In addition to these base amounts, those who are 65 or older or are blind get to take additional amounts as a standard deduction. For those who are married, the added amount is $1,300, while singles get to add $1,650. These added amounts are the same for 2020 as they were in 2019. If you're 65 or older and blind, then you can boost your standard deduction by double the relevant amount. Moreover, for joint filers, each spouse has an opportunity to get these added amounts. So married couples in which both spouses are over 65 and are blind would see their standard deduction increase by $5,200 -- or $1,300 times four.
Tax gain-loss harvesting is another form of tax planning or management relating to investments. It is helpful because it can use a portfolio's losses to offset overall capital gains. According to the IRS, short and long-term capital losses must first be used to offset capital gains of the same type. In other words, long-term losses offset long-term gains before offsetting short-term gains. As of 2018, short-term capital gains, or earnings from assets owned for less than one year, are taxed at ordinary income rates. 

Investors enjoy a tax break on certain types of investment income. Dividends that certain stocks pay qualify for lower tax rates, as do the profits on investments that you sell after having held them for longer than a year. These qualified dividends and long-term capital gains are eligible to get taxed at 0%, 15%, or 20%, producing substantial savings.


Investors enjoy a tax break on certain types of investment income. Dividends that certain stocks pay qualify for lower tax rates, as do the profits on investments that you sell after having held them for longer than a year. These qualified dividends and long-term capital gains are eligible to get taxed at 0%, 15%, or 20%, producing substantial savings.
Donations to qualified charities are eligible for a deduction as well. Cash and check donations are deductible and full, and most gifts of property are also deductible up to their fair market value. The key to claiming charitable deductions is to make sure you get the appropriate acknowledgment from the charity that you made the gift, because you'll need that documentation in order to support your deduction in case you're audited.

YP - The Real Yellow PagesSM - helps you find the right local businesses to meet your specific needs. Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. These factors are similar to those you might use to determine which business to select from a local Yellow Pages directory, including proximity to where you are searching, expertise in the specific services or products you need, and comprehensive business information to help evaluate a business's suitability for you. “Preferred” listings, or those with featured website buttons, indicate YP advertisers who directly provide information about their businesses to help consumers make more informed buying decisions. YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page.
YP - The Real Yellow PagesSM - helps you find the right local businesses to meet your specific needs. Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. These factors are similar to those you might use to determine which business to select from a local Yellow Pages directory, including proximity to where you are searching, expertise in the specific services or products you need, and comprehensive business information to help evaluate a business's suitability for you. “Preferred” listings, or those with featured website buttons, indicate YP advertisers who directly provide information about their businesses to help consumers make more informed buying decisions. YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page.
Both the words accounting and accountancy were in use in Great Britain by the mid-1800s, and are derived from the words accompting and accountantship used in the 18th century.[26] In Middle English (used roughly between the 12th and the late 15th century) the verb "to account" had the form accounten, which was derived from the Old French word aconter,[27] which is in turn related to the Vulgar Latin word computare, meaning "to reckon". The base of computare is putare, which "variously meant to prune, to purify, to correct an account, hence, to count or calculate, as well as to think".[27]
An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally acceptable accounting principles (GAAP) has not been consistently observed.[39]
Navigating through all the details involved with tax preparation can be a difficult task for any business owner. Ease your tax burden with the help of a professional throughout the year. Franklin P. Sparkman can help businesses minimize their tax liability while also deferring expenses and income that could enable business to pay less in taxes. A reduction in annual income taxes is also a positive for any business as Franklin P. Sparkman continues to assist the following businesses:
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Through tax planning, all elements of the financial plan work together in the most tax-efficient manner possible. Tax planning is an essential part of an individual investor's financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.
The mortgage interest deduction allows homeowners to deduct interest on up to $750,000 of mortgage debt, with higher grandfathered deductions on up to $1 million in debt applying to those who had such mortgages outstanding before the beginning of 2018. Certain home equity loans used to purchase, build, or improve your home also qualify for the interest deduction.

There are tax credits for college expenses, for saving for retirement, for adopting children, and for childcare expenses, you might pay so you can go to work. The Child Tax Credit is worth up to $2,000 for each of your children under age 17 subject to income restrictions, and the Earned Income Credit (EITC) can put some money back into the pockets of lower-income taxpayers. 
The year 2001 witnessed a series of financial information frauds involving Enron, auditing firm Arthur Andersen, the telecommunications company WorldCom, Qwest and Sunbeam, among other well-known corporations. These problems highlighted the need to review the effectiveness of accounting standards, auditing regulations and corporate governance principles. In some cases, management manipulated the figures shown in financial reports to indicate a better economic performance. In others, tax and regulatory incentives encouraged over-leveraging of companies and decisions to bear extraordinary and unjustified risk.[72]
The Tax Cuts and Jobs Act (TCJA) upended tax rules to a significant extent when it went into effect in 2018. The Internal Revenue Code used to provide for personal exemptions that could further decrease your taxable income, but the TCJA eliminated these exemptions from the tax code. The rules for deductions, adjustments to income, and tax credits cited here are applicable beginning in the tax year 2018 and going forward. They do not necessarily apply to tax years 2017 and earlier.
Empirical studies document that leading accounting journals publish in total fewer research articles than comparable journals in economics and other business disciplines,[68] and consequently, accounting scholars[69] are relatively less successful in academic publishing than their business school peers.[70] Due to different publication rates between accounting and other business disciplines, a recent study based on academic author rankings concludes that the competitive value of a single publication in a top-ranked journal is highest in accounting and lowest in marketing.[71]
Every year, tax season is an event so it makes sense to have a professional assist you in planning for that. Franklin P. Sparkman can take the worry out of tax season with services that work for you all year long. If you are in need of tax preparation for your business, or if you are just looking to file an individual tax return, Franklin P. Sparkman has a solution for you.

Having a separate bank account for your business income and expenses will make your accounting easier. You’ll only have one account to monitor for bookkeeping and tax purposes, and your personal income and expenses won’t get entangled with your business ones. Believe me — only having to look at one set of bank statements is a lifesaver during tax season.

Hiring a certified public accountant (CPA) could be a better option instead of doing your taxes by yourself, but it depends on your tax situation and preferences. Having a CPA do your taxes is usually recommended if you have a business or any type of side job, or if you’ve been contacted by the IRS for a tax-related matter. Others who can benefit are those who own rental properties or have many assets. You can also hire a CPA if you need help understanding what deductions or credit you might qualify for.

No matter how complicated or simple your personal situation is, it's never too early to think about tax planning for the coming year. By getting an early start on the 2020 tax year and using and referring to this guide to 2020 taxes throughout the year, you'll be in much better shape to take advantage of all the favorable provisions that can result in a lower tax bill this year and beyond.

Every year, tax season is an event so it makes sense to have a professional assist you in planning for that. Franklin P. Sparkman can take the worry out of tax season with services that work for you all year long. If you are in need of tax preparation for your business, or if you are just looking to file an individual tax return, Franklin P. Sparkman has a solution for you.
Just as managerial accounting helps businesses make decisions about management, cost accounting helps businesses make decisions about costing. Essentially, cost accounting considers all of the costs related to producing a product. Analysts, managers, business owners and accountants use this information to determine what their products should cost. In cost accounting, money is cast as an economic factor in production, whereas in financial accounting, money is considered to be a measure of a company's economic performance.
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