Money Monday Tip #9
Here’s an easy way to add more money to your paycheck without getting another job. Increase your tax withholding on your W-4 Form. If you are getting a refund back from the IRS, (most financial people hate this because it’s a tax free loan to the government you could be using throughout the year) that means you are paying too much money in taxes during the year.
Your human resource department should be able to assist you in figuring out the correct calculations. You can also visit the IRS’ website and use their online calculator to determine the tax withholding you can claim to reduce your refund. You will need a few documents before you use the calculator, so please read the instructions.
Some people enjoy getting a tax refund, but if you are in need of a little more cash in your paycheck, it’s one of the easiest things you can do without getting another job. Just be sure if you decide to change your tax withholding, don’t give the extra money to StarBucks, use it to pay down debt.
As always, please check with your accountant or a financial expert before making any changes, I am neither. :). This tip is of my opinion.
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My name is Valerie aka Natural and I will be writing about whatever is on my mind. I love teaching, dialogue, sharing and making people laugh. I never know what I'll share here but this is me, Thinking Out Loud.
don’t give emn anymore than you have to..they will only spend it…:):)