How to Get a Bigger Paycheck

Everyone likes the idea of getting a large tax refund, especially if their income throughout the year is lower than they might like it to be. However, a big tax refund isn’t always a good thing in the long-run and could indicate that you need to be taking more W-4 tax exemptions.

When you file for more exemptions- which you can do when you first start a new job or later by contacting someone in Human Resources (HR)- you’ll have fewer tax dollars withheld. Filing for more exemptions will inevitably to a reduced tax refund, but, on the upside, it will also lead to larger paychecks throughout the year.

Do be careful, however, to withhold at least the required amount (check your state and personalized guidelines with the IRS and/or your financial advisor, or, if you’re a do-it-yourself type person, use the IRS’ withholdings calculator), or you could face penalties, which would defeat the whole purpose of changing things up.

While it’s nice to get a huge payoff come tax time, most people would prefer to simply have more money on a regular basis and in their day-to-day lives. If that’s you, then follow these “big paycheck tips,” and you should get your desired results. #BigTaxRefund

Monday, October 19, 2015