It's that time of year again when workers start filing their tax returns. Many are hoping for a nice return they plan to use to catch up on bills, take a trip, or just do something special for the family. Did you know that you, as an employer, can do certain things for your workers to help them during the tax season?
As a leading provider of online payroll solutions, BenefitMall has worked with plenty of clients looking to make tax season easier for their workers. Over the years, we have discovered some great ways employers can really make a difference. Below are just a few suggestions.
Sponsor a Tax Preparation Seminar
You know what a pain it can be to withhold federal and state taxes, fill out the required tax forms, and submit payments. Well, your workers have to endure many of those same frustrations at tax time. A lot of those frustrations could be eliminated if workers had a better handle on how to prepare and submit their own taxes. You can help by sponsoring a tax preparation seminar.
A seminar can be as simple as learning how to fill out the most common tax forms or as complex as learning a specific piece of tax preparation software. It's entirely up to you. Either way, your workers will appreciate an opportunity to better understand how to do their taxes.
Send Reminders of Filing Deadlines
Again, your role as an employer exposes you to a number of tax filing deadlines you have no choice but to meet. Your workers have an April deadline to file their federal and state taxes. Why not send them monthly reminders to help ensure they don't forget? Reminders can be sent via e-mail, attached to pay stubs, etc.
Offer to Review W-4 Forms
Your workers might enjoy getting a sizable return from their taxes every spring. But they need to know that doing so also means they are giving the government an interest-free loan. A better option is to reduce the amount of withholding a worker is subject to. You could offer to review W-4 forms for this very purpose. Just be sure to explain that reducing withholding means more money in the worker's paycheck rather than giving that money to the government and then waiting for them to give it back.
Review Healthcare and Retirement Options
Most employers offer at least a cursory review of healthcare and retirement options prior to the start of open enrollment. However, these cursory reviews tend to generate more questions in the minds of workers than they answer. Tax season is a great time to dig a little deeper. Helping workers better understand their healthcare and retirement options helps them make better choices.
Our mission at BenefitMall is to make payroll processing and benefits administration as easy as possible. Therefore, we offer a full range of services for companies of all sizes involved in just about every sector. We invite you to learn more about our services if you are still doing payroll in-house.
It is tax time again, and that means both you and your workers have certain legal obligations to attend to. Hopefully, you have already met the January 31 deadline for distributing W-2 forms and filing their W-3 counterparts. Now it's on to your own tax accounting in anticipation of looming spring deadlines.
BenefitMall makes tax time a breeze for clients by handling all the payroll tax accounting and reporting. It's just one of the many benefits of contracting with us for for online payroll and benefits administration.