Use these tips to get more money from your paycheck

  1. Recall your tax refund from last year.  Remember that every dollar you received in a refund is a free loan that you made to the government!
  2. Review your current W-4 withholdings as listed on your paystub
  3. Update your W-4 if you have had a significant change in your life in the past year (got a better paying job or lost a job, got married or divorced, had a baby or had a young adult child leave home)
  4. If your financial situation is similar to last year's, increase your number of withholdings in order to receive more money in each paycheck.  A simple method is to take one additional withholding on your W-4 for every $1,000 in refund you received last year.
  5. Remember that a goal is to receive a refund/owe in taxes less than $1,000

If you like getting a refund each year, consider how you might make the most of it by using a portion to:

  • Purchase something you and your family wants
  • Reduce or eliminate debt
  • Start or increase your emergency savings
  • Save towards a goal
  • Take care of home or car maintenance
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