Reasonable price for a CPA?

[doctorette]

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What is a reasonable price for a tax returns for someone who is single, and has an LLC filed as s-corp for locums work, and, doesn't own any properties or businesses? I am in the process of interviewing accountants right now and trying to find the right one based on price, availability and knowledge. Thanks

 

[BorntobeDO?]

What is a reasonable price for a tax returns for someone who is single, and has an LLC filed as s-corp for locums work, and, doesn't own any properties or businesses? I am in the process of interviewing accountants right now and trying to find the right one based on price, availability and knowledge. Thanks

How do you use your s-corp and LLC for Locums? I would be very interested in this in the somewhat near future and I have always wondered if I could contract myself out. Was a former travel nurse in the past so locums has been on my mind for a bit.

 

[dpmd]

How do you use your s-corp and LLC for Locums? I would be very interested in this in the somewhat near future and I have always wondered if I could contract myself out. Was a former travel nurse in the past so locums has been on my mind for a bit.

Don't need and s corp or LLC for that, you can just file as a sole proprietor. Pretty much same deductions with a much simpler tax return and no corporate fees.

 

[dpmd]

As for the CPA I don't know because I file my own using turbotax

 

[BorntobeDO?]

Don't need and s corp or LLC for that, you can just file as a sole proprietor. Pretty much same deductions with a much simpler tax return and no corporate fees.

Presumably I could keep part of my fees taxed at the corporate tax rate which is much lower than the individual beyond say 100k etc.

 

[dpmd]

Presumably I could keep part of my fees taxed at the corporate tax rate which is much lower than the individual beyond say 100k etc.

But you have to pay yourself a reasonable amount so unless you are being fraudulent about it there shouldn't be much to hold back.

 

[BorntobeDO?]

But you have to pay yourself a reasonable amount so unless you are being fraudulent about it there shouldn't be much to hold back.

reasonable for primary care is a lot less than locum rates.

 

[dpmd]

reasonable for primary care is a lot less than locum rates.

Gotcha. I am in private practice so my insurance reimbursement is essentially equivalent to reasonable salary.

 

[SigmaFS]

An S Corp is a pass-through entity taxed at the individual's marginal rates. Not like a C Corp with a tax rate of 21%. OP's tax benefit might be avoidance of some Medicare and ACA tax.

 

[chocomorsel]

What is a reasonable price for a tax returns for someone who is single, and has an LLC filed as s-corp for locums work, and, doesn't own any properties or businesses? I am in the process of interviewing accountants right now and trying to find the right one based on price, availability and knowledge. Thanks

About 3-4K. I am in the exact same boat as you and used to pay 5k plus and get ripped off. Now have a better accountant for cheaper.

 

[RangerBob]

About 3-4K. I am in the exact same boat as you and used to pay 5k plus and get ripped off. Now have a better accountant for cheaper.

That sounds like a lot, though maybe it’s because I am a sole proprietor, have no rental properties, etc. Right now I pay $2k for an accountant referred by whitecoatinvestor’s website. My prior account was under $1k/yr but wasn’t very god with communication and took too long to file my taxes I deducted to look for another.

 

[chocomorsel]

That sounds like a lot, though maybe it’s because I am a sole proprietor, have no rental properties, etc. Right now I pay $2k for an accountant referred by whitecoatinvestor’s website. My prior account was under $1k/yr but wasn’t very god with communication and took too long to file my taxes I deducted to look for another.

Well I have an SCorp and rental properties which operate at a loss every year but are included. I am cheap as hell but not when it comes to these things. He does my business taxes and my personal taxes and files my business paperwork. So let’s decide on 3k then.
I think in the grand scheme of things, 1k versus 3k at our income bracket is really not that big of a deal. Unless OP is making like 100k a year that is.

 

[RangerBob]

Well I have an SCorp and rental properties which operate at a loss every year but are included. I am cheap as hell but not when it comes to these things. He does my business taxes and my personal taxes and files my business paperwork. So let’s decide on 3k then.
I think in the grand scheme of things, 1k versus 3k at our income bracket is really not that big of a deal. Unless OP is making like 100k a year that is.

Correct. Better to have someone you trust.

I wasn't aware you had two sets of tax returns and the properties. SCorp is also more complicated than a sole proprietorship (part of why I like being a sole proprietor), so that easily explains the difference in cost.

Sometimes I get tempted to just use H&R block to file my own taxes like I used to, but as you say, in the grand scheme of things, it's not really that big a deal and it's better to have a professional review things/do all the filing.

 

[Creflo]

I use a non CPA to do my taxes, she is an "Enrolled Agent." I majored in accounting in undergrad so feel comfortable using a non-CPA. This year I paid $250 for my personal return, no itemized deductions - we took the standard deduction. I paid $480 for my LLC solo practice return (LLC filed as an s corp) that takes only Medicare, so I had several 1099's from Medicare and the supplemental carriers. I filed for an ADA tax credit this year as well for x ray equipment purchased. I feel like she charged about $100 too much, but is probably cheaper than a CPA, hopefully I'm not missing any major deductions. She did point out that I can deduct the transaction fees from my Square account, which I would have overlooked.

 

[Mman]

how much you pay the accountant depends on where you live. I've never spent more than $1000 in a year for complicated returns that involve several sources of K1 income and multiple LLCs and an S-corp. Others pay more. I would ask physicians in your local area who they use to get a good recommendation.