There are a few simple errors you need to avoid while filing your taxes. If you don't, your financial situation may worsen for the remainder of the year.
It feels fantastic to receive a tax return. However, if you get a salary or an hourly rate, it pays to know the reasoning behind the money's return.
Your company withholds taxes from each of your paychecks throughout the year and delivers the money to the IRS on your behalf. You overpaid if you receive a refund. In other words, you overestimated the amount you owed.
Your W-4 form, which details your dependents and other tax-related information, is used by employers to determine payroll deductions.
Regularly review your W-4s. Over the course of the year, things can change in your life, and you can amend the information on your W-4 at any moment.
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