Filing taxes adds to everyone’s financial stress, but they’re especially difficult for Millennials who are new to the workforce and feel unprepared when preparing to fill out their federal and state income tax forms .
More Millennials – about 80 percent – say they’re afraid of making a mistake when filing taxes than any other generation, according to Bloomberg.
It’s not hard to see what’s causing this added financial stress. Tax forms are intimidating; they’re filled with financial jargon and acronyms and are labeled with a series of numbers and letters that don’t really tell you what each form is for. And then there’s the added stress of worrying about the IRS coming after them demanding payment if they make a mistake.
On top of that, Bloomberg points out that many Millennials are part of the gig economy – whether as a second job or their main source of income – and these contract jobs often don’t withhold income tax from their paychecks. This means they have to estimate how much they’ll need to save throughout the year to pay their taxesin April – a difficult feat even for experienced tax filers.
Best Money Moves founder and CEO Ilyce Glink has been busy talking to employers and employees around the country about the financial issues they struggle with most. The young employees she’s talked to are particularly stressed about their taxes at this time of the year.
Ilyce has been getting three main tax questions from Millennial employees:
- How do I make sure I’m doing my taxes right?
- Am I deducting all the right things?
- How else can I be saving money on taxes?
The fact that young workers are asking these types of questions is a great sign. Knowing what you don’t know — and seeking the answers you need — is the first step to reducing financial stress and building a more financially secure future.
When employees ask these questions, employers need to step up to help them find answers.
Unless you run an accounting firm, providing your employees with answers to their tax questions can be tricky. After all, most of us turn our tax documents over to professional tax preparers or let tax software do the heavy lifting.
That’s where Best Money Moves comes in. The program helps employees assess their financial stress, learn how to manage and solve financial problems and find answers to their most pressing tax-related questions, all in plain, simple language.
Let us help you help your employees. Call Best Money Moves today at 847-242-0550.