Please ensure Javascript is enabled for purposes of website accessibility
September 25, 2023

Tax Season Scares Millennials

A NerdWallet/Harris survey found that 80% of taxpayers aged 18-34 "are fearful about some aspect of preparing their taxes." That's the largest percentage of any age group. Millennials are also most worried about "leaving tax-refund money on the table" and "more likely than other age groups to ask key questions before hiring help."

Here's some so-called reasoning:

“In some ways, it makes sense — Millennials tend to have less experience with a deeply confusing tax code, less cash to seek professional help and less need for the more complicated returns that having children or a mortgage can bring,” says Liz Weston, NerdWallet columnist and personal finance expert.

You see, this is the type of rationale that makes all this generational talk pretty stupid. It's true, an 18-year-old probably doesn't have much experience with the "deeply confusing tax code." On the other hand, I hope a 34-year-old has some experience with the tax code, if only it's punching numbers off a W-2 into TurboTax. And did I miss the announcement that 18-34 year-olds stop procreating and sinking themselves into debt?

Anyway, tax season scares lots of people. That's why the bogus IRS calls are such a big success. Still, I'll bet most Millennials prefer tax returns to performance reviews.

[NerdWallet]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

Woman wearing a dunce cap writing I WILL NOT on a concrete wall

Look What PwC Made the Australian Government Have to Do

The Australian government released exposure draft legislation yesterday in response to “the PwC matter” and the funniest part is the special email they made to receive comments: [email protected]. Not ConsultingReponse or Sept23TaxReform, specifically PwCResponse. In four separate exposure drafts that amend the Taxation Administration Act 1953 (TAA) and/or the Tax Agent Services Act 2009 (TASA), […]

Internal Revenue Building Sign in Washington DC

The IRS Has Stopped Processing ERC Claims Because ERC Mills Are Scamming the F*ck Out of Them

The IRS announced today that it has issued an immediate moratorium on processing new employee retention credit claims at least through the end of the year. The agency cited “rising concerns about a flood of improper Employee Retention Credit claims,” driven by “aggressive promoters,” as the reason for closing the door on ERC claims. IRS: […]