Going in to work and demanding a raise might not be too smart, but there is a way to get one that will actually show up in your next paycheck. Here’s the deal…

Your employer withholds a percentage of your paycheck every week for income taxes. The problem is, most people have too much withheld. And, while that might result in a big refund check at the end of the year, it’s really poor financial planning. You are deprived of that extra amount every paycheck and the government doesn’t pay you interest for using your money all year. It’s basically like giving the IRS an interest-free loan for over a year.

If you had that money coming in all year, you can put it in the bank and earn 4% interest or more on it. Instead, the government is holding it, and earning interest on it for themselves.

Here’s what you can do:

Ask your payroll department for a new W-4 form. That’s the form that your employers uses to calculate how much money to take out of your paycheck each week.

Then use the IRS’ withholding calculator. Follow the simple instructions to arrive at the new amount that should be withheld. Then just complete the new W-4 and hand it back to your employer. Wham! Your instant pay raise could be in your very next paycheck!

Now when next April rolls around, some of your friends will be bragging about how big their tax refund was. Be sure to brag about how small your refund was, and when your friend looks puzzled, tell them that you decided to start keeping all of your money instead of letting the IRS hold some of it for 15 months. Then send them here. maybe they can learn a thing or two.