Fred Johnson & Company

12/15/2022

Internal Revenue Service has reported that as of December 2nd 2022 they have 3.1 million unprocessed individual tax returns received by the IRS this year. These returns include 2021 file tax return for prior years. The IRS further states that 1.6 million returns require error correction and 1.5 million or pay returns to be reviewed and processed. It is reported that the IRS plan to hire around 4,000 workers to assist with the back load. If you have not received your refund you can call, where's my refund through the automated system at 1-800-829-1954 or speak to a live representative at 1-800-829-1040. If you need any further assistance in this matter. Feel free to call Johnson family financial services at 215-476-2130.

12/13/2022

It's so great to be alive. We thank you for your patronage and to our business over the last 46th Years. It has truly been a Blessing from above.

01/04/2021

Covid-19 Update
Minority Business Alert

Finally, the Covid-19 Bill has been approved by Congress to assist in stimulating the economy.

This once again gives the minority businesses the opportunity to apply for funding. Under the previous act there was approximately 2 Billion dollars left for funding that was not claimed because many minority businesses in particular did not qualify for the funding nor did they apply.

The requests were simple and standard for any legitimate business as follows:

Latest Tax Return
Latest payroll Tax Return
Copies of 6 months bank statements.
Federal Tax EIN Number
Social Security Number
Email address
Copy of Driver's license.
Copy of Voided Check

Many businesses did not provide the required and requested documentation to obtain the funds.

The major obstacles were inadequate record keeping and lack of payroll records.

Many businesses do not file payroll taxes based on the so-called ("Under the Table ")
premise.

This practice benefits neither the employer or the worker. The employers cannot legitimately deduct the payments to the workers and the workers cannot legitimately claim the income to build up their future Social Security benefits upon retirement.

Normally, you have to have a minimum of 10 years of 40 payroll quarters to qualify for Social Security.

The other major set back was inadequate record keeping. Keeping your books in order is the right way to maintain control over your business finances for financial reporting profitability and tax returns.

Our business has been successful in securing over a MILLION DOLLARS to our clients who qualified.

We have a host of testimonials for our clients who qualified to receive funding.

We have been in business for 44 years and have gained a wealth of knowledge to share.

If you are ever in need of our assistance in any tax related matters. Do no hesitate to call upon us.

Johnson Family Financial Services
623 S 52nd Street
Philadelphia PA 19143
Phone. 215 476 2130
Email. [email protected]

12/04/2020

Covid-19 has created a wide range of economic business and individual impacts on a our Nation. As a result there are many changes in the tax laws that may affect your 2020 filing relative to Covid-19.

The Cares Act make some of the following changes:

Economic Impact Payments received by individuals and families is not taxable. It will not be added to your 2020 income or any other year.

The payments were as follows:
$1,200.00 for single filers. $2,400.00 for Married filing jointly. Also you were entitled to receive $500.00 per child listed on your tax return

Charitable Contributions of $300.00 is now available above the line for taxpayers who do not itemize.

Itemized deductions. If you itemize you can now only deduct up to $10,000 single and $5,000 for married filing separately for state and local real estate and income taxes. However, you can deduct mortgage interest up to a million dollars

Affordable Care Act. Taxpayers without health insurance will be faced with a penalty of up to 2.5% of the households adjusted gross income( AGI) for failure to maintain health insurance coverage.

College Tuition. There will be an above-the-line deduction of up to $4,000.00 you paid to a qualified College Institution

Cancellation of Debt. The Internal Revenue Service ( IRS)considers cancelled debt for default on credit cards car loans and the like treats the amount of the default as income and must be reported on your tax return as income accordingly. However, mortgage defaults are exempt.

Individual Retirement Account (IRA'S) . You will still be able to deduct contributions to a traditional IRA under certain conditions, If you take a distribution from an IRA or 401k before the age 59 and 1/2 you will be assessed a 10% penalty by the IRS on the amount you withdraw. However, you are age 55 and lost your job got laid off or fired or out of work you'll be allowed to pull money out of your 401k from your former employer without the imposition of the penalty

New Forms for Senior citizens.
Form 1040SR is available as an optional alternative to Form 1040. It makes it easy for taxpayers who are 65 and older.

05/13/2020

Finally the taxpayers of United States have some tangible relief in the form of the stimulus payment.

The IRS has began to distribute the economic impact payment under the new tax relief law

There have been some changes and updates in the tax law relative to the tax law promulgated by the Covid-19.

Please be aware that the filing date for the 2019 taxes have been changed from April 15th 2020 to July 15th 2020

US individual taxpayers with adjusted gross income of $75,000 individually and $150,000 jointly are eligible for a rebate of $1,200 individually and $2,400 jointly an additional rebate of $500 per child

You were not required to do anything to receive the rebate check. The Internal Revenue Service will require your 2019 tax return or your 2018 tax return if the 2019 tax return have not yet been filed to determine your enrollment

Self-employment individuals an independent contractors we receive assistance in the form of unemployment compensation

The assistance will include an additional $600 per week and provides an additional 13 weeks of benefits for those who remain after the state unemployment benefits or no longer available.

The Black Business Alliance indicates that many individuals are missing out on the benefits by not properly filing the necessary documents to receive the relative benefits.

Also there are a host of funding sources available to assist Businesses economically.

We recommended the you go to the IRS website. IRS.GOV. you to determine your possible eligibility.

If you have any questions concerns or clarifications please reach out the Offices of Johnson Family financial Services for assistance.

Our firm has over 43 years experience in Accounting and an accumulated wealth of knowledge to share. Stay Safe

Fred Johnson

Financial Services

Non-Filers: Enter Payment Info Here Get My Payment Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...

07/05/2017

The Tax Code is very complex. However I found that studying and researching the code I have found many alternatives to legitimately reduce the tax liabilities of many many taxpayers.
I recently saved a taxpayer who had retired $7,000.00 by applying a different tax table. If you are in need of any tax service or would like to have your previous taxes reviewed, please do not hesitate to give us a call..
215 476 2130 to schedule a time to meet.
I look forward to hearing from you in the near future.

02/13/2017

Johnson Family Financial Services, Inc.

NOW HIRING

Tax Preparers
Must have PTIN

Data Entry Operators
Must be Familiar with QuickBooks
Send resumes
Attn. Fred Johnson
Phone 215-205-7112
Fax 215 276-2130
Email [email protected]

02/03/2016

Are you having tax problems?you
Has the IRS levied your bank account or put a levy on your paycheck? Do you need your taxes prepared. Don't worry about tax problems. That's our job . We specialize in resolving tax problems Don't delay. Call today @ 215 476-2130 or visit us at 623 S 52nd St. Philadelphia Pa.

Call today 215 476 2130 or visit us at 623 S 52nd St. We specialize in revolving