The Supreme Court issued a monumental decision when they struck down the federal Defense of Marriage Act (DOMA) that denied federal benefits to same-sex couples that were already Married 12 states. In short, gay couples will not be treated any different than opposite sex married couples. However, with that being said not every gay couple can be married in every state.

Each gay couple that lives in a state that does not allow gay marriage will not receive the tax benefits that this ruling affords. I expect every state to follow suit and allow gay marriage as this is a sign of the times. If you are a married gay couple that filed seperate returns this year, you might want to look into amending your return.

The tax issues that come into focus from this landmark decision include:

Income tax: It is most likely that a a now married gay couple will file as "married, filing jointly," which will probably allow them to pay less in income taxes. Furthermore, they will be able to claim child related expenses that they were never able to claim before.

Estate tax: Right now there is an unlimited marital deduction that applies on both the state and federal level, so all assets will pass to a surviving same-sex spouse without being taxed.

Social security benefits and rollover retirement plans and pensions: This benefit will allow the surviving spouse to collect money that was never previously allowed.

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