Skip to main content
April 24, 2023
Question

How to get more money in my paycheck and break even on my return

  • April 24, 2023
  • 2 replies
  • 0 views
No text available

2 replies

Critter-3
April 24, 2023

Hand in a new W-4 form with your employer ...  

 

One option is to use TurboTaxes TaxCaster to estimate the amount of your refund and adjust your withholding to reduce the refund and increase your take home pay.  

 

You can then use the W-4 Calculator 2023 to adjust your federal withholding.  

 

This article helps explain how to adjust your W-4 withholding.  Form W-4 and Your Take-Home Pay 

 

This article provided 4 additional ways to reduce your taxes.  4 Last-Minute Ways to Reduce Your Taxes

April 24, 2023

do note that to avoid federal underpayment penalties  you must meet one of these exceptions

  1. withholding must equal or exceed 90% of your 2023 tax or
  2. withholding must equal or exceed 100% of your 2022 tax (110% if your 2022 adjusted gross income was more than $150K) or
  3. the balance due after subtracting taxes withheld from 90% of your 2023 tax is less than $1,000 or
  4. your total taxes are less than $1,000

state laws vary

fanfare
Employee
April 24, 2023

when was the last time you submitted W-4?.

If it is a few years, the calculations have changed.

Just submitting the form again should get you closer to your goal.

 

@snfoster79