Ways to make tax break work for you

HADLEY, Mass. (WWLP) - Starting Friday, January 14th, Americans had two percent less federal taxes taken out of their pay checks. It's an iniative that the White House hopes will boost spending and increase job growth during 2011. The average American worker will keep an extra $15 a week resulting in an average of $700 a year.

But, Elizabeth Piotrowski of Turners Falls told 22News she hasn't noticed the increase in her check. She said "I don't think $700 dollars is going to make a difference one way or the other." Sergey Lifanov of Hadley agreed. He said "I don't think it's enough."

But, Jon Reske of UMass Five College Credit Union said there are ways to make this money work for you. He said "You can increase your 401K contribution, especially if your employer matches it. That would be a really smart move on your part. You could also throw that into your IRA." He also said it can be used to pay down loans or credit card debt.