5 Ways to Streamline Tax Season for Your Employees
Tax season can often be a source of stress for your employees as they navigate through various challenges, from figuring out how to file their taxes to managing important documentation.
Your company can significantly enhance your employee experience during tax time. By offering practical guidance, collaborating with tax preparation services, conducting educational webinars, and assisting with document organization, you can provide substantial support during this demanding time, thus fostering employee appreciation as you decrease financial stress for your employees.
Here are 5 ways your company can positively impact your employees this tax season.
1. Assist with tax documents
Tax documents can be complex, particularly for those without a financial background. The most basic requirement with tax documents is to ensure your employees receive them in a timely manner – by January 31st. Providing both electronic and paper copies of tax documents can provide for easier access and storage for your employees.
Many employees are not aware of the extensive training many HR personnel receive regarding tax documents. Informing your employees that HR is available for any queries can be reassuring, as often employees do not know who to turn to for basic tax document questions.
2. Provide accessible guidance
In addition to having HR personnel available for questions, giving HR employees helpful resources to direct employees to can save time and energy, especially at a larger company.
Offering accessible guidance through articles, internal emails, and white papers can be invaluable. Your company may not need to create this content yourself; directing employees to reliable sources can be just as helpful. Useful guidance can include document checklists, key dates, updates on tax laws, and filing status information. However, be cautious with offering specific tax advice to employees – frame the information you send as best practices, and be sure to provide different sources your employees can gain information from.
3. Partner with tax preparation services
Offering personalized tax advice can be risky, but partnering with a reputable tax preparation firm can address your employees' complex tax inquiries. You might also negotiate discounts for these services.
For those with simpler tax situations who prefer self-filing, recommending a popular tax preparation software, possibly with a corporate discount, can be helpful.
4. Host seminars
Tax preparation can be especially daunting for those dealing with stock options or understanding the tax implications of 401k contributions. Organizing webinars or seminars can provide your employees with crucial preparation tips for tax season, and many tax firms will host these seminars free of charge simply for the increased exposure.
5. Aid with document organization
Organizing and safely storing necessary documents is a critical aspect of tax preparation.
Paperwork’s innovative document organization system assists in this process. Our Organizer serves as a secure, digital vault for storing essential documents, ensuring your employees have all the necessary information at their fingertips. When they receive their tax documents, they can easily upload or scan them into their Paperwork account for systematic storage.
To explore the comprehensive ways Paperwork aids in improving your employee experience, schedule a demo today.