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Arkansas: The Importance of an Expert CPA for Small Business Tax Preparation in the state

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Why online CPAs in Arkansas work

Getting your taxes done with a certified public accountant (CPA) means physically traveling to a CPA's office for a face-to-face meeting. As the client, you had to bring all of the necessary paperwork the CPA would need to prepare your taxes, including receipts, bank statements, spreadsheets and all the random stuff you never think of until the last minute. Only after some hours (if you were lucky) going through all your information together and paying the substantial bill for her services would she file your taxes with the IRS. At least, that's how it used to work. Today, you can have essentially the same meeting with a CPA the same way you can do your banking, play a board game or order dinner: online. What you might not know is that it's no longer the case that you have to gather all your paperwork, because like so many things in life these days, there's an app for that – in this case, a very powerful app that uses A.I. to track your business expenses and your tax deductions automatically. FlyFin is always running in the background and prompting you to mark write-offs, so you don't miss a single opportunity for tax savings. At the end of the year, you've got digital records of everything you need to file your taxes in a fraction of the time it used to take and with savings maximized by A.I. and online CPAs. FlyFin's experts are available 24/7 with tax guidance and advice you would normally need to make a potentially expensive appointment with an Alabama CPA to get. They bring to the tax table more than 100 combined years of deep knowledge about the tax system in Alabama, as well as experience with taxes for self-employed individuals, from nurses, consultants, delivery drivers and designers to business structures like LLCs, S-Corporations, sole proprietorships, and partnerships.

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Facts and figures about
taxes in Arkansas

5,913

CPAs across the state

arkansas
population

3,011,524

Residents as of 2022

population

165,700

People claiming self- employment tax deductions

population

69,360

S-Corps statewide

population

74,830

People taking itemized deductions

population

158,120

People claiming the QBI deduction

😵‍💫 Arkansas CPAs cost a lot when there's only one for every 516 residents.

😓 19 million taxpayers were late filing taxes last year.

😨 Without a trained tax professional, 30 million Americans miss tax-saving deductions.

😣 Nearly half of Americans end up paying more tax than they have to.

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How to set up an LLC in Arkansas

Arkansas State Income Tax Rates & Brackets for 2023

The following tables represents Arkansas's income tax rates and tax brackets:

SINGLE FILER

Brackets

Rates

$0 - $4,300

2.00%

$4,300 - $8,500

4.00%

$8,500+

5.50%

MARRIED FILING JOINTLY

Brackets

Rates

$0 - $4,300

2.00%

$4,300 - $8,500

4.00%

$8,500+

5.50%

Filing Status

Standard Deduction Amt.

Single

$2,200

Couple

$3,300

Arkansas State Sales Tax Rates for 2023

County

Tax Rate

Arkansas County

11%

Ashley County

11%

Baxter County

9.88%

Benton County

9.75%

Boone County

9.50%

Bradley County

10.50%

Calhoun County

10%

Carroll County

9.38%

Chicot County

10.50%

Clark County

10%

Clay County

10%

Cleburne County

9.63%

Cleveland County

10.75%

Columbia County

10.38%

Conway County

11.25%

Craighead County

10.50%

Crawford County

10.25%

Crittenden County

11.25%

Cross County

10.50%

Dallas County

10%

Desha County

11%

Drew County

9.75%

Faulkner County

9.75%

Franklin County

10.50%

Fulton County

11.50%

Garland County

9.50%

Grant County

9.75%

Greene County

9.13%

Hempstead County

10%

Hot Spring County

11%

Howard County

10.25%

Independence County

10%

Izard County

11.50%

Jackson County

10.25%

Jefferson County

10%

Johnson County

9.50%

Lafayette County

9.75%

Lawrence County

11%

Lee County

9.50%

Lincoln County

11.50%

Little River County

11.38%

Logan County

10.50%

Lonoke County

11%

Madison County

10.50%

Marion County

10.25%

Miller County

10.25%

Mississippi County

11%

Monroe County

9.50%

Montgomery County

10.50%

Nevada County

9.50%

Newton County

9.50%

Ouachita County

10.50%

Perry County

10.25%

Phillips County

10.50%

Pike County

10%

Poinsett County

10.25%

Polk County

10.50%

Pope County

9.50%

Prairie County

11%

Pulaski County

9.50%

Randolph County

10%

Saline County

10.50%

Scott County

9.50%

Searcy County

9%

Sebastian County

11%

Sevier County

12.63%

Sharp County

10.88%

St Francis County

11.50%

Stone County

10%

Union County

9.75%

Van Buren County

9.63%

Washington County

10.75%

White County

10.25%

Woodruff County

9.50%

Yell County

9.63%

Arkansas State IRS Statistics of Income for 2020

Size of adjusted gross income

Item
(All amounts are in 1000s of dollars)

Number of returns

Number of single returns

Number of joint returns

Number of head of household returns

Number of individuals

Adjusted gross income (AGI)

Total income: Number

Amount

Salaries and wages in AGI: Number

Amount

Business or profession net income (less loss): Number

Amount

Partnership/S-corp net income (less loss): Number

Amount

Self-employed health insurance deduction: Number

Amount

Student loan interest deduction: Number

Amount

Charitable contributions if took standard deduction: Number

Amount

Total itemized deductions: Number

Amount

State and local income taxes: Number

Amount

State and local general sales taxes: Number

Amount

Qualified business income deduction: Number

Amount

Child and dependent care credit: Number

Amount

Child and other dependent tax credit: Number

Amount

Self-employment tax: Number

Amount

Earned income credit: Number

Amount

Refundable education credit: Number

Amount

Recovery rebate credit: Number

Amount

Total tax liability: Number

Amount

Total additional Medicare tax: Number

Amount

Net investment income tax: Number

Amount

Tax due at time of filing: Number

Amount

Total overpayments: Number

Amount

All returns

1,351,370

619,420

494,070

206,030

2,601,710

83,014,315

1,314,050

83,824,682

1,068,130

54,135,235

221,270

1,981,329

69,360

4,154,413

27,550

190,676

68,800

48,876

326,730

88,211

74,830

5,253,422

62,690

923,364

10,940

23,935

158,120

1,057,745

41,890

23,260

338,710

680,119

165,700

427,083

288,910

732,056

51,260

43,260

267,430

394,377

903,110

9,682,962

20,760

36,856

25,360

345,314

237,220

1,260,033

1,065,050

3,585,936

Under $1

56,370

39,910

11,760

3,030

79,120

0

19,130

0

5,580

190,214

9,200

0

4,490

0

1,130

6,371

520

520

7,700

2,030

0

0

0

0

0

0

0

0

0

0

20

17

2,800

7,715

3,490

5,739

910

818

30,610

44,663

3,350

9,129

100

174

0

0

1,680

4,009

39,350

105,867

$1 under $10,000

184,120

141,050

19,930

19,670

222,160

909,931

184,040

938,151

124,280

681,551

31,500

88,019

2,160

0

1,530

5,069

1,550

1,128

18,710

4,761

1,160

23,872

380

718

600

569

240

120

0

0

110

44

25,180

17,659

65,410

89,143

6,470

5,413

56,860

88,402

29,310

19,134

0

0

0

0

12,540

6,361

149,540

248,627

$10,000 under $25,000

297,160

174,770

44,620

71,520

495,200

5,174,649

297,160

5,249,339

233,300

3,757,044

51,630

377,926

4,350

0

2,890

10,216

5,430

3,534

42,270

11,171

2,850

68,089

1,070

2,678

1,540

1,548

16,680

10,533

2,160

669

34,710

11,928

42,220

68,798

117,060

389,232

13,530

11,216

67,430

105,054

162,390

144,646

20

36

0

0

23,950

24,060

264,420

825,810

$25,000 under $50,000

340,340

160,480

89,430

79,100

651,130

12,227,185

340,340

12,343,218

297,160

9,902,394

43,260

336,311

7,510

32,711

4,340

19,863

17,590

11,301

72,740

19,476

7,320

182,249

4,370

9,008

2,630

3,916

34,860

52,009

9,920

5,620

118,340

148,109

30,900

72,140

98,700

245,579

11,640

9,703

47,630

67,666

254,020

558,474

40

33

0

0

48,680

64,603

289,770

903,827

$50,000 under $75,000

176,860

61,120

89,020

21,200

382,730

10,857,498

176,860

10,959,434

151,280

8,275,635

26,870

233,183

7,750

72,626

3,550

19,536

15,790

11,382

57,410

15,556

9,480

240,199

7,310

22,545

2,010

3,891

26,100

62,857

6,940

3,660

63,850

157,684

19,390

52,071

4,250

2,363

6,220

5,329

23,820

32,294

160,980

725,004

40

40

0

0

41,820

81,173

134,610

389,953

$75,000 under $100,000

108,230

21,840

78,080

6,570

264,770

9,369,613

108,230

9,455,355

92,310

6,892,387

18,920

187,641

7,330

102,388

2,840

17,953

11,350

8,137

44,560

12,229

9,110

244,977

7,720

32,832

1,270

2,961

20,540

64,382

7,170

4,029

42,610

125,679

13,820

42,030

0

0

4,700

4,019

16,060

19,333

105,510

748,203

40

127

0

0

30,120

79,636

77,910

261,282

$100,000 under $200,000

143,220

16,140

121,530

4,050

379,510

19,157,716

143,220

19,342,725

124,420

13,866,448

28,120

389,766

18,200

511,337

5,700

45,755

16,560

12,874

67,100

18,485

24,160

775,559

22,380

165,833

1,660

5,684

37,160

197,709

12,040

7,060

62,360

185,645

20,810

84,268

0

0

7,780

6,762

24,600

36,781

142,500

2,101,339

970

314

390

131

53,650

240,788

89,330

394,794

$200,000 under $500,000

37,260

3,320

32,910

740

105,040

10,631,007

37,260

10,759,194

33,000

6,961,165

9,330

324,494

12,430

1,113,950

3,930

43,945

0

0

14,420

3,992

15,500

647,528

14,610

249,988

840

3,908

17,480

251,031

3,250

1,957

16,650

50,946

8,030

54,844

0

0

0

0

420

184

37,250

1,802,203

14,570

11,308

18,190

18,417

20,410

277,739

16,750

178,651

$500,000 under $1,000,000

5,410

490

4,760

100

15,570

3,632,826

5,410

3,677,336

4,770

1,972,619

1,680

127,295

3,290

758,769

1,060

14,016

0

0

1,390

390

3,470

223,092

3,210

133,557

240

894

3,260

100,682

330

214

60

67

1,720

15,730

0

0

0

0

0

0

5,410

862,144

3,560

11,423

4,620

19,061

3,140

160,648

2,240

75,682

$1,000,000 or more

2,400

290

2,030

40

6,480

12,849,751

2,400

12,875,002

2,040

1,635,778

770

65,831

1,850

2,006,169

590

7,952

0

0

440

121

1,790

2,847,857

1,640

306,205

140

564

1,790

318,422

70

51

0

0

850

11,828

0

0

0

0

0

0

2,400

2,712,686

1,430

13,401

2,160

307,705

1,240

321,016

1,140

201,443

Frequently Asked Questions

How does online tax filing in Arkansas work?

What exactly is a CPA in Arkansas?

What does a Certified Public Accountant in Arkansas do?

How do FlyFin Smart CPAs do?

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Ask a CPA in Counties of Arkansas

Who do FlyFin CPAs save freelancers time and money?

Because freelancers, gig workers, independent contractors and sole proprietors are responsible for so much more in terms of taxes, their needs for expert tax advice are different from any other kind of taxpayer, and FlyFin was designed specifically for them. FlyFin automatically tracks self-employed individuals' costs using a powerful A.I. to find even the smallest write-offs and every opportunity to save money on taxes. In addition, FlyFin enables any type of taxpayer to file their taxes, with FlyFin CPAs taking on 95% of the effort, so taxpayers can focus on the other important things in life. FlyFin CPAs file state and federal tax returns with a guaranteed accuracy rate of one hundred percent, saving taxpayers $3,500 on average.
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