How to get a bigger tax refund

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Here are a few tips to get you on the way to a bigger refund.

For those who have filed your taxes already, and you're wanting a bigger refund next year, here's what you can do according to Motley Fool.

Adjust your withholding

On your W-4 form, you can specify a number of allowances you're claiming.

The lower the number, the more money your employer withholds for taxes, meaning a larger refund.

Itemizing your deductions

Keep records of your spending over the year such as medical and work-related expenses and see if it's beneficial to you come tax time.

Contributing to your 401K or IRA account

Contributing to these accounts for retirement can reduce your taxable income significantly.

Breaking even

But having a big refund isn't the best news.

Experts say the best outcome around tax time is to owe nothing or to get little back.

You'll likely want to break even, which means you're having the right amount of money withheld from your paycheck.

SEE ALSO: From 'withholding tax' to 'adjusted gross income': Tax season terms for beginners
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