NOTICE OF INTENT TO LEVY
It wasn't a very nice way to begin a letter, but then, it was from the Internal Revenue Service, and it got Greg's attention.
The Athens, Georgia, veteran said the notice, which arrived earlier this year, cited three months of taxes he had failed to pay two years ago—and was the first he'd heard of it.
After leaving the military, Greg,
then 27, had taken a job in information technology. “I guess when I
filled out my taxes for 2013 I messed something up, so I didn’t get my
private-sector job included into the taxes owed,” he said. Now he was
into the Treasury Department for more than $1,700.
The IRS doesn’t keep track of how many millennials incur tax debt, but a survey by personal finance adviser NerdWallet found they are more afraid of filing their taxes than any other generation. Eighty percent of millennials, defined by the survey as 18 to 34 years old, fear they will make a mistake, underpaying or overpaying.
Putting aside outright tax cheats, young workers are financially inexperienced and, increasingly, part of a gig economy—driving for Uber, funding their creative work through Patreon—that requires more care with taxes than some are able, or willing, to take. For example, people who work in contract jobs typically don't have their taxes withheld automatically and need to set up a program of quarterly estimated tax payments on their own... READ MORE
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