CPA Accountant Fees

[Aquaman29]

What are the fees that one would typically pay for CPA / Accountant for first the few years out?

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[GeneralVeers]

I've been through three accountants over the past 3 years. A good one costs about $1000 to file your joint taxes. I just got tax advice from him and it's $150/hour.

 

[VA Hopeful Dr]

I've been through three accountants over the past 3 years. A good one costs about $1000 to file your joint taxes. I just got tax advice from him and it's $150/hour.

Agreed. The accountant that does my business taxes charges that for personal filing and about 2500 for the year for quarterly business filing.

 

[Rendar5]

Be careful that they're not inflating prices to take advantage of the fact that you're making a lot of money. $2500 sounds ridiculous. I was getting charged $1600 a year for the quarterly filings and thought that was normal until my wife found a different tax guy who pretty much saved us tons of money. If the guy is really spending 3 hours on each quarter that's one thing, but realistic each of my quarters required an hour max to file for him.

$1000 for complex tax returns seems reasonable for a yearly personal joint filing.

 

[VA Hopeful Dr]

Be careful that they're not inflating prices to take advantage of the fact that you're making a lot of money. $2500 sounds ridiculous. I was getting charged $1600 a year for the quarterly filings and thought that was normal until my wife found a different tax guy who pretty much saved us tons of money. If the guy is really spending 3 hours on each quarter that's one thing, but realistic each of my quarters required an hour max to file for him.

$1000 for complex tax returns seems reasonable for a yearly personal joint filing.

Keep in mind this is not me doing a 1099, this is for my family practice office.

 

[deleted109597]

I've got one that charges $300 and does my taxes. But now that I'm S Corp 1099'd, and am using it to the best of my legal ability, it's gone up to about $3000/year including payroll and everything else.
It's worth it to me to pay 1 shift a year towards my taxes, since they're pretty aggressive. This way, the audit goes to them. Every email I have includes "must remain legal" or some subset of that, so I'm not too concerned.

 

[The White Coat Investor]

Hello,
New grad here. What are fees are you typically paying for CPA / Accountant for first few years out? I live in a big city. I am 1099 and wife is W2, expect help with Tax filing, quarterly payments, deductions and making sure SEP set up correctly?

I do my own, but if I didn't I'd expect to pay $1500-2500 a year for my very complex situation.

Your situation? I wouldn't think twice about doing it myself, especially if the yeahoo is suggesting a SEP-IRA. Don't use a SEP, use an individual 401(k). More details here:

SEP-IRA VS Solo 401K

If you do choose to hire someone, have them teach you. Actually look at the tax forms afterward and try to learn something. In fact, you may even try to do them yourself then take it to the pro to teach you what you did wrong. You'd be surprised how much you learn and how you can apply it in your life moving forward to optimize your finances.

 

[dchristismi]

I do my own as well. I'm a 1099 IC, husband W2, plus rental properties. I have an i401K, and the back door roth. It's really not that hard with Turbotax, especially if you're going to keep track of everything anyway. I have a spreadsheet for each renal property, and an email folder to keep track of business expenses (ACEP dues, conference expenses, etc.) Inputting the numbers is easy.

The backdoor Roth is a little tricky, and there are tutorials through WCIs website to do it properly. Turbotax also keeps track of things year-to-year which also helps.

FWIW, (ah, the irony of the EM forum...) I have an extra copy of White Coat's book than I can send you if you want. The chapter on taxes, while short, is quite high-yield and reinforced my preference to do them myself.

 

[Apollyon]

FWIW, (ah, the irony of the EM forum...) I have an extra copy of White Coat's book than I can send you if you want. The chapter on taxes, while short, is quite high-yield and reinforced my preference to do them myself.

Which, I would very strongly bet, that you got in Vegas, at his talk, where I was at the same time, and still didn't meet you!

 

[Birdstrike]

The numbers on this thread are not out of the norm for a reputable tax account, preparing a complicated return, unfortunately.


Sent from my iPhone using SDN mobile

 

[dchristismi]

Which, I would very strongly bet, that you got in Vegas, at his talk, where I was at the same time, and still didn't meet you!

Of course. But I have to maintain my aura of mystery...

 

[Apollyon]

Of course. But I have to maintain my aura of mystery...

Yeah, wearing a name tag that I didn't see!

 

[deleted109597]

I've hung out with her at Disney World