We are all expecting our tax refunds just like a kid who waits for his most desired Christmas present. However, the difference between our kids and us is that we have certain responsibilities we cannot neglect. You might be tempted to spend your tax refund on a shopping spree and that’s understandable… as long as you’re getting a bigger tax refund.
Here are some tips for getting the biggest refund check possible.
1. Increase withholdings
The first thing you do when you get hired is filling out IRS W-4 tax form. As you probably know, the information you give on the W-4 explains how much money is actually withheld from your paycheck. However, you should note that depending on the number of claimed exemptions, the amount of money that’s withheld for taxes can be bigger or smaller.
So, if you want to maximize the dollar amount you get in your refund, you should make a request in order to change your W-4 tax form. When you get rid of some exemptions, you’ll have a larger amount of money that will be withheld from your monthly paycheck, therefore, your tax refund will be bigger.
