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2027 Healthcare Open Enrollment![]()
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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.![]()
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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.![]()
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Enrollment can be completed at www.healthcare.gov, and information on how to prepare for enrollment, including what documents you'll need, can be found here: www.healthcare.gov/apply-and-enroll/get-ready-to-apply/.
Accurate W-2 Reporting Is Required to Deduct 2026 Overtime – Did You Know?![]()
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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.![]()
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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.
An email from Social Security saying your latest statement is ready? You might want to think twice before clicking.![]()
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I received one of those emails this week. As you can see, it had a Social Security logo, looked reasonably official, and offered a link to preview and download my statement.![]()
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Except it wasn't from Social Security.![]()
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The link led to a page on an unrelated organization's website that attempted to download ScreenConnect, a legitimate remote-access program. In the wrong hands, that software can allow scammers to access your computer, files, and sensitive information.![]()
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I contacted the organization whose website was being used. They acknowledged the report and said they were investigating. The suspicious page has since become unavailable.![]()
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A few things worth knowing:![]()
🔹 Social Security doesn't send monthly statements like the one described in the email.![]()
🔹 You don't need to download special software to view your Social Security Statement.![]()
🔹 An official-looking logo doesn't mean an email is legitimate.![]()
🔹 You can check your statement directly through your account at ssa.gov.![]()
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I broke down how the scam works, what I found when I investigated, and what to do if you've already downloaded the software.![]()
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www.taxgirl.com/2026/10/21/fake-social-security-statement-scam/![]()
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And remember: just because a link promises a PDF doesn't mean that's what you're downloading.
Educators Have New Options to Deduct 2026 Classroom Expenses – Did You Know?![]()
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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.![]()
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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.![]()
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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.![]()
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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.
October 15 Filing Extension Deadlines![]()
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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).![]()
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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.