How much does your accountant cost?

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masonstone
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How much does your accountant cost?

Post by masonstone » Fri Jul 13, 2018 1:04 pm

How much does your accountant charge per hour? Also how many hours do they spend filing your taxes?

PFInterest
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Re: How much does your accountant cost?

Post by PFInterest » Fri Jul 13, 2018 1:10 pm

0. took me 2.5hrs as i was learning new forms this year.

my accountant is me.

masonstone
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Re: How much does your accountant cost?

Post by masonstone » Fri Jul 13, 2018 1:14 pm

PFInterest wrote:
Fri Jul 13, 2018 1:10 pm
0. took me 2.5hrs as i was learning new forms this year.

my accountant is me.
I'd do it myself too if there weren't schedule Cs involved

WJW
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Re: How much does your accountant cost?

Post by WJW » Fri Jul 13, 2018 1:21 pm

My accountant does not charge me hourly. He charges me $250 for my personal tax return (married filing jointly), which includes business and rental income and $750 for my S-Corp's tax return. I do my own bookkeeping and he receives a very detailed and organized year-end package from me.
Last edited by WJW on Sun Jul 15, 2018 8:28 am, edited 2 times in total.

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cinghiale
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Re: How much does your accountant cost?

Post by cinghiale » Fri Jul 13, 2018 1:38 pm

Way...

Too...

Much.

But I square the cognitive dissonance (expenses matter vs. I’m paying this guy right close to $1000.00) with the following “dissonance reduction mechanisms:”

— I know that a complicated return has been done correctly.
— I’m benefiting from a 20-year relationship with an expert in the field.
— I’m saving hours of stress and strain trying to do something for which I have neither the ability nor the interest.
— This kind of service is what the money is for.
— I’ve received consistently good tax advice over the years.
"We don't see things as they are; we see them as we are." Anais Nin | | "Sometimes the first duty of intelligent men is the restatement of the obvious." George Orwell

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simplesimon
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Re: How much does your accountant cost?

Post by simplesimon » Fri Jul 13, 2018 1:55 pm

I always did my own taxes via TaxAct until I got married. My wife had used the same CPA to do her taxes for the last seven to eight years after she became a 1099 worker. Since we've been married we use her CPA who charges about $250-300. I don't know how much time he actually spends doing them.

I am curious to see what the form looks like to include the 20% pass-through deduction for the self employed...looking forward to the tax savings! While I'd like to do my own it is a little easier to to not argue and just send it all off.

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knpstr
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Re: How much does your accountant cost?

Post by knpstr » Fri Jul 13, 2018 1:59 pm

$850

includes business income (self-employed)
and rental income

More than just the tax prep, the CPA goes to bat for you during an audit which is the more valuable service in my opinion.
Very little is needed to make a happy life; it is all within yourself, in your way of thinking. -Marcus Aurelius

jebmke
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Re: How much does your accountant cost?

Post by jebmke » Fri Jul 13, 2018 2:00 pm

masonstone wrote:
Fri Jul 13, 2018 1:14 pm
PFInterest wrote:
Fri Jul 13, 2018 1:10 pm
0. took me 2.5hrs as i was learning new forms this year.

my accountant is me.
I'd do it myself too if there weren't schedule Cs involved
C isn't necessarily complicated. I train volunteers to do tax returns and we do Cs all the time. Depends on how complicated your business is. If you don't have inventory or depreciation they are often pretty simple. Even depreciation isn't so bad if you put some time into understanding the form for depreciation. I did it for my rental Schedule E for years.
When you discover that you are riding a dead horse, the best strategy is to dismount.

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tyrion
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Re: How much does your accountant cost?

Post by tyrion » Fri Jul 13, 2018 2:05 pm

Mine charges a decent bottle of vodka/wine/scotch. Actually, he doesn't charge that but that's what we give him. Good to have a brother in law in the business.

He does charge the kids a hug if they have enough income to warrant filing taxes.

I do try to give him everything he needs to do the taxes with minimal effort. I did them myself for many years so I have at least some idea of how it all fits together.

NotWhoYouThink
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Re: How much does your accountant cost?

Post by NotWhoYouThink » Fri Jul 13, 2018 2:25 pm

About $1000. That's how much extra tax we paid after the estate's accountant botched the 1041. But paying that much in taxes was preferable to explaining to the executor what about the return was botched and how and why to fix it.

For our own taxes, whatever Turbo Tax costs.
Last edited by NotWhoYouThink on Sat Jul 14, 2018 10:37 am, edited 1 time in total.

Cpadave
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Re: How much does your accountant cost?

Post by Cpadave » Fri Jul 13, 2018 2:39 pm

Based on what you guys have posted so far, you are getting a good deal. I am retired now, but used to charge 500 for an average 1040 and over 1200 for more complicated many years ago. Yes, most might not need an accountant to do their returns. But those who do with benefit a lot by using a skilled person for the job. I guess the hard part sometimes might be knowing when you need one. A good tax accountant might pay for itself by providing tax planning and avoiding costly mistakes.

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AllieTB1323
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Location: Desert Washington State

Re: How much does your accountant cost?

Post by AllieTB1323 » Fri Jul 13, 2018 3:11 pm

About $550.

The money is well spent. The return is too complicated for us to personally file.

NotWhoYouThink
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Re: How much does your accountant cost?

Post by NotWhoYouThink » Fri Jul 13, 2018 3:23 pm

My mom pays $600 for just the 1040. It's almost criminal, but she has been dealing with this firm for a few decades and doesn't want to change. If she ever does I'll do it for free in an hour with TT.

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WestUniversity
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Re: How much does your accountant cost?

Post by WestUniversity » Fri Jul 13, 2018 8:33 pm

He is me and I’m not cheap... :mrgreen:

daveydoo
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Re: How much does your accountant cost?

Post by daveydoo » Fri Jul 13, 2018 10:47 pm

$400 - 500 annually. He's a friend and I'm a long-term client and it's not super-simple but I'm organized and make it easy for him. Not sure why I continue -- I generally need to correct one or two things each time -- he tends to omit the 529 deduction, etc. But I do ask him questions periodically throughout the year and he does not charge me for that. I guess he's perpetually "on retainer" for the price of doing my taxes.
"I mean, it's one banana, Michael...what could it cost? Ten dollars?"

gamboolman
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Re: How much does your accountant cost?

Post by gamboolman » Sat Jul 14, 2018 12:47 am

I think $600 or $700 per year.

But that is to prepare our oversea's income taxes.

We could have this done by Megacorp at zero cost - but I prefer to have our CPA prepare our income taxes and to submit to Megacorp.

Just my choice.

HIinvestor
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Re: How much does your accountant cost?

Post by HIinvestor » Sat Jul 14, 2018 2:24 am

I really like having the CPA handle our taxes—the peace of mind and someone to handle any hassles with IRS or local tax office is worth it to us! It’s less than $1,000 for our personal return and less than $1,000 for a partnership K-1. Yes, we COULD do it but are happy to delegate those tasks.

honduranhurricane
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Re: How much does your accountant cost?

Post by honduranhurricane » Sat Jul 14, 2018 10:32 am

CPA $450....like the peace of mind.

Nova1967
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Re: How much does your accountant cost?

Post by Nova1967 » Sat Jul 14, 2018 10:55 am

I had CPA do my taxes to correct a dispute with the IRS and continued to use her for a few years for $250 per tax return, Now I do Turbo tax and use the returns from the CPA as an occasional reference.

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tennisplyr
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Re: How much does your accountant cost?

Post by tennisplyr » Sat Jul 14, 2018 5:11 pm

Dumped my accountant who was charging $250 for a simple return....do it myself now.
Those who move forward with a happy spirit will find that things always work out.

bi0hazard
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Re: How much does your accountant cost?

Post by bi0hazard » Sat Jul 14, 2018 6:05 pm

I paid 700$ yearly for CPA (or more likely his secretary) to fill out turbo tax forms. And every year I was wondering why my CPA charges that ridiculous amount, until I realized it's to pay for their beautiful office.

This year I started filling out TT fields myself. Because it's easy. I purchased the most expensive option, where you literally have a CPA on video conference go over your taxes and certify at the end.

I had 1 schedule C, 1 w2 and three K1s. Oh yea, my Turbo tax CPA caught a backdoor Roth conversion screw up that my previous $700 CPA made for 2016 taxes. I paid $169 this year for '17 taxes.

letsgobobby
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Re: How much does your accountant cost?

Post by letsgobobby » Sat Jul 14, 2018 8:03 pm

I was given a nearly $1000 estimate no schedule c but otherwise seemingly pretty complex. I opted to keep doing it myself and beginning next year plan to have considerably simpler taxes.

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