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Millennials and the challenges the face with paying taxes

In our last post, we discussed the fact that many people are afraid of the IRS. This fear can motivate people to make some unwise decisions, from ignoring their responsibilities to pay their taxes to avoiding any and all interaction or correspondence with the IRS. In that post, which can be read in full here, we also referred to a recent study that revealed a huge majority of millennials have some fear when it comes to paying their taxes.

In this post, we want to explore some of the reasons why people in that demographic (people between the ages of 18 and 34) are so afraid and what can be done to help allay some of those feelings.

To begin with, young taxpayers often have much less experience working with the tax code. They can be caught off guard come tax time and find that they have not been keeping track of all the documents they need to file their taxes.

Another complication can arise when internet-savvy millennials rely solely on the tax software out there, as they may not have the financial resources to seek out a professional tax preparer. Without personal interaction, people can find their concerns do not get addressed and any questions they may have go unanswered.

Finally, the lifestyle of a millennial can make tax preparation a challenge to begin with. Young people often move around a lot, changing jobs and taking positions that may not be considered traditional employment. In these situations, they may not get the tax forms they should receive and taxes may not be withheld from their paychecks.

Considering all the obstacles that young people face when it comes to paying taxes, it is sadly not uncommon for many of them to end up being contacted by the IRS due to mistakes and unpaid taxes. This can undoubtedly be a frightening situation and one that 80 percent of millennials are already acute aware of.

Thankfully, you do not have to deal with the IRS or an audit by yourself if you find yourself in this position. You can consult an attorney who can help you tackle the situation and take the appropriate steps to resolve it.

Source: Bloomberg, "Young, Broke, and Scared of the IRS: The Millennial Tax Trap," Polly Mosendz, March 24, 2016

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.