The way you view money affects the way you'll approach taxes.
This year the IRS expects to receive more than 147 million tax returns. Of those filing returns, at least 75% will receive a refund.
They say most refunds take only 21 days. You can track your refund at their website, through a tax prep service, or even on your smartphone with their new app, IRS2Go.
A clever soul once said, “People who complain about taxes can be divided into two classes: men and women.”
It’s true that most husband and wives agree that taxes are a pain, but that’s where their similar viewpoints usually end. As with most money matters, couples approach money differently, and with that comes relationship challenges. Knowing your Primary and Secondary Money Personalities™ helps you both understand those different viewpoints and how they work together when it comes to taxes.
Risk Takers – Don’t sweat the details, so you may not want them at the helm during tax prep. However, they could be king of creative loopholes. When the refund arrives they’re ready to take it and make up for lost time. Often quick to make decisions, they may forget to discuss their ideas with their spouse leading to hurt feelings. Start talking now before the refund arrives.
Security Seekers – Are happy to have more money to invest in the future. With an average return of $3,000, they are ready to apply their refund to secure their future. They may worry over the details before filing, and even after the check arrives they may worry that the amount — which you’re thrilled about — means your exemptions aren’t right. Help them with the details and assure them it will all work out, plus they will have another chance next year to do it all again.
Flyers – Are happy to let someone else handle the taxes. Period. Henry & Richard Bloch were not Flyers. Enlist the help of professionals or if you’re a Security Seeker or Saver, volunteer to handle tax details, filing and refund allocation.
Spenders – Can’t wait to. . .spend it. Big screen, big vacation, big party! Avoid spending your refund before you receive it. Help them avoid the temptation to spend it all, and encourage consideration of their entire money situation.
Savers – Calculate their estimated refund as early as possible, and have already mentally lowered their debt figure (and their blood pressure) by that amount. They may even opt to e-file so the money is deposited directly into their savings account. Talk with Savers about other ways to use the refund check. Maybe every penny doesn’t need to be saved.
Keep in mind everyone has a Primary and Secondary Money Personalities™, and there are over 20 combinations. The combination of your spouse’s Money Personalities™ will affect tax time. A Saver/Risk Taker wants primarily to get the return in as soon as possible so he can put the refund into savings, but their secondary Risk Taker wants to check for loopholes and other opportunities to improve the return. The combination creates some internal conflict, but also some helpful balance. While you’re at the computer anyway, make sure you know both your Primary and Secondary Money Personalities with our free Money Personality Quiz.
We agree with Donna Summer, you work hard for your money!
So dust off your white leisure suit, zip up those disco boots, and enjoy your refund — together.
Make it Happen!
Scott & Bethany Palmer
The Money Couple®
This article was originally published at http://themoneycouple.com/moneyminutes/how-5-money-personalities-view-taxes/. Reprinted with permission from the author.