My taxes have been relatively simple for the past couple of years, so I have done my own taxes and have been happy with the results. I know this year will start to be more difficult, so here I am asking for recommendations because I know there is a large number of people in the industry on this board. My family has used a group of CPAs in Metairie, but I have seen them make too many mistakes. I live in Metairie, so the closer the better. However, the whole New Orleans area is open for someone that knows what he is doing.

My situation:

Wife is W-2
I am W-2 and 1099 in another job and hopefully last year as W-2
2 Young Kids
1 Rental property

#1:
Does anyone have recommendations for a good CPA. I really want someone that understands rental property because I am planning on increasing that after I am done transitioning careers. Someone that really knows what should be land, personal property, building, and land improvements and how to depreciate them to maximum utility.

#2:
Do I have to start paying quarterly since a strong majority of my income still comes from my W-2?

#3:
Last, any idea on what I should paying for these services?

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Posted by Jabstep

Member since Jul 2014

2130 posts

Posted on 5/25/15 at 10:49 am to nolatiger711

No need for a big firm for your situation. Any local CPA should be able to handle your situation. Be leery of guys that say I can do this for $100. Most reputable guys charge more than this an hour and will likely go beyond just taking the documents you provide him and plugging it into his software.

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37093 posts

Posted on 5/26/15 at 11:20 am to nolatiger711

What about itemized deductions? Business expenses? What's the deal with that 1099? That could make your return complicated real fast if you have a bunch of expenses to offset against the 1099 income. Any investment accounts?

For a decent CPA you'd probably be looking at 450 and up, with the up depending on my questions to you above.

Rental property, the basics are easy, where issues occur is, what expenses by the landlord are deductible. Some people try to get really overboard on it. Also, lot of gray are in what you can depreciate vs expenses, but the new repair regs at least give some bright lines now.

I'm assuming the rental property is running at a loss each year, so, you would only need to make estimated payments if your withholding is not right and/or this 1099 job throws off income.

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