01/24/2025
If you wish to increase your refund or minimize your tax debt and do not have dependents, Step 4(c) is an ideal option.
In this section, you can specify an additional amount to withhold from your paycheck, thereby increasing the taxes paid upfront. This reduces the likelihood of owing taxes and potentially results in a larger refund.
For example:
• If you add $50 per paycheck to be withheld, by the end of the year, you will have overpaid by $1,200, potentially leading to a larger refund.
This is particularly beneficial for individuals seeking a forced "savings" boost at tax time or aiming to minimize the chance of owing taxes.