On The Mark Accounting, Inc.

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.

10/02/2026

Happy Friday everyone.
Please note our current hours until tax season starts up. Keep your eye out for that change the beginning of 2027.

If you don't have plans Sunday, stop by Love City Church for a great Word-led service, inspiring message from the pastor and some powerful worship. There's a 10am service in Gloversville at 521 Main Street. And starting this Sunday, a 6pm service in the Saratoga Senior Center at 290 West Ave Suite 1 in Saratoga.

Have a safe, fun and blessed weekend.

10/02/2026

Something exciting is brewing at Stump City. 👀

And no, for once, we’re not talking about beer… although there’s plenty of that brewing, too.

We’re giving the patio a little upgrade. More details coming soon. 🍻

09/29/2026

Enhanced Tax Credit Can Help Cover 2026 Childcare Costs – Did You Know? (2/2)

If you pay for care for your child under 13 years of age, or for your spouse or other dependent who requires help with basic self-care, then you may qualify for a federal tax credit. The Child and Dependent Care Tax Credit (CDCTC) can help reduce your federal income tax based on care expenses that you pay in order to work or seek work.

The CDCTC is calculated as a percentage of eligible care expenses. As in the past, the credit is subject to phase-down ranges, meaning that the maximum credit amount may decrease based on a person's adjusted gross income (AGI). However, new rules that took effect this year have significantly increased the maximum credit amount for people with AGIs both below and within the phase-down ranges.

For example, a married couple filing a joint return with an AGI of $75,000-$150,000 may qualify for a credit of up to 35% of eligible care costs, up from 20% in 2025. Meanwhile, a single filer with an AGI of $15,000 or less may be entitled to a credit equaling 50% of qualifying expenses. Above $15,000, the rate gradually declines, reaching 35% once AGI exceeds $43,000. A tax professional can help you determine whether you qualify for the CDCTC, and if so, what percentage you may use to figure your credit amount.

09/25/2026

Making more moves over here! 😄 Boy, we must really love change... but dont worry, not our address this time 😉.
All glory to God for every door He has opened and all that He has provided. There is something powerful that happens when you choose obedience and trust Him with the next step.

09/22/2026

Happy American Business Women's Day!

We are especially proud to celebrate our co-owner Melinda. Her dedication, passion and leadership help make our business what it is today. We are grateful for everything she brings to our team and out clients.
Here's to Melinda, and all the amazing women in business who continue to make an impact!

On September 22, American Business Women's Day honors the accomplishments of the business women across the nation. Take a moment to reflect on the contributions and achievements of the millions of women in the workforce. Also, consider the impact of millions of women business owners in the U.S.

09/21/2026

Enhanced Tax Credit Can Help Cover 2026 Care Costs – Did You Know? (1/2)

If you pay for care for your qualifying child under age 13, or for your spouse or other qualifying person who is physically or mentally incapable of self-care and lives with you for more than half the year, then you may qualify for a federal tax credit. The Child and Dependent Care Tax Credit (CDCTC) can help cover care expenses you pay in order to work or seek work. Rule changes that took effect this year have made the CDCTC more valuable for many households.

As in past years, you may use up to $3,000 of eligible expenses to figure the credit for one qualifying person, or up to $6,000 for two or more qualifying persons. However, beginning in 2026, the maximum credit rate increased from 35% to 50% of eligible expenses. The applicable percentage declines as adjusted gross income rises, but many households may qualify for a larger credit than under prior law. The increase can be as much as $900 for taxpayers with two or more qualifying persons.

In general, the CDCTC is available for all filing statuses except married filing separately (MFS). However, MFS filers may qualify if they meet special requirements, including filing separately, maintaining a home for a qualifying person for more than half the year, paying more than half the cost of maintaining the home, and not living with their spouse during the last six months of the year. To claim the credit, you must provide information about both the care recipient and care provider on your tax return. A tax professional can help you determine whether you are eligible for the CDCTC, and if so, help you meet the reporting requirements to claim the largest possible credit.

09/18/2026

Good morning, everyone! ☀️

Just a quick heads-up! We recently switched one of our office phones from an Apple to a Samsung, and unfortunately, some messages sent to that phone over the past few weeks did not come through.

If you messaged us and didn’t receive a response, we’re sorry — we didn’t receive your message! The issue has been corrected, and messaging is working properly going forward.

If you were waiting to hear from us, please send your message again or give us a call during regular business hours at 518-883-3333.

Thank you for your patience and understanding! 💙

Send a message to learn more

09/16/2026

💰 Interesting Tax Fact:
Tax season is older than all of us. And we mean REALLY older.

The ancient Egyptians were collecting taxes as far back as 3000–2800 BC. Instead of writing a check, taxpayers might hand over grain or livestock. They also kept records of things like land and cattle to figure out what was owed.
So, when you think your tax return involves a lot of paperwork, just be grateful your accountant isn't asking you to count your cows and bring in a truckload of wheat. 🐄🌾.
Some things have changed in 5,000 years…
Taxes aren't one of them. 😉

Happy Wednesday Everyone!

09/14/2026

Tax Rules for Scholarships, Grants and Fellowships - Did You Know?

Common questions about education expenses relate to whether scholarships, fellowships and grants constitute taxable income. These awards are generally tax-exempt when received by a degree candidate at an eligible educational institution and used for qualified education expenses, including tuition, required enrollment fees, and required course-related books, supplies and equipment.

However, taxes may apply to funds used for nonqualified expenses like housing, food, travel and optional equipment. Fellowships that carry a work requirement, such as serving as a teaching assistant, are generally taxable compensation to the extent they represent payment for teaching, research or other required services, subject to limited exceptions.

The educational institution or scholarship provider should provide you with detailed information about the potential taxability of funds. By reviewing that information with you, a tax professional can help you maximize both tax benefits and peace of mind.