JM Financial Services, LLC

06/03/2026

Does paying no property taxes in Florida sounds exciting? Read the following article published in The Kiplinger Tax Letter. It may change your mind in a minute.

Florida Wants to Eliminate Property Tax: Here’s Who Would Really Pay Instead
A new proposal could significantly reduce property taxes for many Florida homeowners. Here’s how the plan would recalibrate the state’s tax structure and shift who ultimately pays the price.

BY CHRISSY PARADIS
LAST UPDATED 3 DAYS AGO
INNEWS AS FOUND ON The Kiplinger Tax Letter
Florida has long defined its tax identity around one promise — no state income tax. That policy has attracted retirees, business owners and high-earning professionals for decades. Property taxes, however, remain one of the primary ways local governments fund schools, police, fire departments, and infrastructure.

A proposal moving through the Legislature, House Joint Resolution 203, which passed the Florida House on February 19, would ask voters to approve a constitutional amendment eliminating certain city and county property taxes on homes that qualify for Florida’s homestead exemption. School taxes would still apply.

If the measure clears the Senate, it would appear on the state's November 2026 ballot. If approved, it would authorize a 10-year phaseout of certain local property taxes beginning

"We are advancing historic property tax relief by allowing voters to eliminate the non-school portion of the homestead property tax. Floridians work hard for their money, and they deserve to keep more of it." House Speaker Daniel Perez stated in a release regarding affordability measures and the state budget.

As Kiplinger has reported, Gov. Ron DeSantis has previously expressed support for eliminating Florida's property taxes.

Florida’s tax structure makes this proposal especially consequential. Because the state doesn't levy a personal income tax, property and sales taxes carry more weight in local budgets than they do in many other states. If one of those pillars shifts or is removed, the remaining revenue sources must absorb more of the load — whether through higher sales taxes, expanded taxable goods and services, or adjustments to local spending. And be aware is revenue sources are not enough to cover budget, a State Income Tax could be a reality.

That dynamic can become more pronounced during economic downturns, when sales tax collections can decline and local budgets tighten.

What does all of this mean for you and your property tax bill? Here's more of what you need to know.

Florida property tax rate: By the numbers
Consider a Florida homeowner with a $400,000 primary residence. With an effective property tax rate between roughly 0.8% and 1%, depending on county millage rates, that homeowner might owe approximately $3,200 to $4,000 per year.

In many counties, about 40% to 50% of that bill supports public schools. The remaining funds support city and county services, like police and fire protection, road maintenance, parks, and infrastructure.

If the city and county portion were eliminated, the annual bill could drop by roughly half — potentially from about $4,000 to closer to $2,000, depending on local rates.
But the services funded by that portion would still require revenue.

Who benefits from no property tax?
Homeowners with higher property values would likely see the largest dollar savings because property taxes are tied to assessed value.
• Those who qualify for the Florida homestead exemption would benefit directly.
• Homeowners who live in their primary residence would benefit more than investors or owners of second or third homes.

If replacement revenue relies more heavily on consumption taxes, however, the impact could look different. Households that spend a larger share of their income on taxable goods, as well as renters who do not receive direct property tax relief, could feel more of the shift.

Sales tax collections can fluctuate with economic cycles, making them less predictable than property tax revenue.

If not property taxes, where would the money come from?
Cities still must repair roads, pay emergency workers, and maintain public infrastructure. Those costs don't disappear.
If one funding source shrinks, another must fill the gap.

Possible replacement options could include:
• Increasing the statewide sales tax, which is currently 6% before local surtaxes, can push total rates above 7% in some counties
• Expanding the list of taxable goods and services, which currently excludes items such as groceries, residential rent and many professional services
• Shifting more funding responsibility to the state budget
• Reducing local spending in areas such as public safety staffing, road repair schedules, parks and recreation programs, library hours, or capital improvement projects.

If local governments trim spending, residents could notice changes in emergency response coverage, infrastructure maintenance timelines or access to community services.

Opponents of the proposal argue that shifting revenue away from property taxes could create budget gaps that force difficult tradeoffs between service levels or alternative taxes.

During floor debate, State Rep. Rita Harris (D-Orlando) reportedly said of the proposal, "We are defunding the police. We are defunding the fire. We are defunding the garbage. We are defunding the schools. We are defunding the waste management. We are defunding people cutting your trees during storm [season]. We are defunding the state of Florida."

Whatever happens, at its core, the measure represents a recalibration of Florida’s tax structure and could change how local government is funded.

Florida property tax elimination: What Florida homeowners can do
Florida House Speaker Perez has reportedly described HJR 203 as "the most aggressive legislation ever passed by a legislative chamber on property taxes in the history of the United States."

But the proposal must be taken up by the Florida Senate, which could advance a revised version this legislative session.

If both chambers ultimately approve the joint resolution, the constitutional amendment would appear on the November 2026 state ballot and require at least 60% voter approval to take effect.

In the meantime, if you're a homeowner dealing with high property taxes, you can:
• Confirm you are receiving the Florida homestead exemption.
• Review your property’s assessed value and file a property tax appeal if it appears overstated.
• Monitor local government budget discussions as the debate evolves.

For financially proactive households, the key question is not only whether property taxes decline. It is how the state replaces that revenue and how that shift could affect long-term housing costs and the services communities rely on.

Chrissy Paradis
Tax Contributor
Chrissy Paradis is a Raleigh-based writer and multimedia producer specializing in retirement and tax planning for pre-retirees and retirees. She develops radio and digital content for nationwide audiences, covering retirement income, portfolio strategy, long-term care, and healthcare costs. With more than a decade of experience in broadcast journalism, she writes about financial issues affecting everyday investors. She holds a B.A. in Communication with a concentration in Media and a Paralegal Certificate from North Carolina State University.

Best Customer/Consumer is an informed, educated Customer/Consumer.

12/02/2026

New and enhanced deductions for individuals

There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation.

New deductions for 2026 filing season

Seniors age 65 and older may be eligible to claim an additional $6,000 deduction

Tipped workers may be eligible to deduct up to $25,000 for qualified tips

Individuals may be eligible to deduct up to $12,500 ($25,000 for joint filers) for qualified overtime

Individuals may deduct up to $10,000 in qualified passenger vehicle loan interest. New vehicle only, bought in 2025.

All new or enhanced deductions are available for both itemizing and non-itemizing taxpayers. Each of these deductions phase out based on income level for individual and joint filers and have specific eligibility requirements. This information can be found on the One, Big, Beautiful Bill provisions page for individuals and workers.

Standard deduction amounts for tax year 2025

The standard deduction is a flat amount based on federal income tax filing status (single, married filing separately, married filing jointly, head of household, or qualifying surviving spouse). The IRS adjusts the standard deduction annually for inflation.

$15,750 for single or married filing separately
$31,500 for married couples filing jointly or qualifying surviving spouse
$23,625 for head of household

Most people take the standard deduction. However, some may not be eligible to take it or if deductible expenses and losses are more than the standard deduction, taxpayers have the option to itemize deductions. Itemized deductions are subject to certain dollar limitations. They can include amounts paid during the taxable year for: state and local income or sales taxes, real property taxes, personal property taxes, mortgage interest, disaster losses, gifts to charities, certain gambling losses, and medical and dental expenses. Check with your tax preparer to see if you qualify for itemized deductions.

Taxpayers are reminded that they need documents to show expenses or losses they want to deduct.

01/02/2026

Good morning to all my friends/clients!

Just a reminder, check your last paystub of 2025 to see if you worked overtime. Maybe you remember maybe you don't, regardless send me a copy of that paystub because this year we are able to deduct your overtime income from your total income.

Also, if you bought a NEW car last year, the interest paid on your car loan for 2025 is deductible in your taxes.

Please, make sure to use these great tax saving opportunities.

Have an amazing and bless day!

26/01/2026

Good morning friends,
Some very good information from the IRS, please take a few minutes to read it.

Tax season is a busy time for tax professionals. It’s a busy time for criminals too as they ramp up efforts to trick people into sharing sensitive personal information. Identity thieves might use this information to try filing false tax returns and stealing refunds.

The IRS and Security Summit partners want taxpayers, tax professionals and businesses to keep a watchful eye out for these threats:

1) Social media scams: Bad tax advice on social media can mislead taxpayers about their credit or refund eligibility. Influencers may convince taxpayers to lie on tax forms or suggest the IRS is keeping a tax credit secret from them. Social media posts may put taxpayers in touch with scammers.

2) Phishing and smishing: The IRS frequently warns against phishing emails and smishing texts, which are common tactics used by criminals to steal personal and financial information. The impersonator wants taxpayers to send them money. Opening links and attachments may harm their computer.

3) Scams targeting seniors: Scammers target people over age 65 or nearing retirement for personal or financial information or money. Often, once seniors give them money, the scammers ask for more. When scammers trick them to withdraw from their retirement account, it could affect their taxes.

4) Cyberattacks on businesses and tax professionals: The IRS reminds tax professionals of their legal obligation to have a Written Information Security Plan and to use multi-factor authentication. Businesses are also advised to update their security measures and remain vigilant against cyberattacks.

5) Taxpayers can get an identity protection PIN (IP PIN) from the IRS. An IP PIN is a six-digit number that prevents someone else from filing a tax return using a taxpayer’s Social Security number or individual taxpayer identification number. If taxpayers don't already have an IP PIN, they may get an IP PIN as a proactive step to protect themselves from tax-related identity theft. Anyone with an SSN or an ITIN can get an IP PIN including individuals living abroad.

Wishing you all a very prosperous Tax Season!

19/01/2026

Good morning everyone!
Just want to let everyone that my tax services are open and available. This year, I will be mail hard copies of your taxes at home and if you would like a copy by email, please, let me know.

When you send your documents to prepare your taxes be aware of the following:

1) Don't forget to send me your 1099A, if you had insurance through Obamacare.
2) If you bought a brand new car in 2025, let me know how much interest you paid in the year. This a deductible item this year.
3) If you are an hourly employee and worked overtime, send me your last paystub from work, this will show how much O/T you got. O/T is a deductible item this year.
4) If you received tips and their are included in your pay, these are deductible this year.
5) If bought or sold any investment item (Crypto, Stocks, ect) make sure to send me you 1099B or 1099K
6) last but not least, if your are interested in opening an IRA account for your child (Under 18) under the new Trump Account, please, let me know. For more information regarding Trump Account, do a search the internet.

If you worked for UBER, LYFT, or any delivery services make sure to send me not only the 1099K but also the list they have showing mileage and other expenses.

If I come across anything, I will post it here, so make sure to check at least once a week.

Thank for your time reading this and wish you all best luck in your tax declaration and may you get a very nice return.

14/11/2025

Good afternoon and clients, alike! Hope I find everyone in good health and ready for the upcoming holidays!

Yes, it's has been awhile since I last posted, with moving to Georgia and taking care of my ailing father, time was limited.

Just like last year, I'll be doing taxes for everyone, electronically. Therefore, as soon as you have all your tax documents (dont forget about the 1095A if you got obamacare insurance) and send them to me. As far as I can tell tax season will begin on January 15 and please remenber corporations have to file by March 15, personal tax return by April 15.

For everyone that have 401k or IRAs retirement plans please read the information below, very good information:

****401(k) and IRA Contribution Limits Increased for 2026****

The IRS announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026. Tax professionals can share these limits with their clients to assist with retirement planning.

The amount individuals can contribute to their 401(k) plans in 2026 increases to $24,500, up from $23,500 for 2025. This annual contribution limit also applies to employees who participate in 403(b) plans, governmental 457 plans and the federal government’s Thrift Savings Plan.

The limit on annual contributions to an IRA increases to $7,500 from $7,000. The SECURE 2.0 Act of 2022 amended the IRA catch-up contribution limit for individuals aged 50 and over to include an annual cost-of-living adjustment increase to $1,100, up from $1,000 for 2025.

Also, the income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2026.

All cost-of-living adjustments affecting dollar limitations – including phase-out limitations – for pension plans and other retirement-related items for tax year 2026 appear in Notice 2025-67.

That's all for now! Want to wish everyone a very Happy Holiday Season and a Happy and Safe New Years!

20/01/2022

I RECOMMEND EVERYONE TO READ THIS IMPORTANT BULLETIN, THANKS

Couple of things to remember when filing income tax returns in 2022

WASHINGTON — With filing season beginning January 24, the Internal Revenue Service reminded taxpayers about several key items to keep in mind when filing their federal income tax returns this year.

Given the unprecedented circumstances around the pandemic and unique challenges for this tax season, the IRS offers a 5-point checklist that can help many people speed tax return processing and refund delivery while avoiding delays.

1. File an accurate return and use e-file and direct deposit to avoid delays. Taxpayers should electronically file and choose direct deposit as soon as they have everything they need to file an accurate return. Taxpayers have many choices, including using a trusted tax professional. For those using e-file, the software helps individuals avoid mistakes by doing the math. It guides people through each section of their tax return using a question-and-answer format.

2. For an accurate return, collect all documents before preparing a tax return; make sure stimulus payment and advance Child Tax Credit information is accurate. In addition to collecting W-2s, Form 1099s and other income-related statements, it is important people have their advance Child Tax Credit and Economic Impact Payment information on hand when filing.

Advance CTC letter 6419: In late December 2021, and continuing into January, the IRS started sending letters to people who received advance CTC payments. The letter says, “2021 Total Advance Child Tax Credit (AdvCTC) Payments” near the top and, “Letter 6419” on the bottom righthand side of the page. Here’s what people need to know:

The letter contains important information that can help ensure the tax return is accurate.
People who received advance CTC payments can also check the amount of the payments they received by using the CTC Update Portal available on IRS.gov.
Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return.
Third Economic Impact Payment letter 6475: In late January 2022, the IRS will begin issuing letters to people who received a third payment in late January 2021. The letter says, “Your Third Economic Impact Payment” near the top and, “Letter 6475” on the bottom righthand side of the page. Here’s what people need to know:

Most eligible people already received their stimulus payments. This letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit (RRC) for missing stimulus payments.
People who are eligible for RRC must file a 2021 tax return to claim their remaining stimulus amount.
People can also use IRS online account to view their Economic Impact Payment amounts.
Both letters – 6419 and 6475 – include important information that can help people file an accurate 2021 tax return. If a return includes errors or is incomplete, it may require further review while the IRS corrects the error, which may slow the tax refund. Using this information when preparing a tax return electronically can reduce errors and avoid delays in processing.

24/11/2021

Understanding taxpayer rights: The right to privacy

One of the IRS's top priorities is protecting the privacy of America's taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers.

Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive than necessary. Taxpayers can also expect that the IRS will respect all due process rights, including search and seizure protections and will provide, where applicable, a collection due process hearing.

Here are a few more details about what a taxpayer's right to privacy means:

• The IRS cannot seize certain personal items, such as schoolbooks, clothing and undelivered mail.

• The IRS cannot seize a personal residence without first getting court approval, and the agency must show there is no reasonable alternative for collecting the tax debt.

• Sometimes, taxpayers submit offers to settle their tax debt that relate only to how much they owe. This is formally known as a Doubt as to Liability Offer in Compromise. Taxpayers who make this offer do not need to submit any financial documentation.

• During an audit, if the IRS finds no reasonable indication that a taxpayer has no unreported income, the agency will not seek intrusive and extraneous information about the taxpayer's lifestyle.

• A taxpayer can expect that the IRS's collection actions are no more intrusive than necessary. During a collection due process hearing, the Office of Appeals must balance that expectation with the IRS's proposed collection action and the overall need for efficient tax collection.

More information:
Taxpayer Advocate Service
IRS Privacy Policy
Privacy Act of 1974

24/11/2021

SCAM ALERT
The Social Security Administration will never threaten, scare, or pressure you to take an immediate action.

If you receive a call, text, or email that...

• Threatens to suspend your Social Security number, even if they have part or all of your Social Security number
• Warns of arrest of legal action
• Demands or requests immediate payment
• Requires payment by gift card, prepaid debit card, internet currency, or by mailing cash
• Pressures you for personal information
• Requests secrecy
• Threatens to seize your bank account
• Promises to increase your Social Security benefit
• Tries to gain your trust by providing fake "documentation," false "evidence," or the name of a real government official..it is a SCAM!

Do not give scammers money or personal information – Ignore Them!

Protect yourself and others from Social Security-related scams
• Try to stay calm. Do not provide anyone with money or personal information when you feel pressured, threatened, or scared.
• Hang up or ignore it. If you receive a suspicious call, text, or email, hang up or do not respond. Government employees will not threaten you, demand immediate payment, or try to gain your trust by sending you pictures or documents.
• Report Social Security-related scams. If you receive a suspicious call, text, or email that mentions Social Security, ignore it and report it to the SSA Office of the Inspector General (OIG). Do not be embarrassed if you shared personal information or suffered a financial loss.
• Get up-to-date information. Follow SSA OIG on Twitter and Facebook Office of the Inspector General for the latest information on Social Security-related scams. Visit the Federal Trade Commission for information on other government scams.
• Spread the word. Share your knowledge of Social Security-related scams. Post on social media using the hashtag to share your experience and warn others. Visit oig.ssa.gov/scam for more information. Please also share with your friends and family.

The OIG is directly responsible for meeting the statutory mission of promoting economy, efficiency, and effectiveness in the administration of SSA programs and operations and to prevent and detect fraud, waste, abuse, and mismanagement in such programs and operations.

13/09/2021

IRS' massive backlog continues to delay millions of refunds for Americans

Nancy Sarnoff
Sun, September 12, 2021, 2:00 PM

IRS' massive backlog continues to delay millions of refunds for Americans

Millions of Americans are still waiting for their tax refunds to show up in their mailboxes or bank accounts months after rushing to meet the May 17 deadline.

And for some, the wait may go on for a long time to come. As of early September, the IRS was still processing 8.5 million individual returns.

In a typical year, the tax agency takes about three weeks to process returns and pay refunds. But this is hardly the typical year. Even an advocacy group created to help taxpayers has been paralyzed by the backlog.

How long you may have to wait

The IRS hasn't been able to keep up for a number of pandemic-related reasons: a workforce shortage, technology gaps and a backlog of unprocessed paper returns from 2019.

The agency says it has processed all error-free returns received before April, but it’s still working on the ones that need to be manually reviewed due to mistakes.

In some cases, the IRS says it may take up to 120 days to issue refunds because it is having to correct “significantly more errors on tax returns than in previous years.”

Many of those errors are related to the expanded child credit, missing information or suspected identity theft or fraud.

Returns are processed in the order they are received, says the IRS, which is trying to minimize delays by rerouting returns and taxpayer correspondence from facilities that are behind to ones where more staff is available.

23/03/2021

To all my clients, 50 years of age or older. COVID19 vaccination available to you at no cost at Snyder Park, 3299 SW 4th Ave, Fort Lauderdale, FL 33315. No appointment needed.
If you have any issue at the park, ask for F***y.
Wait time are very low at this time. Vaccine being used is Pfizer.

24/02/2021

People should be on the lookout for identity theft involving unemployment benefits

The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received.

In 2020, millions of taxpayers were affected by the COVID-19 pandemic through job loss or reduced work hours. Some taxpayers applied for and received unemployment compensation from their state. By law, unemployment benefits are taxable.

Scammers also took advantage of the pandemic by filing fraudulent claims for unemployment compensation using stolen personal information of individuals who had not filed claims. Payments made as a result of these fraudulent claims went to the identity thieves.

Taxpayers who receive an incorrect Form 1099-G should contact the issuing state agency to request a revised form. If they’re unable to get a timely, corrected form from states, they should still file an accurate tax return, reporting only the income they received. They should save whatever documentation they have regarding their attempts to receive a corrected form from their state agency.

Taxpayers do not need to file a Form 14039, Identity Theft Affidavit, with the IRS about an incorrect Form 1099-G. An affidavit should only be filed only if the taxpayer’s e-filed return is rejected because a return using the same Social Security number already has been filed.

If a taxpayer is concerned that their personal information has been stolen and they want to protect their identity when filing their federal tax return, they can request an identity protection PIN from the IRS.

An Identity Protection PIN is a six-digit number that prevents someone else from filing a tax return using a taxpayer’s Social Security number. The IP PIN is known only to the taxpayer and the IRS, and this step helps the IRS verify the taxpayer’s identity when they file their electronic or paper tax return.

States should not issue Forms 1099-Gs to taxpayers they know to be victims of identity theft involving unemployment compensation.