Adjust Tax Withholdings – Daily Tip

w-2 tax formWith taxes due just around the corner, you have (or soon will) find out whether you’re paying or receiving a refund. While a large tax refund is fun to get, it’s also an indication that you’re not having the correct amount withheld from your paychecks.

When you receive a large tax refund, what you’re basically doing is giving the government an interest free loan. If you are not confident that you will be able to save this money on your own, then paying too much to the government can be a “forced saving” method, but you’d be much better off having the money deposited into your bank each month and then having it automatically withdrawn to a retire sav

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2 Responses to Adjust Tax Withholdings – Daily Tip

  1. AtlHeel says:

    The IRS withholding calculator works well. Give it a try and then simply let HR know how to adjust your allowances. I live in Georgia and the method to get your state allowances is no where near as user friendly.

    http://www.irs.gov/individuals/article/0,,id=96196,00.html

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