Tax Preperation

[mwhittington]

I use an accountant who is very very good in my opinion but I would like opinions on costs of services.

I am self employed and I am my only employee.

The fees I pay are:

Business tax returns - $860
Personal tax returns - $600 (rental property, IRA, etc. included)

Quarterly he does payroll reports for $225

Year end does 1099's for contract work people and W-2 for me $260

so overall depending on the year I pay $1900 to $2400. does this sound about right for very good service?

[Gailete]

Yikes! I don't know what other people pay, I don't hire anyone. I have been doing my own taxes since 1977. Currently we have 2 business, a rental property, retirement accounts, etc. I also took an H&R tax class to be able to do taxes for others? We must run a much simpler organization than what you do, but I handle the estimated quarterly taxes as well as the sales tax returns. I try to be always reading up and aware of the changes that would be something that we know about. I read a book a long time ago and it stuck with me. The writer had mentioned how much he had to pay in taxes and, so he researched and did his taxes again with a lot less owing. When he talked with accountant again and asked why the big difference, his accountant told him that he could only deal with the numbers he was given. If you don't know what you can deduct, then the accountant can't use those deductions. If this is a person that gives you suggestions on ways to be more profitable then he/she just might be worth the money you pay. But if you know the numbers already, what is to stop you from buying Turbo Tax and filling in numbers yourself? Or even see if you come up with the same amount as they did?

One of the things that I have learned over the years is to keep up with recordkeeping. That way when it is time for any of the points in time that taxes are needed, it is a piece of cake.

[mwhittington]

good advice

very good advice. he does give me ideas constantly on ways to save in taxes. I keep very good records in Quickbooks and have for years. I'm just afraid that I will miss 1-2 things that could save me in taxes what I pay him to prepare.

thank you for your insight

[disneysteve]

From what I know, those numbers sound reasonable. If you are happy with the service and performance, I'd stick with it. It's hard to find good people who know what they're doing.

[james.hendrickson]

I use an accountant who is very very good in my opinion but I would like opinions on costs of services.

I am self employed and I am my only employee.

The fees I pay are:

Business tax returns - $860
Personal tax returns - $600 (rental property, IRA, etc. included)

Quarterly he does payroll reports for $225

Year end does 1099's for contract work people and W-2 for me $260

so overall depending on the year I pay $1900 to $2400. does this sound about right for very good service?

I pay an accountant about $1,500 to do my taxes (both business and personal), so that sounds about right.

[mwhittington]

thank you

good advice - thank you