Did you know about the best ways to promote tax-related benefits for your employees on your HR Knowledgebase portal?
Your employees have recently received their W-2 forms for 2024. This is a great time to remind them about:
- Tax filing information, programs, and advice
- Tax-saving employee benefits
- Finance and savings plans & tools
Less IRS Stress
Providing guidance with preparing tax returns shows that their employer cares.
Defining the actual dollar value of the organization’s tax savings benefits and payments made on employees’ behalf improves morale and engagement, especially during tax season.
The IRS offers the following free income tax filing assistance programs:
Promoting Tax-related Content
Employees can be unaware of all of the tax-related information available to them.
On your HR Knowledgebase portal: now—and up to the IRS’s due date on April 15, 2025—broadcast all of your organization’s programs that impact taxes and finances.
Strategies follow.
Life Events
These pre-authored pages feature useful “canned content” pertaining to taxes.
- Change Your Deductions
- Pay Less Income Tax
- Tax Credits
For samples of the Life Events main page and widget, the primary and secondary Life Events content, and a list of the configurable options, refer to the V11 KB: About Life Events document.
Benefits
- 401(k) plan (authored)
- 403(b) Tax-Sheltered Annuity plan (authored)
- 457 Tax-Deferred Retirement Savings plan (authored)
- 529 savings plan (authored)
- Employee Assistance Program (EAP) plan (authored)
- FSA dependent care plan (authored)
- FSA health care plan (authored)
- Health Savings Account (HSA) plan (authored)
- Prepaid legal plan (authored)
- Section 132(f) tax-free transportation plan (authored)
Suggestion:
On a content page linked to the Financial landing page (often named the Retirement & Savings page), add:
- Tax savings examples for each pre-tax and tax-free plan
- Annual contribution maximums for each pre-tax and tax-free plan
- Taxes paid by the employer on the employee’s behalf (FICA, Medicare, Social Security)
- Income tax filing assistance programs and information (e.g., IRS free tax help & filing links)
FSA Health Care Calculator
Plan participants can estimate how much they will save in annual taxes by paying for health, dental and vision care expenses with pre-tax dollars.
Expense criteria include:
- Medical, dental, vision deductible and copays
- Medical expenses not covered by your health plan
- Prescription expenses not covered by your health plan
- Dental/orthopedic care expenses not covered by your health plan
- Vision care expenses not covered by your vision plan
- Medical equipment and other non-reimbursed medical expenses
Pay periods and taxes:
- Pay periods per year
- Federal tax bracket
Results include:
- Deduction per pay period
- Estimated annual tax savings
For an example of the FSA Health Care Calculator, please see V11 KB: About the FSA Health Care Calculator.
FSA Dependent Care Calculator
Determine the annual tax savings from dependent care flex plan participation.
Expense criteria include:
- Child day care center or in-home care
- After-school child care
- Pre-school or nursery school
- Summer day camp
- Elderly or disabled day care center or in-home care
Pay periods and taxes:
- Pay periods per year
- Federal tax bracket
Results include:
- Deduction per pay period
- Estimated annual tax savings
For an example of the FSA Dependent Care Calculator, please see V11 KB: About the FSA Dependent Care Calculator.
For the Home Page
Add posts and links to tax-related programs and tools to one or more widgets on your HR Knowledgebase Home page.
Tax filers will see them as soon as they login.
- Announcements widget
- Bulletins widget
- Custom Taxes widget
- Financial (Retirement & Savings) widget
- Tax-related postings
- Tax-related uploads (.pdf, Word, Excel, PowerPoint)
For questions or more information, contact your HRSD Customer Success Manager.
