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I want to decrease my deductions so that I am not getting a

large refund at the end...
I want to decrease my deductions so that I am not getting a large refund at the end of the tax season. How can I find a formula to do that?
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Answered in 4 minutes by:
5/3/2010
BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience: Owner of a CPA firm
Verified

You are actually only required to report income. You are not required to take deductions, so save yourself the trouble of finding a special formula. Simply don't claim them.

 

If you are trying to reduce your income tax withholding on a W2, which is a little more common, the you simply need to claim more exemptions. Tell your employer you would like a new form W-4, or perhaps just give the payroll person a shout, "Adjust my exemptions to X, please!"

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Customer reply replied 7 years ago
Maybe I used the wrong vernacular. I am specifically wanting to pay less state and federal taxes on each paycheck. That is what I meant by saying deductions. If I pay less taxes, then my refund will be less. I was worried about claiming 2 (currently I am claiming single and 1) because I don't want to go too low. I received a $3800 refund, and want to use the extra money in my paycheck to increase my 401 during the year. I hope this is more clear. Would I be better off just decreasing a specific dollar amount from my federal, or is going to single with 2 a safe choice?

It could be dangerous... there are tax tables and your withholding will be based on exemptions, so for you then 2 would be the next one up.

 

If you received a large refund because of the earned income credit, there may be better methods. Make sure your return will be the same from year to year, or better yet, consider some quick tax planning before year end, to make sure you are still alright in terms of your withholding.

BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience: Owner of a CPA firm
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BK-CPA
BK-CPA
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Category: Tax
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