First American Financial Services

We are a family owned and operated accounting and tax firm located in west Tampa, FL.  We provide a full range of accounting and tax services including corporate, partnership, and individual tax returns, financial statements, full and after-the-fact payroll, sales tax, and payroll tax processing.  We pride ourselves on providing personal attention and treating our clients as family.


New 2017 Standard Mileage Rate

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 53.5 cents per mile for business miles driven, down from 54 cents for 2016
  • 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
  • 14 cents per mile driven in service of charitable organizations

2016 Tax Information

7 brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The  tax you owe depends on your income level and filing status.  The personal exemption amount is $4,050 ($4,000 in 2015). Standard Deductions:
Single $6,300
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,300
Qualifying Widow(er) $12,600

There is an additional standard deduction for elderly or blind taxpayers, which is $1,250 for tax year 2016. The additional standard deduction amount increases to $1,550 if the individual is also unmarried and not a qualifying widow(er).


Welcome!

Proposed Tax Changes Under Trump

Tax brackets from 7 to 3:

  • 12% tax rate for single filers making $0-$37,500 and for married joint making $0-$75,000.
  • 25% tax rate for single filers making $37,500-$112,500 and for married joint making $75,000-$225,000.
  • 33% tax rate for single filers making $112,500 and above and for married joint making $225,000 and above.

Other Proposals:

  • Repealing the Affordable Care Act, aka Obamacare, which would also repeal the 3.8% tax on certain capital gains from investment income.
  • Raise standard deduction and eliminate the personal exemption. Standard deduction for single filers would increase from $6,300 to $15,000 and from $12,600 to $30,000 for married joint filers.   These could benefit smaller families, but actually increase the tax bill for larger families.
  • Repeal the estate tax, which will mainly help wealthy families and individuals, as only estates valued at more than $5.45 million are currently subject to this tax.