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Kornferry: Your Guide to Benefits

Your Guide to Benefits

This information is brought to you by our partners at Korn Ferry. COVID-19 has changed so many aspects of our daily lives—one of the ways being how we work. As a SoFi member, you can work one-on-one with an experienced career coach through Korn Ferry to identify what success and financial independence mean to you.

During the pandemic, Willa took the time to reflect on the things she truly values in life, and how her work life fits with those values. She found a few areas of disconnect, and decided to negotiate for a wider set of benefits going into 2022.

A survey found that 98% of leaders plan to newly offer or expand at least one employee benefit. Respondents said they will prioritize the benefits workers deem most essential, like child and senior care benefits, flexibility around when and where work gets done, and expanded mental health support.

Thanks to the Great Resignation and other factors, employers are stretched for top talent, and an enticing set of benefits are one of the best ways for them to attract and retain employees. “We can expect to see more benefits, more unique benefits, and more customized benefits on offer,” says Val Olson, a career coach at Korn Ferry Advance.

Here’s our guide to the changing landscape of benefits.

Understand the standard benefits.

Employers are adapting their benefits to the needs and values of five or six different generations who are in the workforce at the same time, from Baby Boomers to Gen Z. But some benefits remain standard, and career experts say you should think very carefully before accepting a job without these.

The foundational suite of benefits are: insurance (health, life, short-term and long-term disability, dental and vision), retirement plans with 401(k) matching, and paid time off for bereavement, illness, vacation, and holidays.
Many companies also offer tuition reimbursement, stock options or profit sharing, gifts, bonuses, and sales commissions, as well as wellness benefits such as gym membership reimbursement or weight loss assistance.

Understand the emerging benefits.

The tech sector has been a leader in offering innovative benefits, and some of them have become a punchline. But the tech industry has also pioneered benefits that offer real value to workers, and companies in other sectors are jumping on board.

Newer benefits that are becoming popular include: free, healthy meals at the office, unlimited PTO (with certain stipulations), health coaching, and student loan repayment.

Innovative benefits that are showing up more post-pandemic include: personalized bucket list experiences, employee discounts and rewards, a home office budget, childcare assistance or onsite childcare, elder care, paid parental leave for mothers and fathers, shorter days near the holidays, company-sponsored events, pet-friendly work environments, paid volunteer days, sabbaticals after a certain number of years of employment, game rooms, a professional development fund, restaurant vouchers, homebuying assistance, fertility expense assistance, culture passes, and more.

Know what’s most important to you.

No one company will offer every single one of these benefits. And most likely, no one person values all of them. Now that you have an idea of the options, list the top five benefits that are most important to you (outside of the standard offerings). Have your low, middle, and ideal range of benefits in mind prior to searching for a job or heading into your year-end review.

“Take salary into account as you reflect,” Olson says. “Benefits are part of total compensation, and some companies with a long list of benefits may pay a little less. It’s all about what’s important to you, personally.”
Always negotiate.

If you get a job offer at a company and you don’t care about the benefits and perks that they propose, ask for the benefits that are important to you.

Negotiate salary first. If the salary comes in higher than you expected, you can still negotiate for benefits. If the final salary offer is lower than you would prefer, counteroffer by asking for the benefits that have monetary—or other— value to you. “Don’t be greedy, but be bold,” Olson says.

Korn Ferry career coaching is complimentary and at no cost for SoFi members. Get started with
SoFi career services today.

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This content is brought to you by our friends at Korn Ferry. That means all opinions expressed in this content are those of the author and not necessarily held by SoFi—and are for purely educational purposes only. Nothing in the article you just read is intended to provide financial or legal advice.
All trademarks are the property of their respective owners, and any pages linked to and from this one are subject to change without warning. While we obviously think very highly of Korn Ferry, SoFi does not provide, endorse, or guarantee any third-party product, service, information or recommendations. Korn Ferry is solely responsible for their products and services.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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How to Prep Before Meeting with Your Tax Accountant

It’s pretty safe to say that most people would prefer to avoid thinking about taxes. But Tax Day will be here before you know it. And things will go much more smoothly if you’ve planned ahead.

Outsourcing tax return preparation to an accountant can help you navigate the maze. But your accountant won’t be able to do their job without your providing the needed information and documents.

Wondering which documents you should bring to your tax preparer?” Read on to learn what you need to bring to your accountant. Some documents arrive at the beginning of the year while you’ll need to track down and tabulate other information, which is why waiting for the last minute isn’t a great strategy. To save yourself some last-minute scrambling, consider setting up a system you follow year-round.Here’s how to get prepared.

What to Bring with You

You’ll be in good shape for your tax appointment if you follow this tax preparation checklist when collecting documents to bring:

•  Personal information for you and your dependents, including social security numbers, dates of birth, and tax ID numbers. Many people know these details by heart, but if not, write them down ahead of time.

•  Statements reflecting your wages and earnings. These include W-2 and W-2G, forms provided by your employer. If you’re self-employed, bring 1099-MISC or 1099-K forms. Clients usually need to send out these forms by the end of January, but they can be slow or miss the boat. If you’re a freelancer, you should track your income independently and follow up on any straggling forms. It might not come to mind immediately, but your earnings also include anything you made in interest or dividends from your bank accounts and investments. You can find statements to print out on your financial institution’s website. If you’ve received income from other sources, such as rental properties, awards, alimony, or lottery wins, bring documentation of that as well.

•  Records of your expenses. This can be a long list, but focus on what applies to you. If you own a home, this could be a mortgage interest statement (form 1098), or records related to property taxes or the sale or purchase of real estate. If you’re planning to deduct charitable contributions, bring receipts for those. If you’re in school or have student loans, bring records of tuition and fees paid or a statement from your student loan servicer. Other expenses can include alimony payments, records showing any estimated taxes paid, unreimbursed job-related expenses, or medical and dental expenses.

•  Information about your retirement accounts. Bring records that show how much you’ve contributed in the past year and the current value of any 401(k), IRA, Roth IRA, SEP IRA, or other retirement account. Most financial institutions that administer retirement accounts make this easy by posting end-of-year tax documents online.

•  Health insurance forms. You may need either a Health Insurance Marketplace Statement (Form 1095-A) or a statement of coverage from your employer or insurer (Form 1095-B or 1095-C).

•  Receipts for business expenses. If you’re self-employed, you want to provide records of business expenses to claim against your income. These include receipts for travel, supplies, parking, professional services, health insurance, or any other business-related spending. If you’ve driven for work, this also includes a mileage log. If relevant, you should also bring information about the square footage of your home and the portion devoted to a home office, as well as utility and cleaning costs. Also bring receipts for expenses that are partially used for business, such as your mobile phone or internet connection. Knowing what you can deduct can get confusing, so ask your accountant in advance so you know what to collect.

•  Tax returns for the past three years. You’ll usually only need to do this if you’re a new client.

•  Bank information. If you want to get your tax refund via direct deposit, bring your routing number and account number.

How to Track Important Records

If the list above is daunting, that’s understandable! It’s tough to have everything at your fingertips, especially if you are tracking lots of different income sources and expenses. That’s why it’s important to have a system in place for recording and filing things as you go along.

This is especially true if you’re self-employed, since you’ll likely have a lot more paperwork to gather.

How to Track Income

Let’s start with tracking your income. If you earn a salary or wages, it’s a good idea to keep all your pay stubs until you get your W-2 so you can check whether it’s correct. File those away by date in a folder, or just download them as PDFs online. If you’re self-employed, don’t rely on your clients to track your income for you, since they can make mistakes.

Every time someone sends you a check, keep the stub in a folder organized by date. And make a spreadsheet in which you record how much income you receive each month. Invoicing through an online platform, such as Harpoon, Harvest, or Freshbooks, makes it easy to track your income (and also to make sure you get paid).

How to Track Expenses

You also need to track receipts for your expenses. The old-fashioned way of doing this is to get an expanding file folder and create pockets for each type of expense, such as medical, charitable donations, work travel, etc.

When you spend, make sure you ask for a receipt and file it in the appropriate pocket (by date is helpful). Then, at the end of the year, you can either tally each group or hand the receipts to your accountant if they’re willing to take it from there.

Technology solutions, such as Wave, Freshbooks, or Quickbooks, can make it easier to track receipts as you go along, so you don’t have a big pile to go through once a year. Most platforms also have mobile apps that allow you to scan your receipts on the go. That way you don’t even have to hold on to the paper versions!

How to Track Car Mileage

Car mileage can be another tricky thing to track. One easy method is to keep a notebook in your car. Whenever you’re driving for work, for medical reasons, because you’re moving, or for charity, write down the mileage at the start and end of your trip, as well as the date, the address of each destination, and the purpose of the trip.

Only note trips that are relevant to your taxes, not those for personal reasons. Paper logs can get lost or damaged, though, so you might want to use a spreadsheet or one of many mileage-tracking apps to do it digitally. If you forget to track your miles, you risk leaving money on the table by not being able to qualify for this deduction.

What to Do After Your Appointment

Staying organized doesn’t stop once your taxes are filed. You need to hold on to your tax returns and supporting documents, such as W-2s, 1099s, and your expense and mileage logs, for at least three years after filing them.

That’s because this is the period of time you have to claim a refund and that the IRS has to audit you and assess additional taxes (the period goes up to six years if you left out more than a quarter of your gross income). It’s a good idea to keep tax returns in a fireproof safe, or in the form of digital copies that are backed up in the cloud.

If you’re self-employed, you’ll also need to pay estimated taxes throughout the year. Your accountant should provide you with the amounts you need to pay to both the state and federal governments, which are based on the previous year’s tax liability.

To avoid missing due dates, it’s a good idea to get these deadlines on your calendar right after your tax appointment. And it’s not a bad idea to put a reminder on your calendar to schedule next year’s meeting with your accountant.

The Takeaway

By using a professional tax preparer, you’ll reduce the work of filing your taxes. But you’ll still have work to do: namely, collecting the required documents and tracking expenses and any tax payments. Organizing your records year-round will make tax time less stressful.

Expecting a tax refund? Put it to work by investing with SoFi.

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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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