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Saving Money

General Household Expenses

1. Check your tax withholding. If year after year, you receive a refund when you file your income tax, it is an indication that you are having too much money withheld from your paycheck. When you take the time to review your W-4 withholding, you will find that you can reduce the amount withheld monthly and maximize your take home pay. If you are making payments on your debt, the increase in cash flow that occurs when you have your withholding adjusted can allow you to pay down your debt more quickly. To help you determine how much to adjust your withholding, use the withholding calculator found at http://www.irs.gov/individuals/article/0,,id=96196,00.html.
   
   Keep in mind that by increasing your withholding exemption, you will decrease the amount of tax withheld, which will result in a smaller tax refund. For assistance with adjusting your withholding, check with your Money Coach to schedule a time to discuss how to complete a new W-4 form.
2. Child- and dependent-care credit Use the child- and dependent-care credit, which provides a tax credit of 20% to 35% for care for dependents 12 or younger (that's a dollar-for-dollar reduction of a large portion of your expense). You must have earned income, and the care provided must enable you to work or look for work.
3. Earned Income Credit (EIC) The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $38,348. A tax credit reduces the amount of tax you owe. The EIC may also give you a refund, even if you do not owe any tax. You may be able to get part of the earned income credit in advance (up to $1,712).
   
   You would need to file form W-5 to apply. It expires every year on December 31. You would need to file a new form in January. If you need more information regarding eligibility for the EITC, check with your MSA™ Money Coach, or there is an online questionnaire at the IRS website, called the EITC Assistant: http://www.irs.gov/individuals/article/0,,id=130102,00.html.

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The information presented is not to be a substitute for seeking advice specific to your situation from a tax, legal or financial professional. If tax, legal or financial advice is required, contact a tax specialist, attorney or financial advisor.

“Put More Money In Your Pocket” was edited by Constance Foley, M.A.Ed. Contributors include, Donna Shackel, ATP®, CRTP, Jackie Neubert, CDFA™ and Constance Foley, M.A.Ed.