KLS Bookkeeping & Tax Services

10/27/2026

☀️ Morning Tax Tip

Health coverage for 2027 opens this Sunday, Nov 1 on HealthCare.gov! Enroll by Dec 15 for coverage starting Jan 1 — the window stays open through Jan 15, but December is the date that matters if you don't want a January gap.

Don't let a plan auto-renew without comparing: your income estimate drives any premium tax credit, so update it and shop before you settle.

Takeaway: compare plans now and enroll by Dec 15 — a few minutes this week beats a surprise bill in January.

Welcome to the Health Insurance Marketplace®. Official government website.

10/20/2026

10/19/2026

‼️ATTENTION‼️

Good news for anyone selling on eBay, Etsy, or getting paid through Venmo, PayPal, or Cash App: the "$600 1099-K scare" is officially gone. The One Big Beautiful Bill Act restored the old rule — for 2026, a payment platform only has to send you a 1099-K if you received MORE than $20,000 *and* MORE than 200 transactions. Both must happen.

Heads-up: no form ≠ no tax. Income from apps and marketplaces is reportable from the very first dollar, form or not — and some states still set their own lower thresholds.

Your move: keep a simple running log of your 2026 app and marketplace sales now, so tax season filing is painless.

10/16/2026

Quick year-end savings checkup — are you on track to max out your 2026 IRA and HSA? Here's what you can put away:

💰 **IRA:** $7,500 if you're under 50; $8,600 if you're 50+ (new $1,100 catch-up)
💰 **HSA:** $4,400 self-only / $8,750 family, plus an extra $1,000 if you're 55+

The deadline for 2026 contributions is April 15, 2027 — but money you put in now has more time to grow.

🎯 Your one action: check what you've contributed so far this year. If there's a gap, bump up your contributions before December so you're not scrambling in April.

10/14/2026

☀️ Morning Tax Tip

If you pay for daycare, preschool, summer camp, or care for an aging parent — check your open enrollment right now.

The One Big Beautiful Bill Act raised the **Dependent Care FSA limit to $7,500** for 2026 (up from $5,000 — the first permanent increase since 1986!). That's $7,500 of pre-tax dollars straight from your paycheck, skipping federal income tax and F**A.

Two things to know:
1️⃣ It's use-it-or-lose-it — only elect what you'll actually spend.
2️⃣ Your employer has to adopt the higher limit, so ask your HR to confirm during open enrollment.

☝️ **Takeaway:** If your workplace offers it, bumping your election to the new $7,500 cap during open enrollment could save you hundreds in taxes next year.

10/12/2026

Self-employed, freelancing, or have income with no withholding? The last estimated tax payment for 2026 is due **Friday, January 15, 2027**.

If you'll owe $1,000 or more and don't have enough withheld from paychecks, the IRS expects quarterly payments — and skipping them can mean penalties. To stay penalty-free, pay at least 90% of this year's tax, or 100% of last year's (110% if your income topped $150K).

Easiest move: pay online through IRS Direct Pay or EFTPS before the deadline. Your future self will thank you.

10/07/2026

Time to assess and maximize your retirement contributions!

‼️Retirement savers, two big changes‼️

🪙 Retirement savers get a shake-up in 2027 — one gift, one rule change:

🎁 NEW: The “Saver's Match” replaces the Saver's Credit. If you qualify, the federal government deposits a 50% match (up to $1,000/year) directly into your retirement account on the first $2,000 you save. Unlike the old credit, it's fully refundable — you get it even if you owe no tax. Full match for singles earning up to $20,500 and joint filers up to $41,000.

⚠️ NEW RULE: If you're 50+ and earned over $145,000 last year, your 401(k) catch-up contributions must now go in as **Roth (after-tax)** dollars.

Start planning now — 2027 contributions are what earn the first matches (paid out in 2028).

10/05/2026

‼️Standard deduction & SALT cap‼️

🏠 Homeowners, this one's for you. Two changes reshape the "should I itemize?" math this year:

📈 Standard deduction for 2026 is up: **$32,200** (joint), **$16,100** (single), **$24,150** (head of household)
📈 The SALT deduction cap jumps from $10,000 to **$40,000** through 2029

What this means: fewer people will need to itemize, but if you pay significant state and local taxes, run the numbers both ways this year — the answer may have flipped.

10/03/2026

‼️4 brand-new tax breaks‼️

💰 Big news for workers: four brand-new deductions are live for your 2027 return, thanks to the One Big Beautiful Bill Act!

✅ Tips: deduct up to **$25,000** in tip income
✅ Overtime: deduct up to **$12,500** (single) or **$25,000** (joint filers) of overtime pay
✅ Car loan interest: deduct up to **$10,000** on loans for new U.S.-assembled vehicles
✅ Seniors 65+: an extra deduction of up to **$6,000 per person** ($12,000 for a qualifying couple)

These are claimed on the new Schedule 1-A and are available for tax years 2025–2028. Heads up: they phase out at higher incomes.

👉 Tag someone who earns tips or overtime — they need to see this!

10/01/2026

Happy October! I am Keshia Smith, the CEO, of KLS Bookkeeping & Tax Service. As we approach the final quarter of the year I just wanted to reintroduce myself!

KLS Bookkeeping & Tax Service specialize in bookkeeping services, tax preparation, tax planning, and tax debt resolution. We are here to help with your personal and business needs.

Reach out to us today for any bookkeeping or tax needs you may have!

📞 706-206-4806
📧 [email protected]