How Millennials are Changing the Accounting Industry’s Approach to Tax Advice

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Millennials are a mobile generation. They like to consume services via their phones, have a very positive and open approach to technology and appreciate the flexibility it brings to their work and personal life. Today’s millennial workers switch jobs much more often than their predecessors. Millennials are more likely to move to a different state when switching jobs, receive equity compensation, and earn additional income outside their full-time jobs. They also carry more responsibility for their own retirement accounts and savings.

A recent study found that 80 percent of millennials worry about their taxes, such as making a mistake on their taxes, not getting a full refund or paying too much, according to a survey conducted by Harris Poll and commissioned by Nerd Wallet. Despite these worries, millennials are less likely than other age groups to turn to professional tax advice: only 17 percent of millennials hire a tax professional, compared to 29 percent across all age groups.

Why are so few millennials not seeking help from tax professionals?

We believe that the tax industry is not meeting the evolving needs of the millennial workforce. Presently, there are two dominant models for delivering tax services: do-it-yourself software and in-person CPAs. Do-it-yourself software does not help people navigate the growing complexity of their financial lives.

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About Gernot Zacke

gernot zacke

Gernot Zacke is co-founder of Visor, an online tax advisor based in San Francisco.


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