The Financially Illiterate Millennial’s Guide To Taxes

In this world nothing can be said to be certain, except death and taxes.”- Ben Franklin

Ain’t that the truth. For a financially illiterate millennial like myself, doing your taxes can be petrifying. Luckily, you can ease that pain with this guide to taxes for millennials.

Reach Out to Your Network for Help

Your first move should be to reach out to your network of friends and family members. I’m lucky- one of my best friends and old college roommate is an accountant. In fact, I hit him up for advice about what should be in a millennial’s guide to taxes.

He said that the most important thing to do is understand the tax equation.

Use your millennial social-media savvy to your advantage here. Write a Tweet, Facebook post, or LinkedIn update asking for help, and chances are your network will deliver. (if you’ve been following our networking advice that is!)

Go to Google

If you don’t get what you need from your network, then Google has you covered. The problem you can run into here is too much advice. It’s hard to choose the best advice when you’re clueless about a topic. I’ve saved you the pain and curated some great resources for your guide to taxes below:

The Millennial’s Guide To Doing Taxes-In 5 Easy Steps- Refinery29

Working Millennials- Here’s What You Need To Know About Tax Planning- TaxAct

The Millennial’s Guide To Doing Your Taxes- Levo League

All three of these sources have comprehensive guides to everything you need to know about taxes. The first option is best for those who prefer visual content, as the information is portrayed through a slideshow.

Hire A Pro

If doing your own taxes has you that overwhelmed, then you should consider hiring a professional. Sure it costs money, but it adds to your mental energy account.

I like to think of my finances like my car. I know nothing about cars, but I’m a smart guy- I’m sure I could figure out how to do basic stuff on my own through YouTube videos. But it’s so much easier to hire an expert mechanic who eat, sleeps, and breathes cars.

Same thing with taxes. If you’re financially illiterate like me, then why waste countless hours stressing over doing your taxes yourself? You won’t have to worry about mistakes, and there’s always the chance they’ll get you more money back than you would’ve on your own, If this happens, then the pro essentially pays for themselves.

With that being said, put on your student hat when you meet with that professional. Pay close attention to what he or she does. Ask questions. Take notes. Pretend you have to put together a guide to taxes for a financially illiterate friend. It’ll help you digest the process and become a tax wizard for next tax season.

Do you have your own guide to taxes that you currently use? Share it with me on Twitter! (@BPucino)