Personally, I do not understand why this topic is such a big issue, nor where all the confusion arises from. My philosophy is somewhere between cynicism and stoicism, so I try to simply things as much as possible. My personal beliefs with that in mind would be to implement 4 genders and 3 sexualities.
Genders:
Male
Female
M2F
F2M
Sexualities:
Heterosexual
Homosexual
Other
That's it. For you alphabet soup people, that's LGTO. That's my simplified take on it at least.
SJW Bait: If you can't guess my sexuality, you have to much privilege to judge.