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About Franklin P. Sparkman CPA
Tax Preparation, Accountant, CPA
Franklin P. Sparkman has more than 26 years of experience working with clients in the Lancaster area. Attention to detail and dedication to every client is part of what makes our service a notch better than all the rest. Small business owners and large corporations continue to benefit from our wide variety of business accounting services. Bookkeeping, payroll services and business accounting have never been as easy or as efficient as it is when you go with Franklin P. Sparkman.
Tax Preparation Charlotte North Carolina
Accountant Charlotte North Carolina
CPA Charlotte North Carolina
Tax Preparation Lancaster South Carolina
Accountant Lancaster South Carolina
CPA Lancaster South Carolina
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NC & SC Tax Forms
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Waxhaw Office 704-315-6700
604 old Providence Rd, Waxhaw, NC 28173
Lancaster Office 803-286-8469
300 N Catawba St, Lancaster, SC 29721
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Franklin P. Sparkman CPA (Lancaster, SC)
Franklin P. Sparkman has more than 26 years of experience working with clients in the Lancaster area. Attention to detail and dedication to every client is part of what makes our service a notch better than all the rest. Small business owners and large corporations continue to benefit from our wide variety of business accounting services. Bookkeeping, payroll services and business accounting have never been as easy or as efficient as it is when you go with Franklin P. Sparkman.
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Business Tax Preparation: Repairs vs. Improvements
Reporting Property Repairs vs. Property ImprovementsInternal Revenue Code section 162 generally allows a current business deduction for the cost of repairs and maintenance incurred during the year. On the other hand, Internal Revenue Code section 263 requires the capitalization of amounts paid to a ...
Saving for College
Custodial Accounts (UTMA/UGMA)Assets in a custodial account belong to the minor. A custodian, usually an adult relative, controls the assets until the minor reaches the age set by state law (21 in most states).Assets in a custodial account can be used to pay for education expenses for the minor. S ...
Business Entity Comparison Charts
Accounting and Recordkeeping - Fringe Benefits - Liability Organization and Ownership - Taxation of Profits and Losses Business accounting and tax preparation is a dreadful task for most Carolina business owners. Thankfully, in your time of need there is a professional you can trust to turn to f ...
Education Tax Benefits Explained
If you pay tuition, fees, and other costs for attendance at an eligible educational institution for yourself, your spouse, or your dependent, you may be able to take advantage of one or more of the education tax benefits. You can claim more than one education benefit in a tax year as long as you do ...
Employee or Independent Contractor
Employee or Independent Contractor? In order for a business owner to know how to treat payments made to workers for services, he or she must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what is needed for ...
Business Owners—Taking Money Out of a Business
When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional to make sure financial transactions are controlled and do not cause unanticipated taxatio ...
Taxpayers Who Receive an IRS Notice
Read these tips for taxpayers who receive an IRS notice. Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in the mailbox, here are ten things you should know. Don’t pa ...
Business Financing— Don’t Intermingle Funds
Intermingling FundsA common problem with single-owner and other closely-held corporations is intermingling of funds. This occurs when a corporate shareholder uses his or her personal checking account for corporate deposits or payment of corporate expenses. Separation of funds can be a key in preser ...
College Financial Aid Planning: Federal Financial Aid and More
College Financial Aid Planning Individuals who want to attend college but cannot afford the costs outright must find alternative funding through various types of financial aid. Many factors affect eligibility for federal financial aid; therefore, all students should apply for financial aid every ...
Newlyweds Tax Tips
Tips for NewlywedsUpdating your status from single to married may bring about some unanticipated changes, including changes relating to your taxes. While wedding planners don’t typically use an IRS checklist, here are a few things to keep in mind when filing your first tax return as a married coupl ...