06-16-2022, 09:06 AM
Your tax refund will therefore be larger. The times of year you're allowed to make this change are dependent on your company's policies, but generally, it may be made any time of year. Keep in mind that the calculator is designed to help taxpayers "break even" by withholding the exact right amount of tax from each payment so they don't owe money in April or receive a big refund check. If you want a bigger refund check, decrease the number of qualified exemptions and more tax will be withheld during the year. If you give generously to charitable organizations throughout the year, you can deduct the value of those donations from your taxable income, which could increase your refund check. Not only can you deduct cash donations to qualified charitable nonprofit organizations (including churches and other religious groups), but you can deduct the cash value of physical donations like clothing, electronics, art or real estate.
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