Tax Season Calculators, Tips, and Tools 2018 - 2019

Income Tax Return Refund Tips

It can pretty much be said for all taxpayers that the only thing exciting about paying taxes is getting a tax refund.

While paying taxes is a financial burden, it can be a form of piggybank savings for others that enables them to save some cash they would have otherwise spent.

However, one thing to keep in mind is that this money is NOT accruing interest. In fact you are giving Uncle Sam a tax free loan when you pay in more than necessary and end up with a great big refund.

This overpayment of taxes can be cured quite easily with your employer.

If you're employed full time for a company, when you were hired one of the first things you did was fill out a W-4 IRS tax form.

The information you provided on the W-4 is what is used to determine how much money is being withheld from each paycheck to be paid toward your personal income taxes. This calculation is based on the number of exemptions that you claimed on your w-4. The more exemptions you claim, the less will be withheld for tax payments.

You can use a w-4 withholding tax calculator make changes to the exemptions you claim in order to fit your financial needs better.

W-4 Employee Paycheck Withholding Calculator

If you would like to make an adjustment in the dollar amount you receive for your tax refund, you should visit the personel office or human resources department for your employer and request to make changes to your W-4 tax form.

By reducing the number of exemptions you claim on that tax form, you increase the amount of money that will be withheld from your paycheck every payday. Your income tax refund will therefore be larger. On the other hand if you increase the number of exemptions you are claiming, less money is withheld from your paychecks reducing the overall amount of money you will get for your refund.

Other Tax Refund Adjustments Are Influenced By:

Use tax software such as TurboTax to lower taxes

Top tax software programs like TurboTax are always up to date on new tax deductions and credit opportunities that have been affected by changes in laws. This helps to ensure you're taking advantage of available tax credit opportunities.