Tax Strategies & Credits

Our Experts Sound Off: What Is the Biggest Tax Mistake You See Millennials Make Come Filing Time?

7/4/2017

Financial professionals have been keeping an eye on the millennial generation for years – and with good reason. Studies have been conducted that reveal millennials are typically earning about 20% less than their Baby Boomer predecessors at the same stage of life, providing an essential context to the anxiety-driven generational divide that helped define recent events like the 2016 presidential election. This has also created something of a ripple effect – millennials are buying less, they're buying homes at a drastically lower rate, and their student debt is dramatically higher.

This divide is perhaps no more evident than when it comes to filing income taxes. A study reported by Inc.com revealed that millennial taxpayers are "very concerned" about making a mistake, but often won't seek help from professionals until it's far too late. When a few financial professionals were asked about the biggest tax mistakes they see millennials make come filing time, the answers were surprising, to say the least.

Millennials Are Missing the Bigger Picture

Brian Dela Cruz of Take Flight Business Solutions, LLC said that the single biggest mistake he sees millennials make while doing their taxes comes from a tendency to "do it all." The younger generation is typically operating with a "do it yourself" mentality – but at the same time, they don't take the time to actually do their taxes in the right way.

"Study how to do your taxes before you fill in the forms," said Dela Cruz. "Or, have a professional do it for you. Having a tax professional do it for you will save you a lot of time and aggravation. It will also prevent erroneous forms from being filed." He went on to say that additionally, "A lot of people that don't know about taxes miss out on deductions."

Joshua Standley, EA, ABA of DKK Accounting, LLC echoed those sentiments. He said that "the biggest mistakes millennials make is using DIY tax software instead of looking to a professional. Hiring someone who prepares taxes day in and day out will always result in a more accurate return."

Stephan Brewer of Legacy Tax & Resolution Services noticed mistakes along the same lines, but urged younger people to figure out whether or not to consult with a CPA on a case-by-case basis. His argument is that just like with Baby Boomers, there are times where doing your taxes yourself is appropriate. However, millennials need to be aware of certain conditions that make getting professional help the best choice.

"Individuals should learn their limitations and understand when it is wise to seek out a professional tax preparer," he said. "If the person has a really uncomplicated return, they will usually be best served in using a software package like TurboTax."

If a millennial has moved from one state to another over the course of a year (as so many are), or find themselves working a combination of W-2 and 1099 jobs (as so many do), these would all be signs that professional help is a very good idea.

Indeed, there is something noble about an entire generation's willingness to take matters into their own hands. In an era where younger people are looking to cut costs whenever possible and live leaner lifestyles, investing in something like a financial professional for income tax purposes can seem superfluous and unnecessary – on the surface.

However, when you consider the fact that a financial professional is using their years of experience to help prevent mistakes that at best cost time and at worst cost money, this is one area that young people may want to reconsider.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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