Jan 28, 2022
The theme this week on the Retirement Quick Tips Podcast is: How To Include Your Spouse In Financial Decisions
Today, I’m talking about the importance of reviewing your tax return - understanding of your income - both employment and other sources, how much in taxes you’re paying, capital gains and how investment decisions influence taxes you pay, your deductions and expenses and how those influence your net income.
My husband does our taxes, so I’m out of touch with this, so it’s really helpful to review this line item by line item each year.
You’ll also want to include your spouse in planning discussions with your tax advisor if you use someone. There’s a pretty good chance that they may need to do the taxes at some point, so having an understanding of the big picture and seeing how it all works is valuable.
Another way to involve them is to work together on gathering the checklist of items you’ll need for doing your taxes this year. It can help the spouse who doesn’t do your taxes understand what kind of homework and prep work is involved when doing your taxes and where all that data comes from, when to expect it (1099), etc.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance