ESSENTIAL EXPENSES
Another essential expense is taxes. Most of the time, adequate taxes are deducted from your paychecks. But if you fnd at the end of the year that you owe taxes, the expense can add to your debt burden. Of course, if you're self-employed, the expense may become a problem even before the end of the tax year. Either way, you need to keep a few things in mind when you're trying to prioritize your payments:
Some couples adopt a modified version of the single-account approach: They maintain one account, but each partner can access it through an ATM card. We’ve seen this lead to conflict more often than not, when the partners don’t tell each other about expenditures or forget to save ATM receipts. This may be the worst of all worlds. Neither spouse has comprehensive knowledge or control of the account, which is always a dangerous situation.
■ Paying taxes is always and unequivocally essential, if for no other reason than that these guys can hurt you worse than almost anyone else even if you are repaying your loan.
■ That said, the Internal Revenue Service (IRS) wants to help you pay your taxes. The IRS offers more than 100 taxpayer information publications, including one on free
tax services. Also, the IRS can help you put together a payment schedule for paying your taxes.
■ If you owe back taxes, the IRS will help you plan your budget - but be aware that they will be fairly ruthless in cutting things out of your budget and may not have the same priorities that you have. So it's better to keep the IRS happy by staying current (even if on a payment plan) and creating your own budget.
■ Even if you declare bankruptcy, you still have to pay your taxes. There's no escaping them, so you may as well plan to pay them.
Still another related approach is the joint account, in which no check can be sent unless both parties sign it. On the surface, this would appear to equalize responsibility and contributions. And it can, if the couple discusses the payments before signing, so that each is aware of what is being spent. More commonly, the billpaying spouse slaps a pile of checks in front of his or her partner and barks out, “Sign these.” So much for mutual understanding.
Just as important, if you need your spouse’s signature to cash a check, pay a bill, or deposit your paycheck, how independent are you really? Finally, what happens if bills must be paid now, and one of the spouses is out of town or otherwise unavailable to sign the checks? It can get messy, and many couples will want to consider a different approach.
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