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If you pay for tax prep, how much do you pay?

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    If you pay for tax prep, how much do you pay?

    A few comments have popped up here and there about what people have paid to have their taxes done professionally. I thought gathering that info in one place might be helpful.

    If you used a paid tax preparer this year, what did you pay? Any details you're willing to provide about the services you received would be helpful to put the cost in context relative to the complexity of your return as well as any other services your tax preparer provides beyond simply preparing your return(s).

    We use a CPA who we've used for a number of years. He happens to be a personal friend and the friendship predates us making him our accountant by several years. I trust him implicitly.

    This year's fee was $875. He did give me a $375 professional courtesy discount (which hasn't happened previously) because along with me "bugging" him all year long with financial questions, he "bugs" me all year with medical questions. He has a family member who has had significant medical issues and he often reaches out to me to explain things he doesn't fully understand and to get my opinion on the care plan. The discount was to show his and his wife's great appreciation for me always being open and available to them for that. He occasionally asks questions about himself or other family members as well.

    Anyway, here is the list of forms and schedules that were prepared for us this year. Also, various worksheets and reports made for our benefit to review our history, year-to-year comparisons, etc.

    Summary of Federal Form Charges:

    Form 1040 Individual Income Tax
    Form 1040 Schedule 1
    Federal Information Worksheet
    Identity Verification Worksheet
    Form W-2 Worksheet
    Form 1099-G Worksheet
    Form 1099-R Worksheet
    Earned Income Worksheet
    Tax Payments Worksheet
    Qual Dividends/Cap Gain Tax Wks
    Electronic Filing Information Wks
    IRS E-file Authentication Stmt
    Form 8879 E-file Signature Auth
    Schedule B Interest & Ordinary Divd
    Interest & Dividend Summary
    Schedule C Business Profit & Loss
    Schedule C Two-Year Comparison
    Schedule D Capital Gains & Losses
    Form 1099-B Wks
    Form 8949 Sales/Disp of Cap Assets
    Schedule SE Adjustments Worksheet
    Form 8959 Additional Medicare Tax
    Form 8995 Qual Bus Inc Ded Simpl Cmp
    Qual Business Income Component Wks
    Qual Bus Inc Deduction Summary
    Form W-2/W-2G Summary
    Form 1099-R Summary
    Federal Carryover Worksheet
    Roth IRA Carryover Worksheet
    Tax Summary Report
    Two Year Comparison Worksheet
    Tax History Report

    Summary of New Jersey Form Charges:

    Form NJ-1040, Resident Return
    Information Worksheet
    Business Income Worksheet
    Interest and Dividend Income Wks
    Total Wages Worksheet
    Property Tax Deduction/Credit Wks
    Tax Payments Worksheet
    Sch NJ-DOP, Disposition of Property
    Healthcare Coverage
    Sch NJ-BUS-1, Business Inc Summary
    Sch NJ-BUS-2, Alt Business Adjust
    Two-Year Comparison Worksheet

    As I mentioned, he is also readily available to us throughout the year and I often reach out to him with questions or concerns. He has me send him a pay stub 2 or 3 times a year to make sure that my withholding is on track.

    Just as an example of something he's done during the year was last fall when DW wanted to formalize her sewing business. He spent about 30 minutes on the phone with us walking through how she registers her business with the state, gets her sales tax ID, how to handling banking for the business, tax issues to be aware of, etc. There was no extra charge for that "consult" or any other calls, texts, or emails we've exchanged. I've also occasionally asked questions about our daughter, even though he does not prepare her taxes. Again, no added charges for answering any of my questions.

    Is $875 a lot? Maybe, but I feel essentially having unlimited access to a CPA whenever I need one is worth the price. I definitely make use of his services regularly, not just at tax time.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    #2
    $220

    But, I am not getting the comprehensive service that you are.
    I have had no issues, and I've never tried calling her with any issues during the year, so I'm not sure how the experience would be.

    Brian

    Comment


      #3
      I switched accountants this year. Paid $490 which includes my personal returns for my w2 as well as required filings for my 2 rental properties and side business.

      Comment


        #4
        Originally posted by Riverwed070707. 查看帖子
        I switched accountants this year. Paid $490 which includes my personal returns for my w2 as well as required filings for my 2 rental properties and side business.
        Is that strictly for tax prep or does it include any consulting throughout the year?
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

        Comment


          #5
          Mine was $1,050 last year, haven't gotten the bill for 2020 taxes.
          Multiple types and sources of income, so our taxes are more complicated than most. Anytime I have a question, I can call in and get it answered as well.

          Comment


            #6
            $1000 for us. It included three W2’s, three states but only two state filings, and federal. We don’t have our own business or rental income. The fee does not include any consulting throughout the year.

            It did include an “estimate” of what we’d have to pay next year but I didn’t even know that was included originally. It’s useless as the accountant didn’t ask for any estimates or details from us on 2021 numbers and our situation will change greatly this year.

            Comment


              #7
              My dad works for H&R so I get tax prep free. I just have to pay the $40 for the peace of mind guarantee.

              Comment


                #8
                Originally posted by Terri77. 查看帖子
                My dad works for H&R so I get tax prep free. I just have to pay the $40 for the peace of mind guarantee.
                My dad was an accountant so I got my taxes done free until he died. Then my cousin who also worked for the family firm took over. He charged me but at a greatly reduced rate. I think we paid like $150-200.
                Steve

                * Despite the high cost of living, it remains very popular.
                * Why should I pay for my daughter's education when she already knows everything?
                * There are no shortcuts to anywhere worth going.

                Comment


                  #9
                  Originally posted by Terri77. 查看帖子
                  My dad works for H&R so I get tax prep free. I just have to pay the $40 for the peace of mind guarantee.
                  Count me in. My GF is working there and did mine last week. I ended up paying $1 so it would show on her account as a paid return to help with her bonuses.
                  Don't torture yourself, thats what I'm here for.

                  Comment


                    #10
                    We're at $275 for the return. I've had a couple of occasions to reach out to our CPA during the year, and that has been gratis thus far. Likely that I'll be connecting with him after tax season is concluded to discuss retirement plans (specifically, setting up SEPP).

                    Comment


                      #11
                      Originally posted by 迪士尼斯维夫 查看帖子

                      Is that strictly for tax prep or does it include any consulting throughout the year?
                      Just tax prep. I found him in December and we had an initial consult but there was no fee

                      Comment


                        #12
                        $575. We've had several questions during the year and weren't charged a consulting fee, but they weren't deep issues, either. Used same company last year and this year.

                        Comment

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