cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Senior Advisor

Re: What do you pay for tax preparation?

Don't kid yourself Kraft, I use a CPA as well. The only thing I do myself is mail out my own 1099 forms.
0 Kudos
Highlighted
Senior Contributor

Re: What do you pay for tax preparation?

Kay you are not a sucker. Our bill was more than double yours last yr.  We have not ben billed for this yr. yet , but i know it will be more than last years. I consider it money well spent. I know some about your operation from reading your post and know it is not a simple return to prepare. We farm approx. 4500 acres, about half owned and half rented and beef cows, ours not simple either.

0 Kudos
Highlighted
Advisor

Re: What do you pay for tax preparation?

Don, i use a cpa also. there are a couple firms in the north iowa area that are well noted for charging alot for an "average" tax return. won't put 'em on here. Maybe they are worth it. there is a guy in algona that used to do mine.We parted ways for reasons other than taxes, but i will still say that he is one of the sharpest tax cpa's i know. One of my offspring is a cpa, she has to be near the top, also!!

0 Kudos
Highlighted
Veteran Contributor

Re: What do you pay for tax preparation?

This is really a difficult question to answer or to interpret the other responses as it depends on geographic location, complexity (# of schedules, K-1's, depreciation, multi-state return?) and organization of materials by taxpayer, etc.  We work with different tax preparers with different entities (LLC's, C-Corps and sole proprietors).   Our costs for 7 entities range from $450 to $1265.  The average is $700.  The most complex return is nearly 50 pages.   Our costs do Not include preparation or sending of 1099's, W-2's and other employment or end-of-year reports as I do those myself.  Those costs may include a one hour planning meeting during the last month of year and then the form prep and e-filing.  Some of them we don't even meet - I just email or fax the info and we phone or email to clarify issues.   We don't get billed for other calls or questions we initiate during the year.

0 Kudos
Highlighted
Senior Advisor

Re: What do you pay for tax preparation?

I hear you John. 

0 Kudos
Highlighted
Advisor

Re: What do you pay for tax preparation?

Jay,sw  and Shag and any other Kansas brethren  why didn't I have to pay any KS state tax this year?  I live and farm in Iowa, own and cash rent out my land in KS.  My tax man says I owe zero for KS state tax.  Lots of oil money coming in or what?  Again, I'm not complaining, just curious. 

0 Kudos
Highlighted
Honored Advisor

Re: What do you pay for tax preparation?

I am still waiting on ours.  I will ask and know more ------ should be getting it soon.

0 Kudos
Highlighted
Advisor

Re: What do you pay for tax preparation?

I am winding my tax stuff up shortly.  Will know soon.

 

0 Kudos
Highlighted
Senior Advisor

Re: What do you pay for tax preparation?

There is significant mineral production throughout the state but I wouldn't know what that would have to do with an individual's tax obligation. I'm like SW, I've got my appt. coming up Friday morning and I'll ask my tax man (if I don't forget) we'll compare my CPA's response to SW and see if we get the same answer.
0 Kudos
Highlighted
Advisor

Re: What do you pay for tax preparation?

Wind, did you make any money on that land last year.  :-)  That would explain a lot. 

0 Kudos