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Millenials said to be most nervous about filing taxes

| Mar 29, 2016 | back taxes or tax debt

Filing your income taxes can be daunting, especially if you have never done it yourself before. What if you make a mistake? Will the IRS come to your door a year or two down the line, demanding payment?

It appears that some young and financially inexperienced people are terrified of this happening. According to Accounting Today, a survey by online company NerdWallet revealed that the millennial generation, or 18- to 34-year-olds, are the generation most uncertain whether they will make an error on their tax returns.

Despite their fears, fewer than 10 percent of millenials reported going to the IRS for answers to their questions, and just 25 percent or so went to a tax professional. By comparison, 38 percent of taxpayers of all ages went to a professional, NerdWallet reported.

Millenials reported frustrations with waiting on hold to speak to an IRS agent, and dealing with snail mail, among their reasons why they did not reach out for help. But not asking for help is not the only reasons young workers may fear their tax return.

Nowadays, many people in the service economy have relatively complicated tax situations, especially if they are contract employees and don’t get taxes withheld from their paychecks. Also, younger people tend to rent and move often, and the IRS can lose track of them, allowing a relatively minor dispute to fester and become a big problem.

Anybody facing a tax problem can use the services of a tax attorney. Your lawyer will protect your rights, and help you resolve the issue with the authorities.