First comes love, then comes … taxes?
When you’re in the honeymoon phase of a relationship, you’re more likely to be dreaming about how many kids you’ll have—not how your sweetheart could affect your future tax bill.
But once relationships start to get serious and the idea of marriage has been tabled, understanding just how taxes work for married couples should be a key part of joint financial conversations.
While we aren’t advocating that you spend too many date nights talking about deductions and credits (could there be a worse way to kill the mood?), many newlywed couples can feel caught off guard once tax season rolls around— even long-marrieds who’ve had a sudden change in their financial situation.
To explore just how complex paying taxes as a couple can be, we asked CPAs to take a look at three hypothetical scenarios and offer up advice for how each pair could navigate their tax filing conundrum.
Because it’s not just the love bug that bites—so can paying Uncle Sam.