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41-18 Crescent St., Long Island City, NY 11101
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47-46 Vernon Blvd Second Floor
Long Island City, NY 11101
T: 718-707-0955 • F: 718-707-0959
Hernan Barona, E.A
hernan@savignano-cpa.com
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ObtainMyRefund.com
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41-18 CRESCENT ST
LONG ISLAND CITY, NY 11101
718-707-0295
SAVIGNANO
accountants & advisors
ACCOUNTING AND TAX SERVICES THAT BENEFIT YOUR PERSONAL
JOHN SAVIGNANO
CPA, CGMA
AND BUSINESS NEEDS
• Multiple LIC Office Location • One Stop Shopping
• Over 25 Years of Professional Experience
• Special Offers and Promotions Available
• All Services Guaranteed
OUR SERVICES INCLUDE:
For Individuals…
• Income Tax
• Tax Planning
• Audit Defense
• Bookkeeping
• Insurance
• Financials
• Estates/Trusts
• Net Worth Statements
• Budgeting
• Offer-In-Compromise
For Businesses…
• Income Tax
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Our Certified Public Accountants
are here to serve clients in a variety of industries. Whether you are looking for tax preparation
services, risk management advice, or assistance with a retirement plan, the team at
SAVIGNANO accountants & advisors is here to help.
47-46 Vernon Blvd., 2nd Fl. LIC, NY 11101
718.707.0955 (F) 718.707.0959
41-18 Crescent St. LIC, NY 11101
718.707.0295 (F) 718.707.0299
PLEASE CALL OR VISIT US FOR FREE CONSULTATION
TAX TIPS
INDIVIDUAL
TAX RETURNS
BY JOHN SAVIGNANO, CPA
Individuals have begun filing their returns and some are facing
an unpleasant shock. Lower tax refunds or maybe even a tax bill.
This shouldn’t come as a surprise to IRS. It issued new withholding
tax tables last year that took into account the lower rates from
tax reform as well as the much higher standard deduction but
didn’t fully factor in the loss of personal exemptions or cutbacks to
itemized deductions. Changes were made to minimize underwithholding
and overwithholding, which in prior years led to some
larger refunds. IRS then resorted to blitz mode, begging people to
check their withholding. But most people either weren’t aware of
the agency’s advice or didn’t heed it.
For many taxpayers, less income tax was withheld from
paychecks in 2018. These people may have seen a bump in their
net pay compared with 2017. Now some of them are dealing
with a new reality when they file their 1040s. Smaller refunds or
maybe even having to write a check to Uncle Sam for the first
time because federal taxes withheld are less than their actual tax
liability.
We’re not saying that individuals are paying more under the new
tax law. Experts say most people’s federal tax liability will actually
be less. And adjusting withholding tables to account for the perennial
overwithholding of taxes and in turn lowering tax refunds isn’t
necessarily wrong. Personal financial planners generally advise
against getting large refunds when filing returns, because it’s akin
to giving the federal government an interest-free loan throughout
the prior year. But many filers love their annual refund. And for
some, the bigger the better. Let’s face it: They see a refund as a
windfall, even though it really isn’t. They use the money in various
ways, such as putting it in savings, paying down debt, buying a TV,
making house repairs, or funding a vacation.
If you’re someone who likes getting a refund or wants an even
bigger one…Consider adjusting your withholding to hike the tax
taken from each paycheck. Simply submit a new W-4 to your
employer and claim fewer allowances on line 5.
If you unexpectantly owe money to IRS and you can’t pay the tax,
file your return or extension by April 15 anyway to beat the 5%-amonth
late filing levy. You can apply for an online payment agreement
if you owe $50,000 or less in tax, penalties and interest, and
you’ve filed all returns.
See whether you qualify for an offer in compromise to settle your
tax debt for less. Keep in mind that IRS is giving partial relief from
the underpayment penalty. Also, don’t forget the agency’s penalty
waiver program for first-time offenders. It’s the first-time penalty
abatement program, and you will have to ask for the waiver.
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.
/www.savignano-cpa.com
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