Here's another thing millennials may be unprepared for: taxes. This is what you need to know if you don't have the cash upfront.
div > div.group > p:first-child"> Six out of 10 people in this age cohort don't have $500 set aside to cover what they owe the IRS for tax year 2018, according to a recent survey from Varo, an online savings bank.Though the IRS is happy to give you more time to send in your tax return if you ask for a six-month extension, the taxman is less forgiving when it comes to paying what you owe.
"The best thing you can do is pay your taxes in full," said Neal Stern, CPA and member of the American Institute of CPAs' Financial Literacy Commission.If you fail to pay the taxes in full by April 15, the IRS will charge you a penalty of 0.5 percent of the taxes owed each month, up to a maximum of 25 percent of the balance.
"The worst option is failing to file your tax returns because you think you will not be able to pay them," Stern said. In this case, it's better to ask for an extension to submit your return.$590 million Powerball winner sues sonWhat can you do if you can't pay the tax bill by Tax Day? Long-term payment plans that go beyond 120 days generally require a set-up fee, which can range from $31 to $225, depending on how you apply for the plan and how you'll be paying the bill.Once you've filed your return, talk to your tax professional about the drivers behind that surprise tax bill.
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