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More millennials at odds with the IRS

On Behalf of | May 26, 2016 | Uncategorized |

It’s no secret that millennials see the world differently than previous generations (i.e. Generation X and baby boomers). They view employment, relationships and technology (especially), much different than how other do. Because of this, it is not surprising that they view the responsibility of paying taxes differently as well.

This is likely because more millennials  are part of the “gig economy” which means that they are more likely to take on independent, part time jobs to make ends meet or to have extra cash. Between driving for Uber, writing blog posts for online media companies and other creative works on a contract basis, they are more likely to neglect having taxes taken out for their services. So while they are not “willing” tax cheats, withholding mistakes could come back to haunt them. 

Even for those who may wonder if they are abiding by tax laws, many are unwilling to tap the IRS with their questions. According to a recent NerdWallet survey, fewer than 10 percent actually contact the IRS with questions, and less than 40 percent consult an experienced tax pro. This leaves a majority of millennials  who consult friends and family, who may mean well but are largely uninformed about the ins and outs of tax law.

As such many more millennials   are putting themselves at risk when they don’t seek information or contact the IRS, especially when notified by letter (the only way the IRS sends notifications). If you have questions about notices of intent to levy wages or audit notices, an experienced tax attorney can help. 

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