Couples & Money: Do Whatever Works for the Relationship

I’ve worked in financial services since 2000. During that time, I’ve had a chance to see how couples handle money together. It’s been insightful. Why?

Because when I first started helping clients manage their money I thought that EVERYTHING should be handled together. Helping them ACTUALLY manage their money changed that idea.

What I came to realize and what should have been obvious from the beginning, is that everyone is different. And that includes how people think and feel about money. Some people don’t care that much about it. Others see it as the ultimate form of security. Again, everyone is different.

What has also emerged from these experiences with couples and money is that there are 3 types of money relationships that couples have. Here they are:

  • Everything together
  • Everything separate and
  • Some joint and some separate

I’ll give a quick summary of each.

The first couples’ relationship type is the type that handles everything together. They have nothing but a joint bank account. They do their taxes together. They have joint investment accounts. The home is in both of their names. They see separate anything as almost “hiding” something from the other and could result in problems in the relationship.

The second couples’ relationship type is the type that handles everything separately. They bank separately, they file taxes separately. One doesn’t know what the other has in credit card debt or student loans or anything else. They just allow each other to handle what they are responsible for.

And finally, there are couples that mesh the two prior ideas. They not only have a joint account for shared bills and responsibilities but they also have separate accounts to handle their responsibilities.

But no matter what type of money couple a couple is, I’ve come to realize that as long as the relationship works for them, that’s all that matters.

So when it comes to handling money, couples just need to see what works for them.

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Checklist for Tax Preparation Appointment

Here is a checklist to help you prepare your taxes for this year.
TAX PREP CHECKLIST
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Book Trailer for: Top 12 Tax Deductions You Might Have Missed

Here is the book trailer for the recently released, “Top 12 Tax Deductions You Might Have Missed: Tax Tips For People Who Do Their Own Federal Taxes” by TaxAssurances. We hope you like it.

To purchase the book, please visit us on Amazon.

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What Income is Taxable and Nontaxable According to the IRS?

Did you or someone you know receive money and you’re not sure if you have to pay taxes on it? Well, here’s a quick video from the IRS that lets you know whether or not you have to pay taxes on the money.

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Mike & Karen Pence’s 2006-2015 Full Tax Returns

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Mike & Karen Pence’s 2006-2015 Full Tax Returns:

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

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Bill & Hillary Clinton’s 2015 Full Tax Return

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Bill & Hillary Clinton’s 2015 Full Tax Return:

2015 Tax Return

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Find Out the Status of Your Amended Federal Tax Return

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Every so often, taxpayers have to make changes to the returns they have filed with the IRS. To do so, the taxpayer would simply fill out what’s called an amended tax return.

This amended tax return allows them to make any number of changes for that tax year. For instance, it may include income that was previously left off the first return. It may also allow them to take a deduction that might have been left off the initial return. Either way, the corrections can be made and submitted to the IRS.

Once the IRS receives the amended return, the taxpayer should give the IRS between 3 and 16 weeks to process the new return. The length of time for processing really comes down to how simple or complicated the corrections are.

If the taxpayer gets anxious and thinks they should have heard something already about the amended return, they can check online.

They will simply need to provide their social security number, date of birth and zip code at the following link and they will get a brief status update on their amended federal tax return.

Find out the status of your amended federal tax return

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