answersLogoWhite

0

To reduce your tax refund, you can adjust your tax withholding by updating your W-4 form with your employer to have less taxes taken out of your paycheck throughout the year. This will result in a smaller refund at tax time.

User Avatar

AnswerBot

4mo ago

What else can I help you with?

Continue Learning about Finance

Why did my tax refund decrease after adding another W2?

Your tax refund may have decreased after adding another W2 because having multiple jobs can increase your total income, which may push you into a higher tax bracket and result in a higher tax liability. This can reduce the amount of refund you receive.


How to properly record a tax refund in accounting?

To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.


What is the proper tax refund accounting entry to record the return of excess taxes paid by a company?

The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.


Where could I find out about a tax refund loan?

A tax refund loan is a loan that is provided to you until you receive your tax refund. You can pursue this option if you have done your taxes and are expecting a refund.


Can the IRS withhold your refund if you recently had your house forclosed on?

The IRS cannot withhold the refund if your house is foreclosed on. However, if the mortgage debt forgiveness results in the IRS treating you as having more taxable income, it may reduce or eliminate the refund. If you've recently been foreclosed on, talk to a tax professional to see if it will affect your tax refund.

Related Questions

Why did my tax refund decrease after adding another W2?

Your tax refund may have decreased after adding another W2 because having multiple jobs can increase your total income, which may push you into a higher tax bracket and result in a higher tax liability. This can reduce the amount of refund you receive.


What is the effect of the number of allowances on tax withholding?

With an increasing number of allowances, the taxes withheld each paycheck will be reduced, which will reduce any tax refund and/or increase the amount owed to the IRS. Conversely, decreasing the number of allowances will increase any tax refund or reduce the amount owed at the end of the tax year.


How to properly record a tax refund in accounting?

To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.


What is the proper tax refund accounting entry to record the return of excess taxes paid by a company?

The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.


Where can I find a tax refund schedule online?

A tax refund schedule can be found online at various different site. Some of these include http://www.irs.com/2011-federal-tax-refund-schedule/ as well as http://www.efile.com/tax-refund/where-is-my-refund/. where is my refund


Where can I find the Newark Airport tax refund desk for processing my tax refund?

You can find the Newark Airport tax refund desk for processing your tax refund in the international terminal after passing through security.


Where could I find out about a tax refund loan?

A tax refund loan is a loan that is provided to you until you receive your tax refund. You can pursue this option if you have done your taxes and are expecting a refund.


Can you get a tax refund if you did not pay tax?

NO


Can the IRS withhold your refund if you recently had your house forclosed on?

The IRS cannot withhold the refund if your house is foreclosed on. However, if the mortgage debt forgiveness results in the IRS treating you as having more taxable income, it may reduce or eliminate the refund. If you've recently been foreclosed on, talk to a tax professional to see if it will affect your tax refund.


How Long will take for your tax refund if you owe?

Ahhhhh . . . you do not get a tax refund if you owe. You pay them.


How is the estimated tax refund calculated?

The estimated tax refund is calculated based on the current year's tax codes.


What is the process for claiming the Child Tax Credit refund for the year 2022?

To claim the Child Tax Credit refund for the year 2022, you need to file your federal income tax return and include the necessary information about your qualifying child or children. This credit can reduce the amount of tax you owe or provide you with a refund if you qualify. Make sure to follow the IRS guidelines and provide accurate information to claim this benefit.