Smaller refund, bigger paycheck
April 15 is the anniversary of the day Lincoln died and the anniversary of the day the Titanic sank. It's also the deadline for filing your tax return. But hey, let’s look at the bright side:
- Taxpayers are receiving larger refunds. The average refund check for 2012 was more than $2,800.
- Taxpayers can get their fastest refunds possible with efile and direct deposit, getting what they overpaid through over-withholding returned to them quickly.
If you’re one of the nearly 75 percent of Americans who get a tax refund year after year, we can show you how to keep the good times rolling. With a little effort, you can start getting next year’s refund starting next pay day.
Sure, we all love our springtime refunds. But doesn't it make more sense to receive your money when you earn it? And you can do just that by filing a new Form W-4, Employee's Withholding Allowance Certificate, with your employer to adjust the number of allowances you are claiming. You can claim an allowance for yourself, your spouse and your dependents, for example. Each allowance for 2014 basically makes $3,950 of your annual income off-limits to withholding. Claiming extra allowances on your W-4 will automatically decrease the amount of taxes withheld from your paycheck, increasing your take-home pay. You'll enjoy instant gratification from a do-it-yourself pay raise.