I wanted to poll the people here who pay an accountant to prepare your taxes. Wondering whether I am paying too much. I have been using the same guy my entire life. My return has W2 salary, small business with its deductions, and real estate K-1. Paying $500
For those of you who also have a multi faceted return like this, what are you paying for tax preparation?
Thanks
Worth every cent he's a good guy.
The other question is whether the accountant gets a QuickBooks income and loss statement for the small business or a shoebox full of receipts.
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dont listen to anyone who is just a W2 employee. Your return is far more complex than that.
The other question is whether the accountant gets a QuickBooks income and loss statement for the small business or a shoebox full of receipts.
Friend of mine does his own return- 5 audits in the last 8 years. Have told him every year to get an accountant. He's a good boy but doesn't wanna listen.
The other question is whether the accountant gets a QuickBooks income and loss statement for the small business or a shoebox full of receipts.
In my case, I serve it to them on a silver platter. A spreadsheet with totals for everything..itemized auto expenses, office expenses.... everything.
It doesn't matter how much you pay your tax preparer either, but there are less audits now than ever before since there are less auditors and agents. The IRS doesn't want to audit a return where there is low $ potential, they now go after the big fish where the agent can get hundreds of thousands of dollars or millions, not a few thousand dollars.
It doesn't matter how much you pay your tax preparer either, but there are less audits now than ever before since there are less auditors and agents. The IRS doesn't want to audit a return where there is low $ potential, they now go after the big fish where the agent can get hundreds of thousands of dollars or millions, not a few thousand dollars.
Also from what I hear you are less apt to get audited if you are using a professional accountant vs a turbo tax thing that you are doing on your own. The thought is that no accountant would risk his business for your tax refund.
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None at all. Your friend being audited so often probably has some large losses or high deductions causing his tax return to kick out for audit.
It doesn't matter how much you pay your tax preparer either, but there are less audits now than ever before since there are less auditors and agents. The IRS doesn't want to audit a return where there is low $ potential, they now go after the big fish where the agent can get hundreds of thousands of dollars or millions, not a few thousand dollars.
Also from what I hear you are less apt to get audited if you are using a professional accountant vs a turbo tax thing that you are doing on your own. The thought is that no accountant would risk his business for your tax refund.
The supposed correlation murmur is probably from the tax return preparers lobbying group. There is no correlation. They go random, if something looks amiss over a number of years, very large corps which are under continuous audit, or if they want to auditr specific issues.
jcn56, either your 2 businesses are very complex, or you're simply overpaying. It's worth getting a 2nd quote from another CPA. I would in your case.
Similar. Most of our income is through our jobs, but I also do some outside consulting. Mine is also $500 give or take. My accountant is also available for questions all year and doesn't charge us extra for questions (and I usually have at least a couple each year).
I had been paying 600-700 annually the last few years to an accountant, but I've caught on.