Eliminate Your Tax Refund And Pocket The Savings

It's a good time of year to use the free IRS Withholding Calculator to ensure that you don't have too much or too little income tax withheld from your pay this year, especially if you expect to get a refund. If you expect a refund, going through this exercise will put money in your pocket between now and the end of the year, rather than having to wait until you file your taxes to receive the refund. This activity should take you about 20-30 minutes to complete.

To use the calculator, you'll need information from your most recent pay stub. Enter the information in the calculator as requested, and the output will provide guidance as to whether you should change your Federal allowances and tax withheld from each paycheck for the rest of the year using a new W-4 form.

If you typically have a good sized refund each year, the benefit to this exercise is you'll get the money in your pocket sooner and can invest it in a High Yield Savings Account and make money in interest.

Rather than letting the Government earn free interest on your money, put your hard-earned money to work for you!