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Tax filing fears high among millennials

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Individuals vary quite a bit in the types of emotions they experience in relation to filing their taxes. Some feel fear, such as fear of making a tax mistake.

A recent survey indicates that one age group among which fear regarding filing taxes is particularly common is the millennial age group. In the survey, 80 percent of the millennial respondents indicated they had fears regarding filing their taxes. As a note, in the context of this survey, millennials were defined as individuals in the 18-34 age range. No other generational age group showed this high of an occurrence of such fears.

Why do you think tax filing fears are so common among millennials? How big of role do you think the changing nature of the economy, such as an increase in the prevalence of non-traditional income streams (like streams related to gig work), is playing in this? What things do you think can best help with addressing tax filing fears?

One wonders if millennials also show high levels of fear when it comes to tax matters beyond tax filings, like tax troubles or disputes with the Internal Revenue Service.

Tax troubles/disputes can be intimidating and impactful things, so it is not surprising that they sometimes produce feelings of fear. While it is natural to have some fear when facing a tax dispute/problem with the IRS, fear, when not properly controlled, could create some problems for a person in relation to these situations. For example, it could lead a person to try to just ignore the situation or to act rashly.

How a person responds to a tax dispute/problem can have significant ramifications for their future. This is why, when adults of any age are facing tax problems/disputes, they should consider going to an experienced tax attorney for advice on responding to the situation.

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

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