Tax season can drive some couples to the edge of reason.
"People can get really emotional when they're doing their taxes and discover how their partner spent last year's money," said accountant Pamela Price of Los Angeles.
Don't let doing the taxes drive you to divorce. Price says, "Some keys to success include getting your expenses and other paperwork done ahead of time, committing yourself to spending the time that taxes require, and working with an accountant who you've been referred to and whose background you've looked into."
Approaching taxes rationally rather than emotionally can actually help strengthen your marriage, says David Bach, author of the upcoming "Smart Couples Finish Rich" (Broadway Books, $25). "Handling finances together responsibly gives you a shared purpose and can make you feel closer and more in control of your destiny."
Here are some guidelines for couples to weather April tax storms.
#1: Make an appointment with your accountant now, before he or she gets booked up. Always meet with the accountant together, Price suggests, and be sure one partner is taking notes.
#2: Set a deadline for when you and your partner will discuss and organize your tax information.
#3: Find out where all your money went last year. Use Personal Banking Software, or sit down with your checkbooks and receipts. Categorize and tally all expenses, such as mortgage payments, medical bills, home improvements, etc.
If one of you hates paper shuffling, assign the task to the partner who can most easily fulfill this responsibility. Or divvy it up down the middle, spelling out who's responsible for what and when.
#4: Talk about your finances. Tax season is an ideal time to review your expenses and obligations. Set your priorities for the next year. This could involve some negotiating if both partners aren't on the same page.
#5: Find out how much you're saving. Not knowing can be a stressor during the tax preparation process, Bach says. Use a calculator to determine what percentage of your income you saved in 2000.
#6: Team up and trim 10 percent from your expenses starting on tax day so you're on a fiscally responsible path for next year, and the rest of your marriage.
