The Ultimate Tax Preparers Inc

The Ultimate Tax Preparers Inc Our firm can assist with the preparation of Individual, Fiduciaries, Estate, Gift, Partnership, Corpo Our rates are affordable.

If you are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. We are experienced and we're friendly. Please call us for a free initial consultation.

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?The Adoption Tax Credit helps eligible fam...
10/09/2026

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.

Classifying workers correctly is an important part of running a business. Whether someone is an employee or an independe...
10/07/2026

Classifying workers correctly is an important part of running a business. Whether someone is an employee or an independent contractor affects payroll taxes, reporting requirements, benefits, and the level of control your business has over the work being performed.

Swipe through for a closer look at the key differences and why proper classification matters.

We hope you find this guide helpful. As always, if you have questions about worker classification, payroll setup, or your business's tax responsibilities, give our office a call. Our team is here to help you make informed decisions.

Enhanced Tax Credit Can Help Cover 2026 Childcare Costs – Did You Know? (2/2)If you pay for care for your child under 13...
09/30/2026

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.

Crypto taxes can feel complicated, but the starting point is simple: The IRS generally treats cryptocurrency as property...
09/28/2026

Crypto taxes can feel complicated, but the starting point is simple: The IRS generally treats cryptocurrency as property, not cash. That means selling, trading, spending, mining, staking, or receiving digital assets may create tax reporting requirements.

One payroll term every business owner should know is “accrual.” Accruals can seem confusing at first, but understanding ...
09/24/2026

One payroll term every business owner should know is “accrual.” Accruals can seem confusing at first, but understanding how they work can help keep your records accurate, organized, and easier to manage.

Swipe for a quick breakdown.

Enhanced Tax Credit Can Help Cover 2026 Care Costs – Did You Know? (1/2)If you pay for care for your qualifying child un...
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.

To all observing Yom Kippur this weekend, we're sending our sincerest wishes for a meaningful and hopeful Day of Atoneme...
09/20/2026

To all observing Yom Kippur this weekend, we're sending our sincerest wishes for a meaningful and hopeful Day of Atonement.

May this sacred time of reflection, repentance, and communal connection bring you clarity and renewal. And to those fasting, we wish you an easy fast filled with hope and renewal. G'mar Chatima Tova.

Tax Rules for Scholarships, Grants and Fellowships - Did You Know?Common questions about education expenses relate to wh...
09/17/2026

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.

Quarterly Estimated Tax Payments - ReminderIf you are making quarterly estimated tax payments to the IRS, the due date f...
09/17/2026

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.

This month, we are sharing a story that is a powerful reminder of what people can accomplish when they come together wit...
09/15/2026

This month, we are sharing a story that is a powerful reminder of what people can accomplish when they come together with a shared purpose.

Inside the Charlotte Convention Center in North Carolina, 6,500 volunteers worked around the clock to build over 10,000 beds in just 24 hours for children who did not have one of their own. Lowe's employees rolled up their sleeves alongside thousands of others to support the charity Sleep in Heavenly Peace, an organization dedicated to ensuring no child sleeps on the floor.

The effort was extraordinary in scale. Two hundred miles of raw lumber were transformed into 10,027 finished beds. Work was divided across 16 lines, with hundreds of people moving in sync through cutting, sanding, assembling, and finishing. When the tools finally went quiet, thousands of beds were stacked and ready for delivery to families across 36 states through 110 Sleep in Heavenly Peace chapters.

As one medical director of sleep medicine noted, without consistent, high-quality sleep, children can fall behind in ways that affect both their health and their learning. What these volunteers gave was more than just a bed. It was a foundation for something better. This story is a beautiful reminder that when people show up for one another, even the biggest goals become possible.

Read the full story here: https://www.goodnewsnetwork.org/6500-volunteers-build-10k-beds-in-24-hours-in-north-carolina/

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