Should I claim 2 dependents instead of 1 on my W4 to reduce my refund without owing money next year?

[NewGuy]

The instructions on the W-4 form itself gives you information on how to adjust your exemptions to match your tax situation.  Exemptions can be used to account for itemized deductions as well as dependents.  You should adjust the number of exemptions you claim if you are getting a large refund.  The IRS also has a withholding calculator that can help you determine how many to claim.

https://www.irs.gov/individuals/irs-withholding-calculator