogger Nina Smith (Queercents) enjoyed her golf game, but grew conscious of the ever rising costs of teeing off, even at public courses. No matter how you slice it (or hook it), golf gets expensive.
Once considered the game where business deals were made, even titans of industry are eschewing the game in favor of tennis. For gays and lesbians, the social aspect remains, the exercise is great, and the costs, well, a fraction of greens fees....
The SEC adopted new regulations Wednesday aimed at strengthening investor protections against "naked" short selling. The hasty move by the SEC was in reaction to concerns that many financial stocks were losing value at an alarming rate due to aggressive bets by short-sellers who profit when prices fall.
Critics, however, say that the SEC has not gone far enough to prevent stock manipulation, and some short-sellers said the rules will do little to stem the market's decline.
When most gay and lesbian people are young and healthy they give little thought to the challenges of being a senior ... and alone. And that is one of the many observations a new piece in Newsweek magazine covers: 90 percent of gay retirees have no children, and nearly 80 percent are single, according to some estimates.
Ben Franklin once said: In this world nothing is certain but death and taxes. But for lesbians, gay men, transgender people and people living with HIV, there’s an added certainty -- you must take extra measures in life and estate planning to protect yourself and your loved ones from the potentially devastating effects of a biased system.
Brought to you by our friends at Lambda Legal, a free tool kit can help you create a more secure future for yourself and your family.
Legally, you're considered strangers, so the wisest course of action is to put everything -- everything -- in writing. Unmarried heterosexual couples should follow the same advice.
When you draw up a will, your specific wishes are set down, leaving no doubt about your final intentions ... effectively cutting out unfriendly blood family members who may pop up to stake their claim
Whether you reside in Massachusetts, and have the right to marry, or live in a state where you cannot, gay and lesbian couples should be aware of the financial implications of marriage (as well as domestic partnership). Generally, the objectives of financial planning should include one or more of the following...
Rob is, by his own description, a cautious gay man when it comes to his personal data, and especially careful when he gives out his credit card number and social security number.
Despite his best precautions, though, Rob received the dreaded letter: "We regret to inform you ... that your social security number was inadvertently released..."
As the specter of identity theft loomed, Rob put a credit freeze on his accounts...
Do you have a plan for keeping your most vital financial documents and computer files safe in the event of a disaster? Check GFN's advance planning guide to see if you're protected.
Even as gas prices plunged this week (a temporary effect, say energy experts), an online poll shows lesbians and gay men more likely to consider a hybrid over a gas-only car.
While the government shows little interest in its own gay citizens, a new report details how big business continues to recognize the value and buying power of gays.
Bryan was selling the car he'd had since college. He and his partner, who live in Southern California, had just bought a new Prius (so Californian) and now they were getting rid of the Jeep. Sounds simple, no? Not always.
You may well find the Bush economic stimulus package approved this week an insult to gay Americans, denied the most basic economic advantages of marriage. If you're curious, though, to know just how much you might be receiving in the way of a rebate, we have the answer.
Although Jason Smith and Settimio Pisu were joined in a civil union in Connecticut nearly two years ago, getting that little legal document acknowledged by local companies has brought a slew of obstacles, from the DMV to adoption agencies.
The travails of the gay media portal, PlanetOut Inc. - the parent company of Gay.com, Out and Advocate magazines - continues this week with the sale of the company's magazine and book publishing business to the gay-themed television network, Here, for $6 million in cash.
Now that more than 1,000 newspapers across the nation accept wedding announcements from same-sex couples, it only seems right that Hallmark should make a card specifically celebrating that happy occasion. And they have. Finally.
Rob is, by his own description, a cautious gay man when it comes to his personal data, and especially careful when he gives out his credit card number and social security number.
