Tax compliance can be complicated when income comes from multiple sources, property is bought or sold, a company changes structure, an estate is administered or an organization has special reporting duties. Ultimate Business Solutions LLC (DBA Precepts) helps clients navigate these situations with thorough preparation and practical guidance.
We prepare a broad range of federal tax returns and applicable state returns, including multistate and part-year resident filings. Return preparation and advisory engagements are tailored to each client's circumstances and applicable filing requirements.
Individual & Family Income Tax Returns
We assist wage earners, retirees, self-employed individuals, families, investors, real estate owners and taxpayers with more complex situations.
- Form 1040 and Form 1040-SR — individual income tax returns, including senior taxpayers.
- Form 1040-NR — nonresident individual returns, where appropriate and within the engagement scope.
- Form 1040-X — amended federal individual returns.
- State individual returns, part-year and nonresident returns, and multistate filings.
- Retirement income, pensions, IRAs, Roth conversions and Social Security tax considerations.
- Interest, dividends, investment transactions, education credits and applicable dependent-related tax benefits.
- Tax withholding reviews, estimated payments and year-end tax projections.
- Prior-year and delinquent individual returns.
Specialized Individual Tax Schedules
Schedule C — Profit or Loss From Business
For sole proprietors, independent contractors, freelancers and other qualifying self-employed taxpayers. We report business receipts, allowable expenses, vehicle use, depreciation, home office deductions when applicable, and self-employment income.
Schedule D — Capital Gains and Losses
For taxable sales or exchanges of capital assets, such as stocks, bonds, mutual funds, digital assets and investment property. We review cost basis, holding periods, capital loss carryovers and related Form 8949 reporting, when required.
Schedule E — Supplemental Income and Loss
For rental real estate, royalties and income or losses reported from partnerships, S corporations, estates, trusts and other qualifying activities. We address income, operating expenses, depreciation, Schedule K-1 information and applicable passive activity rules.
Schedule F — Profit or Loss From Farming
For qualifying sole proprietor farming activity, including crop and other farm income, operating expenses, farm equipment depreciation and relevant agricultural tax treatment. Farming conducted through partnerships or corporations is generally reported through the entity's applicable return rather than solely on Schedule F.
Other Schedules and Related Forms
- Schedule A — itemized deductions.
- Schedule B — interest and ordinary dividends.
- Schedule SE — self-employment tax.
- Form 4562 — depreciation and amortization.
- Form 4797 — sales of business property.
- Form 8582 — passive activity loss limitations.
- Form 8949 — capital asset transaction reporting.
- Form 8962 — premium tax credit reconciliation.
- Forms 8995 and 8995-A — qualified business income deduction.
- Other applicable schedules and supporting forms based on the return.
Partnership, Corporate & Business Returns
We work with businesses ranging from new entrepreneurs to established corporations and investment partnerships.
Form 1065 — Partnership Returns
Partnership income, deductions, partner allocations, Schedule K-1 preparation, capital accounts and related reporting considerations.
Form 1120 — C Corporation Returns
Federal corporate income taxes, business deductions, depreciation, income reporting and related state returns.
Form 1120-S — S Corporation Returns
Pass-through income reporting, shareholder Schedules K-1, distributions, basis considerations and reasonable compensation planning matters.
LLCs and Sole Proprietorships
Returns are prepared according to the entity's federal tax classification, including disregarded entities, partnerships and corporations.
Additional Business Reporting
- Multistate business tax returns and applicable franchise or entity-level income tax filings.
- Depreciation schedules, fixed asset dispositions and applicable Section 179 or bonus depreciation.
- Partner and shareholder basis and pass-through income considerations.
- Business vehicle, equipment and operating expense reporting.
- Business startup costs, organizational expenditures and tax elections.
- Final returns for businesses that have closed or dissolved.
- Tax treatment of property investments, business asset sales and entity changes.
Estate, Trust, Gift & Fiduciary Tax Returns
Estate administration, trust distributions and transfers of property can involve separate tax obligations. We help fiduciaries and families organize the information needed for proper reporting.
Form 1041 — Income Tax Returns for Estates and Trusts
Reporting income received by estates and trusts, deductions, distributions and beneficiary Schedules K-1.
Form 706 — United States Estate (and Generation-Skipping Transfer) Tax Return
Federal estate tax return preparation when required or appropriately elected, including the reporting of estate assets, deductions and relevant elections.
Form 709 — United States Gift (and Generation-Skipping Transfer) Tax Return
Reporting taxable gifts and other transactions requiring a federal gift tax return.
Related Fiduciary Services
- Final Forms 1040 for deceased individuals.
- Estate and trust capital gains and sales of inherited property.
- Tax basis information and supporting records for property transfers.
- Income and deduction allocations to beneficiaries.
- Applicable state fiduciary, estate and inheritance tax filings.
- Coordination of tax records with executors, trustees, beneficiaries and legal counsel.
Nonprofit & Tax-Exempt Organization Filings
- Form 990 — annual exempt organization return.
- Form 990-EZ — short-form exempt organization return.
- Form 990-N — electronic notice for eligible organizations.
- Form 990-PF — private foundation return.
- Form 990-T — exempt organization business income tax return.
- Form 1023 and 1023-EZ — applications for recognition of 501(c)(3) exemption, where eligible.
- Forms 1024 and 1024-A — applications for applicable other exempt classifications.
- State nonprofit and charitable filing assistance, subject to jurisdictional requirements.
Agricultural Tax Preparation
Farm operations can involve unique rules for income recognition, expenses, equipment and land-related transactions. We assist qualifying growers, farmers and agricultural businesses with Schedule F reporting where appropriate, partnership and corporate agricultural returns, bookkeeping, depreciation and business entity considerations.
Tax Planning and Advisory
We assist with tax projections and planning considerations involving business income, retirement distributions, required minimum distributions, Roth conversions, capital gains, rental properties, entity structures, estimated payments and year-end decisions. We also help clients review federal and state withholding, including W-4 planning.
Amended Returns, Unfiled Taxes & IRS Correspondence
Unfiled returns and tax notices often become more difficult to resolve over time. Our services include prior-year return preparation, amended returns, IRS notice reviews, documentation organization, account and payment reconciliation, assistance with installment agreement applications and penalty abatement requests, where appropriate. Representation before taxing authorities is offered only by appropriately authorized professionals within the scope of their credentials and engagement.
Taxes Across State Lines
We help with filing situations involving residents, part-year residents, nonresidents, businesses operating in more than one state and taxpayers with income sourced to multiple jurisdictions. Applicable state registration, filing and professional requirements are evaluated for each engagement.