October 2026 Update
As October wraps up, here are three updates to help you plan for the months ahead.
For Individuals: Social Security benefits will increase in 2027
The Social Security Administration announced a 3.6% cost-of-living adjustment, beginning with benefits payable in January 2027. If you receive Social Security payments, check our personalized notice before adjusting your budget. It will show your specific benefit amount and any deductions. (ssa.gov)
For Business Owners: A useful QuickBooks Bill Pay update
Intuit’s October update lets QuickBooks Bill Pay users apply vendor credits while scheduling a payment. The vendor’s remittance advice will also show which credits were applied. Before your next bill payment, review any available credits so your payment reflects the balance you owe. (quickbooks.intuit.com)
Looking Ahead: Account for the new Social Security wage limit
In 2027, the largest annual earnings subject to Social Security tax will increase to $192,300. This can increase employer Social Security tax costs for higher-paid employees. Factor the change into your payroll budget and confirm that your payroll provider will apply the updated limit.
November is also a suitable time to catch up on reconciliations, review outstanding invoices, and organize missing receipts. If you need help getting your books ready for year-end or making better use of QuickBooks, reach out to BSG.
Sources
Important: This article provides general federal tax information and is not tax, legal, investment, or financial advice. Results depend on the donor, asset, organization, transfer documents, other contributions, and law in effect. State rules may differ. Consult qualified tax, legal, and investment professionals before transferring securities or filing a return.
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