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Getting more money from your paycheck

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