TurboTax summer tax tips
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1. Revisit your W-4 withholding
- Properly adjusting your W-4 withholding can put more money in your pocket now, without resulting in a huge tax bill by the filing deadline.
- You won't get the large refund you may be accustomed to, but you won't be loaning the IRS your money and waiting until tax time to get it back either.
- Your employer can provide you with a new Form W-4 at any time.
- Keep in mind it may take a few weeks for your new withholding to take effect.
2. Increase your 401(k) contribution
- You can contribute up to $19,000 for 2019 and,
- If you are 50 or older, you can stash an extra $6,000 in catch-up contributions for a total of $25,000.