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Strategies to help you break even with taxes owed and taxes paid

Use the IRS withholding calculator to adjust the amount being withheld from your paycheck, then contact your payroll office at work and make the necessary changes using a Form W-4 . Your payroll office can assist you in making this adjustment also. Keep in mind that the allowances on the W-4 are not the same as number of exemptions or dependents.

More allowances decrease the taxes withheld from your paycheck. Fewer allowances increase the taxes withheld from your paycheck.