Tax Moves to Make Now

After you file your income-tax return, the following steps can help you make the most of your refund or get more money in your paychecks.

Check on the status of your refund. If you are getting a tax refund, you may be eagerly waiting for the money. The IRS usually issues refunds within 21 days after e-filing or six weeks after mailing a return. You can check on the status of your refund at www.irs.gov/refunds.

Use your refund wisely. Earmark your refund to improve your financial situation such as paying down high-interest debt, building your emergency fund, or saving for the future. See how much money you’ll save by paying off high-interest debt, for instance, with our Debt Repayment calculator at www.icmarc.org/debtcalc.

Adjust your withholding. If you either owed the IRS money or received a big refund and would rather have more take-home pay, run your numbers through the IRS’s 2019 Paycheck Checkup tool at www.irs.gov. This tool determines whether you should adjust the amount of money your employer withholds from your paychecks for taxes. You can do this by revising Form W-4 with your employer and get more money in each paycheck right away.

This article contains information obtained from outside sources and it references external websites. While we believe the information and external websites to be reliable, we cannot guarantee their complete accuracy.

    Archives

    Return to top