The mere mention of taxes is enough to dampen spirits across various age groups, yet it appears that the younger demographic, particularly those belonging to Generation Z, find the tax season to be a significantly more daunting period. This group, many of whom are navigating the complexities of tax filing for the first time, are particularly strained.
A revealing survey conducted by Cash App Taxes highlights that a staggering 25% of Gen Z taxpayers are contemplating seeking therapeutic assistance to manage the overwhelming stress associated with the tax-filing season. The survey further discloses that over half (54%) of the respondents have either previously been driven to tears due to the taxing (pun intended) process or anticipate a similar emotional turmoil in the current year.
Richard Pianoforte, a seasoned expert in taxation and the managing director of tax at Fiduciary Trust International, expressed his astonishment that the figure was not more alarming. He shared personal insights, noting, “I have children within that demographic… and it’s clear to me they aren’t adequately equipped to tackle this challenge. The educational system falls short in preparing them for what’s ahead, which is quite understandable.”
The labyrinth of tax preparation is fraught with anxiety, especially for those filing for the first time. A significant 62% of novices admit to being uncertain about how to procure essential documents such as W-2s and 1099s, essential for the filing process.
Pianoforte offers a piece of foundational advice to those feeling lost in the paperwork: “It’s crucial to have a clear understanding of the documents at your disposal.” He emphasizes the importance of this basic knowledge, pointing out that when younger individuals are asked about receiving a 1099 form from their bank, many are perplexed, unaware of what a 1099 form even is. This gap in understanding underscores the need for better educational resources and support to navigate tax season, a period that inherently brings a fair share of stress and confusion for many, particularly those in the younger age brackets of Generation Z.
In light of these challenges, it’s important for those feeling overwhelmed by the tax filing process to seek professional guidance. Atlantic Tax Services offers comprehensive tax advice and support to navigate through the intricacies of tax filing. If you find yourself in need of assistance or simply wish for a smoother, more informed tax filing experience, do not hesitate to contact us at Atlantic Tax Services. Our team of tax professionals is dedicated to providing you with the expertise and support needed to tackle tax season confidently and stress-free.
source: cnbc
