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How
Can I Receive a Bigger
Tax Refund From the Irs?
Author:
H. Paul Leyva
November 6,
2008
As an income
tax professional, I am often asked: “Why do my friends receive
bigger income tax refunds than I do?” And the answer to this
question is usually lies with IRS Form W-4.
Claim
Zero Allowances (i.e. dependents) on W-4.
It never seizes
to amaze me that C.P.A.’s and other income tax professionals do
not explain to their tax clients the nexus between IRS Form W-4
and the size of the refund one receives at tax time. Generally,
those who receive the big refunds at income tax time are most likely
the ones that claim zero allowances (i.e., dependents) and their
employer provided W-4 Form.
Ask your employer
for a new IRS Form W-4, or you can download it directly from the
IRS website at http://www.irs.gov/pub/irs-pdf/fw4.pdf. Form W-4
determines how many allowances (i.e. dependents) you wish to claim
and how much will be deducted from your weekly payroll to cover
federal withholding. The W-4 instructions provide that you count
yourself as one allowance, and if married, one for your wife, and
one for each child. The more allowances (i.e. dependents) you claim
the less the IRS and employer’s payroll service will deduct from
your paycheck. On the opposite end, the fewer allowances (i.e. dependents)
that you claim, the more the IRS and your employer’s payroll service
will deduct from your paycheck.
My advice is
to skip the “Personal Allowance Worksheet,” that is, skip questions
A through H and go directly to Line 5, “Total Allowances,” and write
zero. Yes, zero. Do not count yourself, your wife, or your children.
The result is that more will be taken out of your check, thus, your
weekly paycheck will be smaller; however, the benefit is that at
the end of the year you will have accumulated substantial federal
income tax withholdings and receive larger income tax refunds. I
call this tip the “Forced Savings Plan.”
If married,
consider changing the W-4, Line 3 to “Married, but tax at the higher
single rate.”
If you are married,
you probably marked the “Married” Line on Line 3 of W-4;
however, next to it is a different and separate box entitled “Married,
but tax at a higher single rate.” I suggest that you mark this
box instead. By marking “Married, but tax at a higher single
rate,” this instructs the IRS and your employer’s payroll company
to increase the amount withheld for federal withholding. Again,
the more federal income tax withholding that is deducted from your
weekly paycheck, the more income tax refund you will receive at
income tax time.
Turbo-Charging
your "Forced Savings Plan."
Another way
to receive large income tax refunds Line 6 of Form W-4. Line 6 instructs
the IRS and your employer’s payroll company to take an additional
specified amount from your weekly paycheck. For instance, by listing
a mere $19.25 on Line 6 of W-4, you can receive an additional $1,000.00
refund from the IRS. And at $38.46 per week you can receive an additional
$2,000.00 refund from the IRS; and
Naturally, no
one likes a smaller paycheck; however, if you are one of those individuals
who can’t seem to save money for luxuries, such as, vacations, that
big screen T.V., or a down payment on your dream car, changing your
W-4 is a sure way to help you start saving for those dreams.
About the Author:
H. Paul Leyva
is the Director of H. Paul Leyva International, Inc, an Immigration
and Income Tax Service Providers, located at 3646 W. Fullerton Avenue,
Chicago, IL 60647. This article is for educational and entertainment
purposes only and shall not be construed as providing legal or tax
advice. If you have legal or tax questions you should consult with
a legal or tax professional.
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