How can I get a bigger refund?
I know the main way is by increasing the W-4 withholding, however my employeer doesnt seem to have much option on the W-4.
The only option available is the filing/marital status:
- Single or Married fillign seperatly
- Married filling jointly
- Head of household
I am single and have no kids
Getting a bigger refund through increasing your withholdings by adjusting your W-4 is just allowing the IRS to hold on to your money longer instead of having it given to you through your paycheck. In your situation your goal should be to try to break even on your taxes and have a smaller refund so that you do not have to wait to get your money.
That being said, if you want to adjust your W-4 to have more taxes withheld, choosing Single with zero exemptions will withhold the most income tax. If that is not enough, there is also a place on the form where you can specify an additional dollar amount to be withheld with each pay period.
The better thing to do in your situation would be to look at things that will add credits or deductions to your return so that your taxes are reduced and your refund is greater. Making sure that you are contributing to a retirement plan at your job or setting money aside in an IRA are good places to start. Either of these may allow you to qualify for the Saver's Credit or reduce your taxable income.
Getting a bigger refund through increasing your withholdings by adjusting your W-4 is just allowing the IRS to hold on to your money longer instead of having it given to you through your paycheck. In your situation your goal should be to try to break even on your taxes and have a smaller refund so that you do not have to wait to get your money.
That being said, if you want to adjust your W-4 to have more taxes withheld, choosing Single with zero exemptions will withhold the most income tax. If that is not enough, there is also a place on the form where you can specify an additional dollar amount to be withheld with each pay period.
The better thing to do in your situation would be to look at things that will add credits or deductions to your return so that your taxes are reduced and your refund is greater. Making sure that you are contributing to a retirement plan at your job or setting money aside in an IRA are good places to start. Either of these may allow you to qualify for the Saver's Credit or reduce your taxable income.