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CPA tax return
Posted on 2/14/14 at 1:38 pm
Posted on 2/14/14 at 1:38 pm
What is a reasonable amount of time for a CPA to complete a tax return for a self employed individual? I stressed to my CPA that I need my return done ASAP. I dropped off my info to him on the fourth of February and they are not done yet. Is this normal or an I taking crazy pills over here?
4
Posted on 2/14/14 at 1:41 pm to TigerDent
He should have been able to provide you with a time frame?
Posted on 2/14/14 at 1:54 pm to TigerDent
The 4th was a Tuesday. So he's had your information for basically 7 business days. Chill out. You aren't his only client.
Posted on 2/14/14 at 2:07 pm to TigerDent
quote:As a CPA it is people like you who drive me crazy.
I dropped off my info to him on the fourth of February and they are not done yet
Posted on 2/14/14 at 2:11 pm to TigerDent
Most CPAs operate in a first in first out order. When you dropped it off, did you tell him why you needed it ASAP? If you told him you needed it to close on a loan before the 15th, or something like that, he might have bumped you to the front. If you didn't give him a reason, then he's going to put it behind everyone that dropped off in front of you that are also in a hurry to get their refund.
Posted on 2/14/14 at 2:13 pm to lsupride87
So you have a Schedule C? Your CPA needs to do the business part first. Do you have other income streams, kids, wife, etc? Then he has to do the personal part second. Was your stuff in QuickBooks, reconciled and ready to go? Or did you bring him a file of receipts, bank statements, etc?
He should have given you a time frame, yes, for me I would give someone like that 2-3 weeks, depending upon the condition of the info you received. If the info was clean, in reality, I could have done it in a week this time of year, but I subscribe to the "underpromise and overdeliver" theory.
He should have given you a time frame, yes, for me I would give someone like that 2-3 weeks, depending upon the condition of the info you received. If the info was clean, in reality, I could have done it in a week this time of year, but I subscribe to the "underpromise and overdeliver" theory.
Posted on 2/14/14 at 2:37 pm to LSUFanHouston
Thanks for the responses everyone. I guess I just needed a reality check. I did stress to him that we need the return done as soon as possible because we need to get going on the pre approval process for a home loan.
Posted on 2/14/14 at 3:26 pm to TigerDent
quote:
I did stress to him that we need the return done as soon as possible because we need to get going on the pre approval process for a home loan.
Gotcha. Good luck with the home purchase. As a fellow self employed person I'm going to tell you that the mortgage company is going to need 2 years tax returns and YTD information. If you've been self employed long enough to meet that criteria then the mortgage company should be able to look at 2012 numbers for the preapproval.
They are going to average your income for the time period in question BTW based off of your tax returns. If you pay yourself a salary and then write off income (don't we all) they are going to use the lower number to loan qualification purposes.
Posted on 2/14/14 at 3:37 pm to VABuckeye
That's what sucks about being self employed, if you go by my tax returns I haven't made a dollar in 3 years 
Posted on 2/14/14 at 3:42 pm to yellowfin
Congratulations on all those Obamacare subsidies you are eligible for.
Posted on 2/14/14 at 6:08 pm to yellowfin
quote:
That's what sucks about being self employed, if you go by my tax returns I haven't made a dollar in 3 years
This
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