Research has shown that financial stress has a direct effect on a person’s physical wellbeing. This can also cause a significant impact on an employee’s work performance, as a financially stressed employee spends about 20 hours of work time per month dealing with personal financial problems. That being said, tax season often creates another level of anxiety and stress for workers. Many employees are struggling with the financial burden of having their taxes prepared, as this can cost up to hundreds of dollars when taken to major tax service corporations or to an accountant. Additionally, many of these same workers are missing out on substantial tax credits because they are unaware that they are eligible for them.
Fortunately, there are simple ways in which organizations can assist their employees in reducing financial stress. In addition to offering employees financial assistance through a Work-Life or EAP benefit, companies can also refer their workers to a free program called MyFreeTaxes. MyFreeTaxes is a free tool that allows employees who earn $57,000 or less a year to file their federal and state taxes online. This program reduces employee financial stress by helping workers save money to claim higher tax refunds and receive valuable Earned Income Tax Credit.
FEI’s sister company, Ways to Work, and the Walmart Foundation have formed a unique partnership to sponsor the MyFreeTaxes Campaign, and the results have been impressive. Since 2009, the MyFreeTaxes program has helped more than 3 million taxpayers file free tax returns, resulting in more than $4 billion in federal income tax refunds, $1 billion in Earned Income Tax Credits, and $620.5 million in tax preparer fee savings. It has also helped more than 420,000 taxpayers with disabilities file their returns.
Help your employees to reduce financial stress by referring them to the MyFreeTaxes program at www.myfreetaxes.com.
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Choton (not verified)
Thu, 03/15/2012 - 09:35
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Articles like this are an
Articles like this are an example of quick, helpful answers.
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