This post is part of the TaxAct #DIYtaxes blog tour which empowers you to take ownership of your finances by doing your own taxes. TaxAct provides the tools and guidance to help you confidently file your taxes easy and fast. Do your own taxes today at TaxAct.com. You got this.
It seems that life has gotten more complicated than ever over the past few years. After getting married just over 6 years ago, my hubs and I have had a lot of life changes, almost all of which have been chronicled on my blog.
First we picked up and moved to Grenada for the hubs to attend medical school. While we were there I started a freelance writing business to help bring in some extra income for our family. We paid off all our credit card debt and started saving for the future.
Then we found out we were pregnant with twins and I ended up having to come home to the United States a little earlier than we were expecting.
After the beans were born, we had to pick up and move across the country on short notice.
I tell you this because believe it or not, all of these events have had a huge effect on our finances, including the way we do our taxes.
It’s just about down to the wire for this year, and although I no longer DIY my taxes, I used to, and it was definitely a good experience that I think all couples should go through together early on in their marriage.
DIYing My Taxes
The first year the hubs and I were married we decided to DIY our taxes. We didn’t have a lot of assets or income at the time, and it was definitely a good exercise for us. At that point in our lives, things were less complicated. We didn’t have business income and expenses to account for on our taxes, which made everything a lot simpler.
We planned a night with no distractions so we could focus on the task at hand. We both brought all of our financial information and paperwork for the year to our “finance date” and got started on our taxes.
We chose to use tax software that walked us through everything by asking simple questions we already knew the answers to, like “Did you get married this past year?” or “Did you have a baby?” Questions like these are easy to answer and don’t require you to read or understand tax language that can be confusing and daunting.
Why Doing Taxes Together as a Couple Is a Good Idea
DIYing our taxes as a couple that year is the best thing we could have done. It allowed us to get a feel for our financial situation at that point in our lives and also allowed us to learn about each other’s financial background and knowledge.
Before getting married, you should have already discussed finances so you are both on the same page, but doing your taxes together takes that to a whole new level of financial intimacy.
Doing your taxes requires you to gather all of your financial information in one place and provides a great opportunity for an open discussion about debt, savings, earnings, other assets and liabilities, and more. It also forces you to get organized and helps you plan for the following year.
Will you be DIYing your own taxes this year?
Remember, beating the tax deadline doesn’t have to be stressful. With TaxAct, everything you need to confidently prepare and e-file your taxes is right at your fingertips. You got this. File your simple federal and state return FREE today with TaxAct.