Johnson Family Financial Services Inc.

The following is a synopsis of the tax code per the new legislation.
1. An overall lowering of the tax bracket rate, including the taxpayer tax bracket which falls from 39.6 to 37%.
2. Personal exemptions have been repealed.
3. For taxpayers who itemized deductions, state and local income, and real estate taxes are capped at $10,000 per year.
4.Home mortgage interest from equity loans will no longer be deducted.
5. Home mortgage interest on new mortgages is only deductible to the extent of $750,000 of acquisition indebtedness.
6. Charitable contributions or cash can be deducted up to 60% of adjusted gross income up from 50%.
7. Miscellaneous itemized deductions including unreimbursed employee business expense, tax return preparation and investment management fees are no longer deductible.
8. Standard deduction for joint taxpayers increases to $24,000 from $12,600.
9. The taxpayer may be eligible to claim the Premium Tax Credit if he is enrolled in health insurance through the health insurance marketplace. The taxpayer should receive from 1095-A Health Insurance Marketplace. If the taxpayer did not receive a from 1095-A, he or she should contact the Marketplace.
10. Tentative start date for tax season in January 21, 2018.

Johnson Family Financial Services Inc. provides THE best in financial and accounting services to the Philadelphia, Pennsylvania area. Our highly skilled team has years of experience in bookkeeping and money management. From income-tax preparation to accounting to electronic filing, we offer a variety of financial services to the families of Philadelphia.

In today's economy it can be extremely difficult to balance a budget that gets you through each month. Keeping track of your income while getting your mortgage and other bills all paid on time can be very stressful. To top it all off, you appear to be short on a month-to-month basis. Unfortunately, this scenario is an all too common one. But there is good news! Johnson Family Financial Services Inc. can provide you with a variety of options on how to manage your money.

Our staff is here to assist your financial needs and questions in whatever way we can. We offer basic accounting services in addition to income-tax preparation.

We can streamline your financial outlook into one, easy-to-understand number. Eliminate the unnecessary stress of financial planning and self-tax preparation by letting us go to work for you.

If you are seeking income-tax preparation, accounting, or electronic filing services in the Philadelphia, Pennsylvania area, call or e-mail Johnson Family Financial Services Inc. today. Our knowledgeable staff is ready and waiting to work with you to pave out a prosperous financial future for you and your family.