Drop the avocado toast. Many millennials can barely pay their tax bill.
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.
The company polled 1,200 U.S. consumers between the ages of 18 and 75 in December 2018.
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.
You have until midnight on April 15 to pay anhy money owed for 2018, or else you risk penalties and interest.
"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.