The questions has been popped, the ring is on the finger, and the wedding plans are in motion.
Tax and financial expert Abby Eisenkraft from REAL LIFE TAX ADVICE shares 3 important questions to ask your intended BEFORE you say “I Do”:
√ Ask your spouse-to-be if all tax returns have been filed, and if there are any outstanding balances.
Why? If you file jointly next year, you may lose an expected refund. And you don’t want to start your marriage in debt!
√ Ask your spouse-to-be if there are any back-year unresolved tax problems, including any open audits.
Why? Tax problems come up at the most inopportune times. They always crop up right before a vacation, wedding, big event, etc. And if a tax problem is large enough, the IRS can confiscate your passport. Sure way to ruin a honeymoon!
√ Ask your spouse-to-be for a “sit down” to compare your paystubs and ensure enough tax is withheld.
Why? The choices you made when you were single might have worked for you then, but may not work now. You may find yourself in a new tax bracket, and there are other considerations when you have a change in filing status. A small investment in some tax planning with a professional now may pay off handsomely in the future.
Congratulations to all of you summer brides and grooms. If there is a tax problem, deal with it together. You can sort it out before tax season, and maintain that marital bliss!
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