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11/09/2026

Online Payments and Form 1099-K

Self-employed people, small business owners and online sellers who accept payments through platforms like Venmo, PayPal and online marketplaces may receive Form 1099-K.

For 2026, third-party payment platforms generally must issue Form 1099-K if you receive more than $20,000 in payments for goods or services AND more than 200 transactions during the year. However, you may receive the form even below these thresholds, and different reporting rules apply to credit and debit card payments.

If you receive Form 1099-K, review it carefully for accuracy. The form reports gross payments, which may differ from your taxable income. Personal gifts and reimbursements should not be reported on the form. Keeping separate accounts for business and personal payments can help prevent non-taxable transactions from being incorrectly reported. Remember, income from goods, services or freelance work remains taxable even if you do not receive Form 1099-K.

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/.

10/27/2026

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.

10/24/2026

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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.

10/12/2026

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.

10/05/2026

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.

09/08/2026

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1 - August 31, 2026 payment period is coming up next week on Tuesday, September 15, 2026.

For payments made using IRS Direct Pay, you can make payments until 11:45 p.m. ET on the due date. Debit and credit card payments may also be made online through an IRS-approved payment processor.

09/01/2026

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

08/24/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

Address

20485 E Wagon Wheel Cir
Black Canyon City, AZ
85324

Opening Hours

Monday	6am - 8pm
Tuesday	6am - 8pm
Wednesday	6am - 8pm
Thursday	6am - 8pm
Friday	6am - 8pm
Saturday	6am - 8pm
Sunday	9am - 5pm

Telephone

+19282352535

Website

https://krystalcleartaxes.com/

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