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Tax Prep Cost

1,379 Views | 8 Replies | Last: 1 mo ago by $30,000 Millionaire
BigLeftMiss08
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8:31a, 11/25/24
AG
Curious what people are seeing for the cost from their accounting teams for preparing 1065/K-1s for their businesses?

I keep my own books and everything and just request the K-1s to be prepared and the costs seem high.

Individual Tax Return (2 - K-1s) - $1000
Oil & Gas Operator (Tax Return & Franchise Tax Report) - $2500
Holding Company - (Tax Return & Franchise Tax Report) - $750 (zero activity in 2023)

Is this inline?
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stonksock
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9:42a, 11/25/24
My CPA is $150 per hour but she works out of her house and doesn't have a lot of overhead so that might be on the more budget side of things. When I was looking for a CPA the ones with a downtown office building were much higher.
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Comeby!
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12:08p, 11/25/24
AG
Yes, about $1000/each for personal and two business.
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BigLeftMiss08
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9:44a, 11/26/24
AG
Ok good to know.

I enjoy using the firm I currently use, I guess this was more of a market check on pricing.
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FireBjork
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7:09a, 11/29/24
Does anyone have a referral/recommendation for solid tax prep? The firm I used has steadily increased their fees every year, and this year gave me a quote for $3600 for an MFJ individual return with a few K1's, schedule C. Seems outrageously high so looking to move on from them.
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LOYAL AG
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7:45a, 11/29/24
AG
Labor is tightening in this space like everywhere else right now and the result is rising prices. Likewise turnaround times have increased exponentially the past couple of years. I saw two friends this year forego partner track in decent size firms in favor of the IRS and what is a better work/life balance. The small business tax industry appears to be headed towards a shakeup. Not sure the path we're on is sustainable.
A fearful society is a compliant society. That's why Democrats and criminals prefer their victims to be unarmed. Gun Control is not about guns, it's about control.
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YouBet
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In reply to FireBjork • 8:03a, 11/29/24
AG
FireBjork said:
Does anyone have a referral/recommendation for solid tax prep? The firm I used has steadily increased their fees every year, and this year gave me a quote for $3600 for an MFJ individual return with a few K1's, schedule C. Seems outrageously high so looking to move on from them.


That seems high. We paid $1,900 last year for the same. However, my firm is through my FA in another state.
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Pinochet
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In reply to FireBjork • 1:21p, 11/29/24
FireBjork said:
Does anyone have a referral/recommendation for solid tax prep? The firm I used has steadily increased their fees every year, and this year gave me a quote for $3600 for an MFJ individual return with a few K1's, schedule C. Seems outrageously high so looking to move on from them.

That's as low as I would go to do that return. I also tend to get clients after they have tried the discount provider who cost them 1000s to 10s of thousands in tax on their 1040s. You really do get what you pay for in this space. In the last year, I've helped a guy get over $200k in deductions that his last guy missed and fixed a **** up for another guy that would have cost the taxpayer $2 million. On the latter, the other CPA told him there was no way to fix it and to just start saving his money.
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$30,000 Millionaire
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9:55p, 11/29/24
AG
Too much ugh.
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