Time to Adjust Tax Withholding

I know behavioral psychologists have research demonstrating that people get a charge out of a large tax refund but it doesn't make economic sense. You decide where you stand. It's much better to reduce your withholding to avoid a large refund and set up an automatic deposit of the extra funds into saving or retirement. If you carry a balance on your credit card, it's crazy to over-withhold taxes. for help on how to adjust your withholding:

Publication 505, Tax Withholding and Estimated Tax, has information for employees and self-employed individuals, available at IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676).
Links: Form W-4, Employee's Withholding Allowance Certificate

• Form 1040-ES, Estimated Tax for Individuals
• Form W-4P, Withholding Certificate for Pension or Annuity Payments
• Publication 505, Tax Withholding and Estimated Tax

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