IRS Problems and Mistakes Millenials Should Avoid

“Adulting,” is a term used by millennials when they partake in “grown-up” behavior such as getting married, buying a car, or working a full-time job. For many millennials, the highest degree of adulting comes around during tax season. Filing one’s taxes can be seen as the epitome of adulthood. For many millennials, this yearly event can be the most daunting thing they experience. If you’re worried about your taxes, Clifford, Ross, Raudenbush & Cooper, LLC can help. Since millennials tend to be fiercely independent, it’s easy for them to attempt to file their taxes on their own only to experience issues and roadblocks along the way. This is where an experienced CPA firm can help.

Millennials Facing IRS Problems

What exactly is a millennial? defines millennials as individuals who are reaching adulthood in the 21st century. Individuals born between 1980 and 2000 fall into the category of millennial. They are what comes after Gen X and Baby Boomers; their world is vastly different than that of the previous two generations. As such, millennials are having a harder time adjusting to adulthood. Millennials can make financial mistakes that will have catastrophic ramifications in their immediate future. The crippling combination of student debt and a faltering job market is making it incredibly difficult for millennials to get a steady foothold into adulthood. When tax season rolls around, millennials can begin to panic.

Not Filing Your Taxes

The biggest mistake millennials can make is simply not filing their taxes when tax season comes around. If your income surpasses the filing threshold, you are required to file taxes. College students, who may be claimed as dependents on their parent’s tax return, have a lower filing threshold. Since the filing threshold changes per year, it can be difficult for young adults to know if they should file their taxes. If you have any doubt in your mind, simply speak with a CPA. With the right information, you’ll be able to make the right decision!

Make Sure to Seek Tax Assistance

If you’re in the El Paso area and you’re worried about IRS problems, don’t fret! Clifford, Ross, Raudenbush & Cooper, LLC is ready to help! Contact us today to set up an appointment. We’ll set up the right path so you’ll be able to file your taxes without worrying about paying too much. Tax season shouldn’t be as daunting as it seems. It’s just necessary to make sure you’re doing it right. We’re here for you.