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Advisor

What do you pay for tax preparation?

Just curious what you are paying for tax prepapation these days?  There is no way I would even think of trying to do my own.  I just give him the needed info and let him and the office gals do the work.  We paid $575 last week for tax preparation work.  That included 19 Fed forms and 10 State forms.  Up just a little from last year.  Not complaining here, just curious.  Some of our year end payroll tax work is done my another gal so the real tax preparation would be a little higher. 

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21 Replies
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Senior Advisor

Re: What do you pay for tax preparation?

$600

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Senior Advisor

Re: What do you pay for tax preparation?

Well to do my farm and spray business = 540 - then I would have to look to see what the pre tax meeting was and the 1099's -- Ballpark ?? this is a guess - 750 to 775 for the whole year .  AND worth every penny

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Honored Advisor

Re: What do you pay for tax preparation?

Just paid for the individual returns yesterday...$1150. The two corporate ones will be separately billed, alter on in the year.

I think the returns took 44 pages to download in the printer Wednesday evening. Then, there were separate emails of e-file authorizations and a 1099 authorization, for one company's payments to the other.

I have the electronic copies of the corporate returns, and they add up to another 45-50 sheets. They include a letter of very clear filing instructions, as did the individual return, giving me reminders to file annual reports for the Secretary of State.

The individual return's letter outlines HSA and IRA contributions, too. It is a good overall set of instructions for our responsibilities under tax code. I try to knock all those payments out the first week of March, right after paying the taxes on February 28th.

I sat down with Mike last night after supper, and gave him the Reader's Digest version. He was very surprised at how complicated it has all become, but that is life, I guess. Really valid reasons why it has all evolved this way.
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Advisor

Re: What do you pay for tax preparation?

I do my own taxes. Use Turbo Tax. I submit the returns through their audit check. They also assist with defense in an audit.
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Senior Advisor

Re: What do you pay for tax preparation?

Less than $200 for personal/farm. Not $200 each, less than $200 total, and that includes a pretax meeting in Nov/Dec.
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Honored Advisor

Re: What do you pay for tax preparation?

Partnerships & corps are more expensive.
The size of the depreciation schedule makes it more also
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Advisor

Re: What do you pay for tax preparation?

$595. Includes preparing and e-filing joint return for farm and my wifes job, about 12 1099's, corresponding1096's and 2 w-2 's, and year end consult. I'd guess mine is a fairly straightforward prep. I know alot of that stuff is done with their software, but they buy it and update it and i don't have to.

 

I also have them(the same firm)  prepare a tax return for a trust of my father's estate. Not a long return and some minor accounting for the other heirs. $275 for that one.
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Senior Contributor

Re: What do you pay for tax preparation?

It seems to me TurboTax for small businesses is currently charging us around $85 this year for the federal taxes for our LLC. Add to that another 12-15 hours of personal time needed to round up, feed in, double check, and analyize the required 1099/K-1s/W2s forms, receipts, yadda, yadda, yadda.

 

 

 

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Senior Advisor

Re: What do you pay for tax preparation?

After scannng the other posts, I declare myself a sucker. I do use a cpa if that makes any real difference.

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