As many employees are about to begin their new plan year, it’s important to ensure that all HR activities are accurate and up to date.
- Be sure all personal information is correct, such as name, address, phone number, and banking information. Your personal information can affect paychecks and company communications, so be sure your information is up to date before starting the new year.
- Examine your tax withholdings. Incorrect tax deductions, tax refund delays, and penalties can result from inaccurate withholding information. Be sure to look over your federal, state, and local taxes.
- Review your 401(k) contributions. Assess your financial situation, determine how to best take advantage of your pre-tax benefit, and adjust your contributions. It’s never too early to invest more in your future.
- Spend your flexible spending account (FSA) funds. If your deadline to spend your FSA funds is approaching, be sure you are not forfeiting any money. Your FSA allows you to purchase a wide variety of items with money you set aside pre-tax each paycheck. To find eligible expenses, visit the FSA Store.
- Monitor your paid time off (PTO) balance. Many companies’ PTO expires at the end of the year, so it’s important to use it or carry days over. PTO days can be used to mentally refresh, attend appointments, or get away on vacation. Taking time off is an effective way to stay energized and motivated at work.
As your plan year comes to an end, be sure you are starting the new year off correctly.