If there's any time of year when we could all use a few extra bucks in our budget, it's the holiday season. Let's face it, all those gifts, parties, expensive dinners and extra travel to visit friends and family can add up fast.
However, setting aside some extra cash over the next few months doesn't have to mean giving up your favorite shows on HBO or those Eggnog Lattes you've been longing for all year. Giving your budget a boost in time for the holidays can often be as simple as taking a closer look at your tax return.
So, pull out last year's return and check to see if you received a tax refund. If you did, you may want to adjust your W-4 to make sure you don't provide the government with another interest-free loan. Use the tax you paid last year as a guide, and adjust your withholding to set aside no more than necessary. Depending upon your current withholding, you may be surprised to find out you can pad your pockets with an extra $100 or more this month.
In order to be as precise as possible, estimate your taxes using the IRS Withholding Calculator. It'll be an exercise well worth the time spent.
