W-4 forms could hold key to more up-front cash

By Lauren Lowrey - bio | email

Posted by Kate Oatis - email

TOLEDO (WTOL) - You probably haven't looked at it since you started your job, but your W-4 form holds the key to putting more money in your pocket week-to-week.

David Hammack, a CPA with the William Vaughan Company, says it's important to take as many deductions as you are allowed if you want the cash up front.

Also, IRS lets those who make charitable contributions and payments on mortgage interest to estimate it early so they're not taxed on it through the year.

Of course, less withholding throughout the year means a smaller check come tax time.

But it's up to you to decide which you want.

"This isn't something you have to file every year. Your employer isn't compelled to come to you to get it fixed. So you really need to make sure it's kept up-to-date," Hammack said.

Copyright 2010 WTOL. All rights reserved.