Taxes
Tax Time
Well, it's that time of year where we start thinking about, or for some of us, worrying about our taxes.
We gather all our receipts, W-2's, and spend maybe hours sorting through stuff, inputting numbers into a spreadsheet or tax filing program. Or maybe we take a box of paperwork to our CPA and wish them the best.
But for most people, the months of December through April are stressful, because financial stressors often come to the forecront. As a Couples Counselor, I recognize that money matters can have a significant impact on the marriage. In fact, it is one of the most common things that cause marital arguements. So, how do you manage the tax season with your spouse?
Here are some valuable tips to help you and your spouse manage the stress of tax season and maintain a healthy connection.
Open Communication
You know, I feel like I write about communication all the time in these posts, and while I don't want to be redundant, communication is probably the single most important aspect of a healthy marriage. This is especially true when it comes to matters of money. Within the relationship, you should foster open and honest communication about your finances and financial situation, throughout the year, not just at tax time. Discuss, in advance, your goals, concerns, and expectations for the upcoming tax season. Transparency can help build trust and alleviate misunderstandings. If you haven't already had those conversations, and you're facing tax season, open communication is still vital. Discuss the current status of your finances, what bills need to be paid, and how much you will have left to put toward any taxes owed. You need to make a plan for how much you can funnel toward a payment plan, if the taxes owed are more than you have on hand.
For those who are newly marriage or re-married, this open communication should also include transparency around financial concerns or implications from the past. Are there tax liabilities that you need to tell your partner about? Is there child support or spousal support to consider? Do you have huge credit card debt that you failed to mention previously? Now is the time to put all your cards on the table.
Divide Responsibilities
Collaborate on the tax preparation process. Divide responsibilities based on each other's srengths and interests. This shared effort can reduce the burden on one partner and promote a sense of teamwork. In my household, my husband does most of the tax prep, but does ask me to provide some of the necessary documents and numbers, since I am the organized one who does the filing and record keeping in our home. This allows for a divide and conquor sort of mentality, where he can continue to work on other portions of the tax return, while I take the time to find the information he's requested. So it often shortens the time and stress of tax prep.
Financial Check-In
Take this opportunity to conduct a broader financial check-in. Discuss your overall financial health, set short-term and long term goals, and make joint decisions about saving, spending, and investments. Take into account any larger ticket price items such as car or home repairs.
Seek Professional Advice
If tax matters become too over whelmling, consider seeking professional advice. A tax professional can guid eyou through complex issues, ensuring you ake informed decisions that align with your financial goals and values. Tax professionals have been trained to know the in's and out's of taxes, tax liabilities, and write-off's. It's okay to seek their professional assistance, to ensure that you get the best refund possible, or at least, don't pay out more than you should.
Plan Ahead
Anticipate tax season well in advance. Plan for any potential liabilities or refunds and create a budget to manage finances more effectively. Planning ahead can reduce last-minute stress and allow for a smoother process. Perhaps even estimate how much you should set aside throughout the year for paying taxes in April. That way, you're better prepared, either way.
Celebrate Achievements
Acknowledge your accomplishments, both individiually and as a couple. Completing tax-related tasks can be challenging and frustrating, so take time to celebrate milestones and reinforce the strength in your partnership. It may sound corny, but it will help ease the stress of the over all process.
Self-Care Practices
And no, I'm not talking about bubble baths and massages. Recognize the toll that stress can take on your mental and emotional well-being. Incorporate self-care practices into your routine, indiviudally, and as a couple, to help manage the stress and promote a positive mindset. Don't put off doing your tax related tasks until the last minute either, as this will drastically increase your stress, increase the likelihood of making mistakes, and cause unnecessary tension between you and your spouse. Start gathering paperwork well in advance. As you receive tax documents in the mail, file them in a place set aside, just for tax information, instead of lazily setting them on a desk or counter and then struggling to find them when the time comes.
Quality Time
Amidst the chaos of tax season, prioritize quality time together. Engage in activities that bring joy and relaxation, strengthening your emotional connection and providing a welcome break from the financial stress. This is equally as important throughout the year, prior to tax season, so you enter tax season, well connected to each other, and ready to tackle things as a cohesive unit.
Learn & Grow Together
Use tax season as an opportunity to learn and grow together. Consider attending financial literacy workshops, read books on personal finance, and educate yourselves about tax implications. Shared knowledge can empower both of you. Each year present a new opportunity to get better at preparing for and managing tax season successfully
Reflect & Adjust
After tax season, take time to reflect on the experience. Discuss what worked well, what worried you or didn't work well, and the next steps you can take to make the experience better next year. Use this reflection to adjust your approach for future tax seasons, creating a more streamlined and less stressful process.
Remember, the key to navigating tax season stress, lies in open communication, collaboration, and mutual support. By approaching financial challenges as a team, you can strengthen your relationships and face tax season with resilience.
If you'd like more direct and personal help with managing your family dynamics or improving communication or harmony in your relationships, please visit my website and schedule a free 15 minute consultation - www.brittaniedmillslmft.com.
I provide online couples and individual counseling throughout California, Tennessee, South Carolina, and Florida.
Website - www.brittaniedmillslmft.com
Instagram - @brittaniedmillslmft
Facebook - www.facebook.com/brittaniedmillslmft
Email - bdmills@brittaniedmillslmft.com
Phone - (925) 335-6122
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