Democratizing Tax Advice for the Millennial Workforce

When you think about taxes, what comes to mind? If you’re like most people, you think about W-2 forms and the April 15th deadline. The law requires us to file our taxes once a year — and that’s the only time most of us think about them.

In a perfect world, the tax code would treat everyone the same way — not just on paper, but in practice, too. The complexity of our tax system makes it unbalanced. It favors those who can afford to pay for year-round guidance from experienced tax professionals.

Do wealthy people pay fewer taxes?

There’s been a lot of talk recently about wealthy people and their taxes, how they take advantage of loopholes in the tax code and end up paying less than most middle class people. The difference is simple:

High net-worth individuals can afford proper tax advice.

Their advisors do more than just file taxes, they think about the tax implications of every financial decision. The tax code is long-winded and complicated. It’s expensive to get this kind of robust guidance. The wealthy invest thousands of dollars on expert, ongoing tax advice to optimize their financial lives every day of the year.

Every one of us makes financial decisions that end up affecting our tax liability — and we often make those choices without even thinking about consulting with a tax advisor. Things like buying a home, getting married, having children, saving for retirement, and investing all have implications for our financial situation come tax season. Expert advice helps high net-worth individuals make these decisions throughout the year, so they’re in the best shape possible when April 15th rolls around.

The evolving workforce.

The workforce is changing. Today’s millennial workers value flexibility, and they 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.

As roles that cater to this changing workforce evolve, a whole new set of tax questions and growing complexity opens up. It’s crucial that financial decisions throughout the year keep the big picture in mind. Optimizing for tax incentives and planning for financial goals is an integral part of that.

Thomson Reuters found that 80% of millennials worry about making a mistake on their taxes, forfeiting a full refund or paying too much. They don’t want the burden of handling finances all by themselves because it’s time-consuming and they worry about making mistakes. Despite this concern, studies show they’re less likely to turn to professional tax advice.

Why? The tax industry, with its do-it-yourself software and in-person CPAs, isn’t meeting the needs of this evolving workforce. Do-it-yourself solutions don’t help navigate the growing complexity of their financial lives. And millennials aren’t wooed by the age-old tradition of trekking to a physical office and sitting there while a CPA does their taxes.

Bringing affordable tax advice to the masses.

At Visor, we want to level the playing field. We want everyone to benefit from tax laws and incentive structures. That’s why our goal is to ensure everyone has access to the same tools and services that have historically been available only to the few who could afford it.

Our mission is to democratize premium tax advice.

Forget CPAs you only see once a year. Visor is a year-round service. We offer each client a personal, designated tax professional who’s available to them 24/7. Our tax professionals handle every aspect of your taxes — from the annual tax return filing to unlimited consultation and proactive advice.

We want everyone to reach their financial goals, so we’re giving that power back to the people. We’re meeting young clients where they already are — online.

Every client is still paired with one of our in-house tax advisors, but the interactions and workflows are managed through our software. Clients upload documents directly, chat through our secure messenger tool, or schedule a call by accessing their advisor’s calendar directly.

This enables us to provide premium tax advice at a much lower price than traditional CPAs. By leveraging today’s technology, we found a way to offer unprecedented access to the highest quality tax consultation — all at a flat annual price starting at $399.

If you’re ready for a smarter way to manage your taxes, get started with Visor.

Interested in joining our growing team? Check out our job openings.