Some Tips for Millennials Who Want to Avoid State Wage Garnishment
March 28th, 2018
Millennials generally have a hard time of it. They generally have a reputation as bad money managers and prime candidates for the bigger penalties like state wage garnishment.
That said, we’re always interested in informing our potential and current clients about what they should and should be doing with their money. That’s why we’ve put together some tips for Millennials who want to avoid any kind of tax penalties.
Don’t Avoid Budgeting
An American bank recently did some research and found that only 41% of consumers use a budget. Research also says that Millennials are specially opposed to being told how they will spend their money. One of the answers might lie in a shift in the way they look at a budget.For example, if they look at a budget as way to track where the money is being spent, they will be able to prioritize the things they want the most. In that way, budgeting becomes a useful tool to get the things they really desire.
Of course, it’s also an excellent tool to avoid California state wage garnishment.
Understand Tax Mistakes
Being relatively new to the tax game also means Millennials can miss some deductions. There are some breaks available on student loan payments and some interesting credits that can be used by people in graduate schools.
However, it’s important to keep in mind even as young people you need to claim any money you make on part-time or side jobs like driving for a rideshare program. TaxPlus understands that different clients need different advice and that’s why we have a financial consulting department.
We like to be there for each and every one of our Los Angeles clients and help them through any tax difficulty or avoid any pratfalls. If you take a look at the testimonials we have on our website, you’ll see a list of satisfied clients who found that our services exceeded expectations.
Live in the Moment, but Plan for Tomorrow
Millennial’s need to take a look at the larger picture when it comes to their finances. Many people in the younger generation would rather live in the present moment than plan for their future when it comes to money.
Although most Millennials have many years of earning potential ahead of them, learning to stash away a little money now will help in groove good practice for the future. That way they can avoid unpleasantries like California state wage garnishment and other penalties.