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Financial Planning / Tax Strategies


Subject:  Re: Taxes-How do you minimize Tax return? Date:  4/14/2001  3:28 AM
Author:  Mark0Young Number:  50240 of 127611

To reduce your tax refund, you will have to file a new W-4 with your employer. You can get a W-4 from your employer or from the IRS web site

If you have multiple sources of income in your household or a second job, or more in itemized deductions than your standard deduction, be sure to work out the pertinent worksheet(s) on Page 2.

Publication 919 (also on the IRS web site) goes into more detail and has more worksheets.

If all else fails, you could just increase the number of allowances you declare on your W-4, but keep in mind that filing a fraudulent W-4 could result in a $500 fine, so it is better to go through the exercise of the worksheets before deciding to arbitrarily add 1 to your allowances.

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