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Carolyn Culp, EA, ATA

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Council Grove, KS
Carolyn Culp, EA, ATA

I have been a professional tax accountant since 1977 with offices located in Kansas and California.

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/.

10/30/2026

Getting an unexpected tax bill is a spooky experience. Prevent these surprise tax bills by checking your withholding with the Tax Withholding Estimator tool. Answer a series of questions online to find out if you need to increase your withholding or make an estimated tax payment.

Ghost ahead and get started at www.irs.gov/withholding.

10/30/2026

Caring for a loved one is important work. If you get paid to take care of a family member, different tax rules may apply. Learn more: https://ow.ly/exLN50ZW0r7

10/30/2026

Are you sending your child to a before or after school program while you work or look for work? You can get a credit for 2026 when you file your taxes with the next year. Under the Working Families Tax Cuts, the Child and Dependent Care Credit has expanded. Starting in tax year 2026, the maximum credit rate increases from 35% to 50%. This is a valuable tax savings for working families.

Learn more at www.irs.gov/wftc.

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.

07/29/2026

Good customer service from the is making things easier for you. Our new Automatic Exemption from Penalty (AEP) process does just that. It will apply to eligible original returns starting with tax year 2025 and 2026 quarterly returns. If you're eligible, the IRS will apply AEP and send you a notice.

Find out more about our new AEP process at https://ow.ly/wpur50Znur6.

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