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Americans are getting biggertax refundchecks.
But is that good news?
Some people reason that the refund is a good way to force savings, Gammon said.
One way to address this is to upgrade your W-4 form from your employer, Gammon said.
The W-4 form will allow you to make adjustments to not withhold as much.
In addition, Gannon suggested using theIRSs tax withholding estimatorto help with the W-4 form.
There is still an opportunity to make adjustments on your W-4 or makeestimated tax payments.
Youre Overestimating Deductions
Many taxpayers arent taking all of their eligible withholdings and tax deductions.
In addition, Gannon said thestandard deduction limitis quite high, and many people will not need to itemize.
Many of the documents that you will use to create your 2024 taxes will come to you in 2025.
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