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What does you CPA charge you to do your 1040 Taxes?

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What does you CPA charge you to do your 1040 Taxes?

 
Old 03-14-2019, 09:18 AM
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gixxerbill
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Default What does you CPA charge you to do your 1040 Taxes?

Seems like mine is creeping up. Got a decent amount rental property, some k1s, w2, ira's, stock and interest income. He charged me $475.
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Old 03-14-2019, 09:22 AM
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22000/yr. . covers all business and personal aspects.
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Old 03-14-2019, 09:33 AM
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Old 03-14-2019, 09:52 AM
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My bill for business and personal was 1680 and iirc there was a bill for around $250 for planning strategy leading up to Dec 31. I make certain the detailed trial balance and P&L have absolutely no mis-posted entries (in wrong accounts) and that there is no AP on the books 12/31 so as to eliminate additional wasted time on their part. I send a backup of the accounting system which they use directly to prepare everything. Keeps their hours on it to an absolute minimum. I would be rejoicing if it was $475, but I don't begrudge my accountant a thing. He's earned every penny.

Before I bought this place and changed accountants, I vaguely recall bills in the neighborhood of 3-10k depending on how many bookkeeping disasters they had to deal with. Then on top of that, they f'ed it up anyway and made all sorts of bad decisions (or advised bad decisions). Doesn't take a lot of hours for the $ to add up if they have to first decipher what you give them.
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Old 03-14-2019, 09:53 AM
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Originally Posted by flange View Post
22000/yr. . covers all business and personal aspects.
dang dude, that is allot of bucks. Is it that complicated? I mean he does our C corp and family llc and state franchise returns for 3500.

22k??? even if he charges 250/hr that is 88 hours of work. Do you have that much stuff or are they counting their lunch hours, sleeping with help hours, and bathroom breaks after eating a greasy burrito?
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Old 03-14-2019, 09:56 AM
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Originally Posted by gixxerbill View Post
dang dude, that is allot of bucks. Is it that complicated? I mean he does our C corp and family llc and state franchise returns for 3500.

22k??? even if he charges 250/hr that is 88 hours of work. Do you have that much stuff or are they counting their lunch hours, sleeping with help hours, and bathroom breaks after eating a greasy burrito?
Wait a minute, the $475 is just your personal? Ok then, that sounds more reasonable. I only have one S corp as far as any real paperwork. But I don't get billed separately, it's all one bill. I would guess a larger portion is my personal than is the S but idk and idc.
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Old 03-14-2019, 09:57 AM
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Originally Posted by K-Spaz View Post
My bill for business and personal was 1680 and iirc there was a bill for around $250 for planning strategy leading up to Dec 31. I make certain the detailed trial balance and P&L have absolutely no mis-posted entries (in wrong accounts) and that there is no AP on the books 12/31 so as to eliminate additional wasted time on their part. I send a backup of the accounting system which they use directly to prepare everything. Keeps their hours on it to an absolute minimum. I would be rejoicing if it was $475, but I don't begrudge my accountant a thing. He's earned every penny.

Before I bought this place and changed accountants, I vaguely recall bills in the neighborhood of 3-10k depending on how many bookkeeping disasters they had to deal with. Then on top of that, they f'ed it up anyway and made all sorts of bad decisions (or advised bad decisions). Doesn't take a lot of hours for the $ to add up if they have to first decipher what you give them.
Wow I guess I should feel fortunate or ya'll are getting charged to much. I just have to tell you kspaz I have fired two accountants before. I use to be charged almost 7k for the same returns that i am paying 3500 for now. Have you ever shopped accountants? Try to find one that is in an industrial part of town with low overhead and don't wear suits they are allot cheaper.
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Old 03-14-2019, 09:58 AM
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Originally Posted by K-Spaz View Post
Wait a minute, the $475 is just your personal? Ok then, that sounds more reasonable. I only have one S corp as far as any real paperwork. But I don't get billed separately, it's all one bill. I would guess a larger portion is my personal than is the S but idk and idc.
yes it's personal. the c corp and llc is 3500.
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Old 03-14-2019, 10:08 AM
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Originally Posted by gixxerbill View Post
yes it's personal. the c corp and llc is 3500.
Well, if you've got 2 and they're preparing both, we're not really that far apart.

No, I don't shop accountants. The guy I have now is absolutely 'the' guy imho. I have a fair amount of schooling and experience with accounting and tax prep. (and not much desire to f with it). There are few people who impress me with their grasp and practical knowledge of it, and this guy does. He doesn't waste time, has the answer to every question I've ever asked, right off the cuff. and he's saved me enough already to pay his fees for the rest of my life. I'm stayin.
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Old 03-14-2019, 10:10 AM
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Originally Posted by gixxerbill View Post
dang dude, that is allot of bucks. Is it that complicated? I mean he does our C corp and family llc and state franchise returns for 3500.

22k??? even if he charges 250/hr that is 88 hours of work. Do you have that much stuff or are they counting their lunch hours, sleeping with help hours, and bathroom breaks after eating a greasy burrito?
most of it is business related for a couple businesses operating in a couple different states. Quarterlies, annuals, personal stuff, reconciliation of union plans for the employees, etc. Basically stuff I could do, but don't want to, lol. it easier to pay them. My personal return is only about 60 pages and doesn't vary much year over year.
I have him do monthly reporting/comparisons on business looking back three years and forward projections. I also have him directly in my business credit card accounts doing monthly reconciliation/review. Basically stuff I could hire an admin to do, I pay them to do instead. It keep it neat and tidy.

Why would I do this? Well, I got burned bad by my previous accountant who was family. There were screwups which cost my mid six figures in fines and penalties. I now make sure every t is crossed and every I dotted. I don't mind spending a few bucks to do it. I am really good at knowing how to make money when I need or want to do so instead of fukking off here, lol.
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Old 03-14-2019, 10:13 AM
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$1200 - my wife is self-employed.
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Old 03-14-2019, 10:18 AM
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Originally Posted by flange View Post
most of it is business related for a couple businesses operating in a couple different states. Quarterlies, annuals, personal stuff, reconciliation of union plans for the employees, etc. Basically stuff I could do, but don't want to, lol. it easier to pay them. My personal return is only about 60 pages and doesn't vary much year over year.
I have him do monthly reporting/comparisons on business looking back three years and forward projections. I also have him directly in my business credit card accounts doing monthly reconciliation/review. Basically stuff I could hire an admin to do, I pay them to do instead. It keep it neat and tidy.

Why would I do this? Well, I got burned bad by my previous accountant who was family. There were screwups which cost my mid six figures in fines and penalties. I now make sure every t is crossed and every I dotted. I don't mind spending a few bucks to do it. I am really good at knowing how to make money when I need or want to do so instead of fukking off here, lol.
ok I was wondering if you had a office manager to do the monthly and quarterly ****. That makes more sense now and makes me feel worse. I pay my office manager $42k a year but she is awesome. I trust her to run the company when I am vacationing which I like to do more now. And your so right on your last sentence I could make so much more money by not ******* off here too. But I do ok so I just like to think of myself semi retired. I mean how much money do you need anyway if you are contented where you are at present. If I wanted to get into yachting or flying I would probably have to bust butt again but for now I am happy well sorta.
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Old 03-14-2019, 10:19 AM
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Originally Posted by K-Spaz View Post
Well, if you've got 2 and they're preparing both, we're not really that far apart.

No, I don't shop accountants. The guy I have now is absolutely 'the' guy imho. I have a fair amount of schooling and experience with accounting and tax prep. (and not much desire to f with it). There are few people who impress me with their grasp and practical knowledge of it, and this guy does. He doesn't waste time, has the answer to every question I've ever asked, right off the cuff. and he's saved me enough already to pay his fees for the rest of my life. I'm stayin.
Hey if you happy stay with him but just remember if he starts upcharging you there is a BUNCH of them.

My first one was nice and smart but started charging to much. The 2nd one was really smart and really a smart *** when he asked the way I did things. Like he was my boss or soemthing. I go hey ************ you're nothing but a another dime a dozen vendor watch your mouth or i'll fire your ***... so I did. The one I got now is real down to earth and into real estate rentals like me and he is cheap because he keeps his overhead low.

Last edited by gixxerbill; 03-14-2019 at 10:22 AM.
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Old 03-14-2019, 10:26 AM
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$400 personal about 11 K for the business
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Old 03-14-2019, 10:28 AM
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Wow, mine does my personal and my single-proprietor business for $200.
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Old 03-14-2019, 10:36 AM
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Originally Posted by gixxerbill View Post
ok I was wondering if you had a office manager to do the monthly and quarterly ****. That makes more sense now and makes me feel worse. I pay my office manager $42k a year but she is awesome. I trust her to run the company when I am vacationing which I like to do more now. And your so right on your last sentence I could make so much more money by not ******* off here too. But I do ok so I just like to think of myself semi retired. I mean how much money do you need anyway if you are contented where you are at present. If I wanted to get into yachting or flying I would probably have to bust butt again but for now I am happy well sorta.
I do have an office manager, but feel she is best utilized elsewhere. When it comes to taxes and the ever changing rules, it pays to keep on top of it. Here, there is a cluster-eff of things to deal with. Consider just Philadelphia has multiple different taxes to contend with...sales, gross receipts and net profits(birt). Then the state of pa, the state of nj.. All get a quarterly return. So does the fed. there is also payroll taxes, and of course year end planning. With my guy working on it all year, I have generally no surpises come tax season. My corporate returns were ready the first week of February, but I haven't even looked at them yet as they aren't due for another month. He just sends me notes saying "it looks good" or "you need to plan for this" kind of things unless something drastic happens, which it hasn't. I find a lot of value in being comfortable with my tax situation and not having to worry. I also see value in business, knowing exactly where I stand, AND having a sounding board on decisions.

As an example, I bought an expensive vacation property. In my mind I could afford X amount ( I am conservative due to growing up broke, lol). I ran it by him for his thoughts and he told me what he thought I could spend. It was nearly double my estimate. I ended up slightly higher than what I thought I wanted to spend, but got everything I wanted and more. I don't regret it one bit. His input gave me comfort in my ability to handle such a large purchase as a toy.
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Old 03-14-2019, 10:51 AM
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Originally Posted by flange View Post
My corporate returns were ready the first week of February, but I haven't even looked at them yet as they aren't due for another month.
Your's aren't due tomorrow? Mine are already filed and done with. Personal is due 4/15, but that's done already as well.
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Old 03-14-2019, 11:01 AM
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Originally Posted by K-Spaz View Post
Your's aren't due tomorrow? Mine are already filed and done with. Personal is due 4/15, but that's done already as well.
no sir. always april 15th for me, but my quarterlies are due April, june, sept and January. Its not evenly divided, but its always been that way, I dunno?
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Old 03-14-2019, 11:03 AM
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I feel bad, I make so little I can only afford the C. PA will have to wait for a raise.
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Old 03-14-2019, 11:11 AM
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$39.95 TurboTax.
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