Preparing financial statements, organizing receipts and combing through tax forms are rarely the most exciting things on anyone’s personal to-do list. These important tasks often get pushed off to the last minute—especially when the IRS extends the “Tax Day” deadline to May 17.
Unfortunately, procrastinating on taxes means a last-minute rush to get them done, making tax season one of the most stressful times of the year for many of us. We wanted to alleviate this stressor for our team members, so we decided to offer free tax preparation services to all of our U.S.-based employees. Now, filing our taxes is as simple as uploading a few documents and clicking “submit.”
How we chose our tax preparation benefit offering
Perhaps unsurprisingly, the person who inspired the Lifetime Value Company to pay for professional tax preparation services for its employees was someone who is intimately familiar with the woes of tax season: our CFO Michael Bollhardt.
“One day while having a conversation with our founders, I brought up how awesome it would be if I didn’t have to worry about getting my personal taxes done and someone could just do it for me—and pay for it to boot!” said Michael.
Our founder, Ross, connected us with his former accountant, who was starting an online tax accounting firm. Michael reached out and walked through their process with them and was immediately impressed by the company’s service offering and expertise.
“I was blown away by how easy it was to upload all your documents, but what stood out above all was the team of highly experienced tax accountants who were preparing and filing the returns,” Michael said.
“One thing I did not want to do was find a low-cost, budget tax preparation firm that would use seasonal tax accountants to rush through and process our employees’ taxes, just to never hear from them again. My concern was that if there was ever a problem, I wanted our employees to be able to talk to the person who did their taxes directly and get the full support.”
After a detailed conversation, our founders and HR team decided to push out this benefit offering. We announced that our U.S.-based team members had the option to have their taxes professionally prepared and filed for free by the provider we signed with.
“Here at LTV, we strive to ensure our employees are not only taken care of in the workplace, but taken care of when it comes to the complicated and often confusing real-life tasks they may encounter,” Michael said. “Now, tax season is one less thing I and our employees have to worry about.”
Why LTV employees love our company-sponsored tax prep service
As a fully-remote global team, our U.S. employees are located in states across the country, each with its own unique tax codes. This can make personal tax filing complicated, especially if you moved during the tax year like our employee, Paxton.
“[This service] has been immensely beneficial,” said Paxton. “I had a complicated filing and both H&R Block and TurboTax were saying I owed different amounts. The tax prep provider got me sorted out and got me a refund!”
Employee Emily agreed that the tax prep benefit made this year’s filing “super easy.”
“All I had to do was upload my documents and my tax rep took care of the rest!” Emily said. “They are friendly and easy to get a hold of, will answer questions and make sure you submit everything you need to.”
As a remote worker, our employee Ian says tax prep “might be the best perk the company offers.”
“Navigating the complexities of multiple state tax codes would be nearly impossible,” said Ian. “It’s incredibly freeing to not have to worry about it knowing that someone else is preparing them correctly.”
Learn more about LTV and its generous employee perks on our Careers page.