4 Ways to Simplify Tax Season for Your CU Members
As tax season approaches, the stress and uncertainty can be overwhelming for many of your members. They face a myriad of tasks, including deciding how to file, choosing appropriate services, and gathering vital information.
Credit unions have an opportunity to stand out from fintechs and traditional institutions by helping members during tax season. By providing essential guidance, partnering with tax preparation services, hosting informative webinars, and assisting with document organization, credit unions can offer immense value to their members, thereby fostering loyalty and encouraging referrals.
Understanding the your members’ unique tax needs
Tax requirements vary significantly among different groups. To effectively assist your credit union members, it's crucial to understand their specific tax needs. Surveys can be an excellent tool for this, or you can analyze existing member data.
For instance, if a significant number of your members utilize your small business services, you might target that group to address their more complex tax requirements. Conversely, members associated with Select Employee Groups could have simpler tax situations, and you may be able to offer more targeted guidance in collaboration with their employers.
Let’s explore four key ways your credit union can aid members during tax season.
1. Provide accessible advice
The overwhelming amount of information online makes it challenging to discern the right steps. Offering clear, relevant guidance through emails, blog posts, and social media can engage members while delivering the information they need.
Examples of helpful guidance include:
Document checklists
Key dates
Tax law updates
Filing status details
Nuances based on career type
2. Partner with tax preparation services
Depending on the service offerings, your credit union might not be equipped to offer individualized tax advice. However, by partnering with a trusted local tax preparation firm, you can direct members to a trusted source for complicated questions.
Working with a tax preparation firm isn’t right for everyone; for those with simpler tax situations who prefer self-filing, recommending a popular tax preparation software can be beneficial.
3. Host seminars
Members with intricate tax scenarios, like small business owners or freelancers, often require additional assistance. Organizing webinars or seminars can provide these individuals with crucial preparation tips for tax season, simultaneously increasing your brand visibility. Collaborating with a local tax firm for these events can also attract new clients to your credit union.
4. Aid with document organization
One of the most important and most challenging parts of tax season can be collecting and safely storing the appropriate documents for filing time.
Paperwork’s unique document organization system helps members prepare for tax season. Our Organizer is a secure, digital vault to store essential documents, so your members always have the information they need right at their fingertips.
When members receive their tax filing documents, they can directly upload or scan these documents to their Paperwork account for systematic storage, ensuring all vital information is readily available when it's time to file.
To learn more about all the ways Paperwork helps credit unions connect with their members, schedule a demo today.