38 THE QUEENS COURIER • QUEENS BUSINESS • JANUARY 11, 2018 FOR BREAKING NEWS VISIT WWW.QNS.COM
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www.savignano-cpa.com
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Tax News
BY JOHN SAVIGNANO, CPA
Substance Over Form
Have you received a W-2 or 1099
with an error? Check forms carefully
to ensure accuracy. If you discover
a mistake, contact the payer promptly
to obtain a revised form. Also, a payer
may issue a corrected form on its own.
Don’t ignore the change on the 1040
you file with the IRS. The IRS computers
match up W-2s and 1099s and
could produce an unexpected tax bill.
Review Plan Beneficiaries
Review the beneficiaries (primary
and contingent) for your qualified
retirement plans and IRAs. Regularly
update any designations to reflect
major changes in your life or significant
events (e.g., birth, death, marriage
or divorce). Note: These designations
supersede a will.
Bump in Benefits
Social Security benefits for retirees
are increasing slightly next year. For
2018, the estimated average monthly
benefit for all retired workers will
go from $1,377 to $1,404 and from
$2,687 to $2,788 for those who’ve
reached NRA.
John Savignano is a partner with
Savignano Accountants & Advisors
located at 47-46 Vernon Blvd.,
Second Floor, in Long Island City.
If you have any questions or require
additional information, please call
John at 718-707-0955.
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