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New Member
posted Jul 21, 2022 10:08:58 AM

how do i get more money back at the end of the year

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2 Replies
Level 15
Jul 21, 2022 10:16:25 AM

Your tax refund is not a benefit that you get from the government. It's your own money that the government is sending back to you. That's why it's called a refund. If you want to get a bigger refund, have your employer withhold more tax from your pay. The government will hold your money and send it back to you when you file your tax return at the end of the year. Your paycheck will be smaller, but you'll get a bigger refund when you file your tax return at the end of the year because you sent the government more money than necessary, so they send the excess back to you. You're just making an interest-free loan to the government.


You can use the Tax Withholding Estimator on the IRS web site to figure out how to adjust the W-4 form that you give to your employer. It will show you how to increase your withholding to get the approximate refund amount that you want.

 

Level 15
Jul 21, 2022 11:16:35 AM

some other options pay estimates even if not needed. buy a vehicle that qualifies for the EV credit. if you own your home put in solar power. if you are not married, marriage to someone who has no income of their own and filing a joint return.    do note that most methods to get more money back at year-end cost more upfront that can never be recovered except for things like increased withholding and estimate payments.