How to help clients this tax season

March 4, 2019 11:30 AM

Tax filing season is here, which means many of your clients will come face-to-face with a number of demands. Whether they do their own taxes, use online tax software or meet with a trusted tax adviser, there are many useful resources out there that will help employers work smarter, not harder.

Benefits advisers are in a good position to help employers during this time, especially when it comes to healthcare and payroll information. Here are seven ways they can help their clients reduce stress during tax season.

Legislative resources

Find a trusted, reputable resource for the latest news, opinions and laws regarding healthcare. Many companies in the industry have a designated section on their website that is dedicated to providing you and your clients with updates and trends in the health insurance industry and how it will affect taxes.

Payroll calculators

Your clients can use payroll calculators to determine gross pay, withholdings, deductions, net pay after Social Security and Medicare and more. Calculator types include salary payroll calculators, hourly paycheck calculators, gross pay calculators, W-4 assistants, percentage bonus calculators and aggregate bonus calculators.

Keep, shred, toss

Now is the perfect time for you to help your clients organize tax records so that they’re easy to find in case they’re needed to apply for a loan, answer IRS questions or file an amended return.

The IRS has some helpful guidance you can share with your clients on what records to keep and for how long. They should remember to:

- Keep copies of tax returns and supporting documents for at least three years.
- Keep some documents up to seven years.
- Keep healthcare information statements for at least three years. These include records of employer-provided coverage, premiums paid, advance payments of the premium tax credit received and type of coverage.

Make sure records are kept safe — but when it’s time, shred or destroy

Whether they consist of paper stacked in a shoe box, electronic files stored on a device or in the cloud, it’s important to remind your clients to safeguard all personal records, especially anything that lists Social Security numbers. Consumer Affairs recommends scanning paper and keeping records stored securely on a flash drive, CD or DVD.

It’s more important than ever for your clients to keep personal information out of the hands of identity thieves. That means not tossing records in the trash or recycling bin. Home paper shredders are often inadequate for large piles of paper, but many communities have professional, secure document shredding services.

Start as early as possible

A deadline looming always makes the situation more stressful. It’s very important to instruct your clients to not wait until the last minute to start their tax return. If they choose to use a tax professional, be sure that they get in early. Tax professionals take on many clients, and only have a short timeframe to get all the work done.