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Tri-State Tax & Accounting

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Tri-State Tax & Accounting

We provide exceptional tax & accounting services with excellent customer service! Quality, professional, tax preparation in Albert Lea and Wells, Minnesota!

11/03/2026

2027’s tax season may feel like it's far away, but some of the best tax planning opportunities happen well before December 31st. The decisions you make over the next few months can have a meaningful impact on your tax bill, so now is an excellent time to review your financial situation and identify opportunities before the year comes to a close.

Swipe for a few planning ideas to keep on your radar.

Tax planning for 2027 is most effective before December 31st — not after. A proactive conversation now may uncover opportunities to reduce taxes, avoid surprises, and put you in an advantageous position before year-end.

If you'd like to review your situation or discuss year-end planning strategies, we’d be happy to schedule a time to talk. Our team is here to be a resource for you.

11/02/2026

2027 Healthcare Open Enrollment

The 2027 open enrollment period for Marketplace health insurance began on Sunday, November 1, 2026, and runs through January 15, 2027. To obtain coverage starting January 1, 2027, you must enroll by December 15, 2026. If you enroll between December 16, 2026, and January 15, 2027, your coverage will generally begin February 1, 2027. During this period, you can enroll in, renew, or change health plans for the coming year.

Once the Open Enrollment period is over, you generally can only enroll in or change Marketplace plans if you qualify for a Special Enrollment Period, such as after certain qualifying life events.

Enrollment can be completed at https://www.healthcare.gov, and information on how to prepare for enrollment, including what documents you'll need, can be found here: https://www.healthcare.gov/apply-and-enroll/get-ready-to-apply/.

10/28/2026

Not having the proper bookkeeping support can really come back to haunt your small business. The trick is simple: Outsource your bookkeeping and payroll so you can focus on what you do best.

Do not hesitate to reach out today. It would be a real treat to support your team!

10/27/2026

Accurate W-2 Reporting Is Required to Deduct 2026 Overtime – Did You Know?

Eligible taxpayers may deduct up to $12,500 of qualified overtime compensation ($25,000 for joint filers) on their 2026 federal income tax returns without itemizing. The deduction begins phasing out when modified adjusted gross income exceeds $150,000 ($300,000 for joint filers). Married taxpayers generally must file jointly. Qualified overtime generally means the “half” portion of time-and-a-half pay required under the Fair Labor Standards Act. Social Security and Medicare taxes still generally apply.

For 2026, employers must report qualified overtime on Form W-2 in box 12 using code “TT.” If the amount is missing or incorrect, contact your employer and keep supporting pay stubs handy. Be sure to obtain a corrected Form W-2c (Corrected Wage and Tax Statement) if your employer omitted or incorrectly reported your qualified overtime pay.

10/21/2026

Late October is the perfect time for small business owners to get ahead on year-end payroll and tax planning. Our team recommends reviewing payroll records, contractor payments, estimated taxes, deductions, and any remaining opportunities before the rush of November and December hits.

A quick check-in now can help you avoid surprises and finish the year with confidence.

Ready to get started? Reach out to our team at Tri-State Tax & Accounting to schedule your year-end review.

10/19/2026

Educators Have New Options to Deduct 2026 Classroom Expenses – Did You Know?

If you work as a K–12 teacher, instructor, counselor, principal or aide for at least 900 hours during the school year at a qualifying school, you may be able to deduct qualifying unreimbursed classroom expenses on your tax return.

For 2026, eligible educators may deduct up to $350 of qualifying expenses as an above-the-line deduction without itemizing, or up to $700 for a married couple filing jointly if both qualify, with a limit of $350 each.

Additionally, a new itemized deduction is available beginning in 2026 for educator expenses, with no separate dollar cap. You must itemize deductions to claim this additional deduction. It is also available to interscholastic sports administrators and coaches who meet the K–12 school and 900-hour requirements, and may cover additional expenses.

Eligible educators may claim both deductions, as long as the expenses used to figure each deduction do not overlap. A tax professional can help you determine whether you qualify and which deduction strategy yields the greatest possible tax savings.

10/14/2026

Fall has a way of sneaking up on us. Between the cooler temperatures and the shorter daylight hours, so many things are beginning to change this time of year. But one thing that will never change is that we are always here for you.

Whatever questions or needs come up this fall, we are right here. Give us a call anytime. We are always happy to help.

10/12/2026

October 15 Filing Extension Deadlines

Taxpayers who timely requested an extension to file their 2025 federal income tax returns generally must file by Thursday, October 15, 2026. The same deadline generally applies to calendar-year C corporations that received an extension to file their 2025 corporate returns (Form 1120).

In addition, U.S. persons with a financial interest in or signature authority over foreign financial accounts whose combined value exceeded $10,000 at any time during 2025, and who are required to file a Report of Foreign Bank and Financial Accounts (FBAR), generally must file by October 15, 2026. The FBAR extension is automatic; no extension request is necessary.

10/07/2026

October has a way of sharpening our focus. The year is winding down, the to-do lists are getting longer, and there is a quiet but real pressure to finish strong.

This quote is a good one to carry into the final stretch. Having a vision is one thing, but doing the work to make it real is another. That is where leadership, whether in business, on a team, or in your own life, truly lives.

As you head into the rest of October, what is one vision you are actively working to bring to life right now? Share it in the comments. We would love to cheer you on.

10/05/2026

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?

The Adoption Tax Credit helps eligible families manage qualified costs such as adoption fees, travel, legal services and home studies. In recent years, the credit was nonrefundable: it could reduce a person's federal income tax, but any unused amount generally had to be carried forward.

Under rules that took effect in 2025, part of the credit is now refundable. For tax year 2026, up to $5,120 per eligible child may be refundable, even if the taxpayer owes no federal income tax. Any unused nonrefundable portion may be carried forward for up to five years, but a carryforward cannot become refundable in a later year.

The Adoption Tax Credit is subject to income limits and other restrictions, and the timing of a claim depends on the circumstances of the adoption. A tax professional can help determine whether you qualify and how much credit you may claim.

Address

1425 Saint John Avenue
Albert Lea, MN
56007

Opening Hours

Monday	8:30am - 4pm
Tuesday	8:30am - 4pm
Wednesday	8:30am - 4pm
Thursday	8:30am - 4pm

Website

http://www.tristatetaxandaccounting.com/

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