Any individual with a preparer tax identification number (PTIN) is eligible to file your income taxes on your behalf. However, this doesn’t necessarily mean they will be the best candidate to provide the help you need with your income tax preparation. The IRS explains that CPAs, attorneys and enrolled agents are all allowed to legally represent their clients before the IRS. They have a more thorough understanding of tax code than an individual operating solely with a PTIN or an Annual Filing Season Program participant who provides their services on a volunteer basis. Consider the complexity of your tax return and what level of expertise you’ll require. Before entrusting someone with your private financial and personal information, do some research on their qualifications. The IRS has a searchable database where you can verify the background and credentials of your income tax preparation professional. Once you have selected someone, ask about their service fees and confirm their availability. Then provide them with all the documentation they require, including W-2s, 1099s and more. Always ask to review the paperwork before it is submitted, and never sign a blank tax return.
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Before you hire a tax professional, visit their business profile to see how they handle payments. Many CPAs and tax experts accept digital payments through Venmo, PayPal, Square Cash, Zelle and other online platforms. More businesses may be changing their payment methods to accommodate social distancing. Check with your tax preparer to see how they handle payments. 
401(k) contribution limits are rising in 2020. Those younger than 50 can contribute up to $19,500 toward a 401(k) or similar plan in 2020, up $500 from last year's $19,000. Those 50 or older get to put up to $26,000 into a 401(k), up $1,000. With no income limits applying to 401(k)s, those whose employers offer these plans can save a lot toward retirement.
To take advantage of these lower rates, taxpayers should ensure that they meet the requirements for qualified dividend income and long-term capital gains. Most dividends that U.S. stocks pay qualifies, but any dividends that don't qualify get taxed at higher ordinary income tax rates. Selling an investment you've held for a year or less makes any gain short-term rather than long-term, and short-term capital gains also get taxed at ordinary tax rates. If you pick good dividend stocks and hold your investments for the long run, the tax laws reward you with lower rates.
Collecting money in person (at a storefront, marketplace, etc.) can get pricey. Between equipment, credit card fees, and handling physical cash, it can be a hassle. Thankfully, Square and PayPal make it easy to accept card payments using your smartphone or tablet. These programs also send your customers receipts, reconcile your transactions, and handle returns if necessary.

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:
QuickBooks Self-Employed Offer with TurboTax Self-Employed and TurboTax Live Self-Employed (for users filing from 4/16-7/15 or extension filers): To receive your complimentary subscription to QuickBooks Self-Employed through 10/31/21, you must pay for your 2019 TurboTax Self-Employed or TurboTax Live Self-Employed return between 4/16/20 - 10/15/20 and sign-in and access your QuickBooks Self-Employed account via mobile app or at https://selfemployed.intuit.com/turbotax at least twice by 12/31/20. You will have the option of renewing your QuickBooks Self-Employed subscription by 10/31/21 for another year at the then-current subscription rate. You may cancel your subscription at any time from within the QuickBooks Self-Employed billing section. See QuickBooks.com for price comparison. Offer not valid for existing QuickBooks Self-Employed subscribers already on a payment plan.
A tax preparer can take the form of several different job titles, but they must have an IRS Preparer Tax Identification Number (PTIN) to be authorized to prepare federal tax returns, according to the IRS. Some titles may include enrolled agents, who are licensed by the IRS, as well as certified public accountants (CPAs). Some tax attorneys may offer tax preparation and planning services, though not all are qualified to do this.
Try for Free/Pay When You File: TurboTax online and mobile pricing is based on your tax situation and varies by product. $0 federal (for simple tax returns) + $0 state + $0 to file offer only available with TurboTax Free Edition; offer may change or end at any time without notice. Actual prices are determined at the time of print or e-file and are subject to change without notice. Savings and price comparisons based on anticipated price increase. Special discount offers may not be valid for mobile in-app purchases.

Financial accounting is the branch of corporate accounting that identifies, records, and analyzes financial information for people outside of the company (such as investors). Information provided by financial accounting includes quarterly and annual income statements, balance sheets, and cash flow statements, and statements of retained earnings.  The standards of financial accounting differ whether under generally accepted accounting principles (GAAP) in the U.S. or the International Financial Reporting Standards (IFRS).
The first published work on a double-entry bookkeeping system was the Summa de arithmetica, published in Italy in 1494 by Luca Pacioli (the "Father of Accounting").[21][22] Accounting began to transition into an organized profession in the nineteenth century,[23][24] with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.[25]
There are lots of reasons why individuals and businesses should consider hiring a professional accountant to prepare their taxes each year. Many benefits could be coming your way, meaning more money in your pocket. Any tax problems or hassles from the IRS can also be avoided when you have a professional accountant working for you. Tax rates change each year, which is another reason it is important to have someone you can turn to during tax season. Franklin P. Sparkman handles tax preparations for both individuals and businesses.
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I used Mark Fuqua for tax preparation services. I am self-employed and Mark used mileage deductions, Office in the Home deductions, etc. in addition to regular business deductions to help reduce my taxes. He checked my accounting and found mistakes that benefited me and taught me how to keep better records and how to record my transactions properly. He travels to my office which is included in his charges which are very reasonable....a lot cheaper than a firm like H&R Block which makes you bring everything in to them. I plan on letting Mark help me set up a limited liability company and having him do the corporate return and do payroll for that company. I am very satisfied with his services.

I used Mark Fuqua for tax preparation services. I am self-employed and Mark used mileage deductions, Office in the Home deductions, etc. in addition to regular business deductions to help reduce my taxes. He checked my accounting and found mistakes that benefited me and taught me how to keep better records and how to record my transactions properly. He travels to my office which is included in his charges which are very reasonable....a lot cheaper than a firm like H&R Block which makes you bring everything in to them. I plan on letting Mark help me set up a limited liability company and having him do the corporate return and do payroll for that company. I am very satisfied with his services.


Financial accounting refers to the processes used to generate interim and annual financial statements. The results of all financial transactions that occur during an accounting period are summarized into the balance sheet, income statement and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm. For some, such as publicly traded companies, audits are a legal requirement. However, lenders also typically require the results of an external audit annually as part of their debt covenants. Therefore, most companies will have annual audits for one reason or another.
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