Dr. Sheri Thomas, CPA

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.

10/19/2026

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.

10/16/2026

If a tax “strategy” seems too good to be true, it’s usually a bad idea.

Thomas Weickgenant, along with three other people named in the indictment who live in North Texas, promoted and sold a fraudulent trust scheme that was used to shelter more than $1.5 billion of income.

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.

09/03/2026

🚨 IRS DIRTY DOZEN TAX SCAMS FOR 2026 🚨

The IRS has released its annual “Dirty Dozen” list of tax scams and schemes taxpayers should watch for:

1️⃣ IRS impersonation emails and texts
Scammers send alarming messages containing suspicious links or QR codes designed to steal personal information.

2️⃣ AI-generated IRS phone scams
Criminals use artificial intelligence, voice imitation and spoofed caller ID to sound legitimate. The IRS generally contacts taxpayers by mail first and does not demand immediate payment or threaten arrest.

3️⃣ Fake charities
Scammers create fraudulent charities following disasters and tragedies. Always verify that an organization is legitimate before donating.

4️⃣ Misleading social media tax advice
Viral “tax hacks” may encourage taxpayers to claim credits or deductions they do not qualify for, resulting in audits, penalties or delayed refunds.

5️⃣ IRS Online Account identity theft
Criminals may pose as helpers while trying to obtain information needed to access a taxpayer’s IRS account. Create and access your account directly through IRS.gov.

6️⃣ Fake undistributed capital-gain claims
Scammers promote fabricated or inflated Form 2439 claims to generate improper refundable credits.

7️⃣ Bogus “Self-Employment Tax Credit” promotions
There is no broad tax credit available simply because someone is self-employed. The IRS is closely reviewing questionable claims promoted online.

8️⃣ Ghost tax preparers
Avoid preparers who refuse to sign the return or include their PTIN. Never sign a blank or incomplete tax return.

9️⃣ Inflated noncash charitable deductions
Promoters may encourage exaggerated values for donated art, conservation easements or other property to improperly reduce taxes.

🔟 Fabricated withholding
Scammers encourage taxpayers to report withholding that was never paid to create a larger refund. The IRS verifies withholding against information reported by employers and financial institutions.

1️⃣1️⃣ Spear-phishing attacks targeting tax professionals
Fraudulent “new client” emails and document-sharing requests may contain malicious links or attachments designed to steal taxpayer information.

1️⃣2️⃣ Offer in Compromise mills
Aggressive companies may charge large fees while promising tax-debt settlements to people who do not qualify. Eligibility can be checked directly through the IRS.
Protect yourself:

✅ Do not click unexpected links or attachments.
✅ Hang up on threatening or suspicious callers.
✅ Verify information directly through IRS.gov.
✅ Use a reputable tax professional.
✅ Report suspicious IRS-related messages to [email protected].

Remember: If a tax strategy sounds too good to be true, it probably is. Taxpayers remain legally responsible for the information reported on their returns.

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.

08/30/2026

📘 New Business Owner’s Financial Survival Guide

Starting a business is exciting—but managing the financial and tax responsibilities can quickly become overwhelming.

I created the New Business Owner’s Financial Survival Guide to help new and aspiring business owners understand the financial basics they need to build a strong foundation.

This practical, easy-to-understand guide covers:

✅ Choosing a business structure
✅ Obtaining an EIN
✅ Separating business and personal finances
✅ Establishing an effective bookkeeping system
✅ Understanding self-employment and estimated taxes
✅ Tracking and categorizing business expenses
✅ Preparing for Schedule C and tax filing
✅ Following monthly and year-end financial checklists

You don’t need an accounting degree to manage your business finances—but you do need a reliable system and a clear understanding of your responsibilities.

Get your downloadable copy here:

https://sherithomascpa.gumroad.com/l/newbusinessguide

Stop Guessing. Start Building.Most new business owners don't fail because they worked too hard — they fail because nobody told them the financial rules before they broke them.The New Business Owner's Financial Survival Guide is a step-by-step roadmap written by a CPA with 25+ years of experience h...