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Message
How much should I expect to pay CPA for taxes?
Posted on 1/10/20 at 12:01 pm
Posted on 1/10/20 at 12:01 pm
Not most complicated question for this board.
Pretty straight forward W2 returns with deductions and credits. Big move this year not reimbursed. In other words, simple. Married.
I’m guessing $300-$400?
Pretty straight forward W2 returns with deductions and credits. Big move this year not reimbursed. In other words, simple. Married.
I’m guessing $300-$400?
11
Posted on 1/10/20 at 12:15 pm to DiamondDog
I got quoted $700+ in Houston suburbs. $1000+ inside city limits. I’m doing it myself again this year.
Posted on 1/10/20 at 12:18 pm to DiamondDog
Where are you located? Larger firm I'd plan on $550-750 most likely, you may be able to find a small company or single CPA to do it for under $400 I don't know. You need to have everything organized and ready to go though.
Posted on 1/10/20 at 12:35 pm to DiamondDog
Find a small, local firm and you're looking at around what you're guessing.
Big firms will charge substantially more.
Big firms will charge substantially more.
Posted on 1/10/20 at 12:41 pm to DiamondDog
If you only have a W2 and some 1099's, do it yourself. I say that as a CPA.
Our minimum is $750.
Our minimum is $750.
Posted on 1/10/20 at 1:09 pm to DiamondDog
Depends dramatically on where the firm is located, and the size of firm.
Bigger firms in bigger cities charge more than smaller firms in smaller cities, all else being equal.
"Deductions and credits" can mean a lot of things. I'm going to charge you less if you have a $10,000 statement from your church for a charitable deduction, then if you have 175 $10 and $15 receipts from various charities, and you give me 11 goodwill forms with "3 bags of stuff" written on them.
Most places will give you a ballpark price if you provide them a copy of the prior year tax return and there aren't many differences this year.
Bigger firms in bigger cities charge more than smaller firms in smaller cities, all else being equal.
"Deductions and credits" can mean a lot of things. I'm going to charge you less if you have a $10,000 statement from your church for a charitable deduction, then if you have 175 $10 and $15 receipts from various charities, and you give me 11 goodwill forms with "3 bags of stuff" written on them.
Most places will give you a ballpark price if you provide them a copy of the prior year tax return and there aren't many differences this year.
Posted on 1/10/20 at 1:57 pm to DiamondDog
for something that simple, you should be able to handle filing on your own using turbo tax or creditkarma
Posted on 1/10/20 at 2:04 pm to DiamondDog
As others have said, if you just don't want to do it yourself, find a small local firm.
If you're in Lake Charles, there are plenty to choose from.
If you're in Lake Charles, there are plenty to choose from.
Posted on 1/10/20 at 3:07 pm to BallsEleven
Anyone got any good recommendations for a good CPA that knows how to deal with back door Roths in the Baton Rouge Area. The one I used last year was an idiot. Claimed he had never heard of a back door Roth. Taxes are fairly straight forward .
Posted on 1/10/20 at 3:14 pm to finfeathersport
quote:
Anyone got any good recommendations for a good CPA that knows how to deal with back door Roths in the Baton Rouge Area. The one I used last year was an idiot.
That may be... but I can tell you a lot of my clients try to do this and they screw it up terribly.
For starters, if you have any money at all in Any traditional IRA, it's not going to work right. A lot of people don't understand that. If you are doing a Roth conversion, you have to take a slice out of all traditional ira amounts... you don't get to segregate it. It's not a "basis out first" method on a conversion. So it's likely you will have to include some earnings in your backdoor, meaning, some taxes will be paid.
Posted on 1/10/20 at 5:44 pm to DiamondDog
Probably around $350.
Posted on 1/10/20 at 7:25 pm to LSUFanHouston
quote:
starters, if you have any money at all in Any traditional IRA, it's not going to work right. A lot of people don't understand that. If you are doing a Roth conversion, you have to take a slice out of all traditional ira amounts... you don't get to segregate it. It's not a "basis out first" method on a conversion. So it's likely you will have to include some earnings in your backdoor, meaning, some taxes will be paid.
The guy quotes me $300. And I don’t think I’ll be getting this level of advice.
Posted on 1/11/20 at 6:53 am to LSUFanHouston
quote:
For starters, if you have any money at all in Any traditional IRA, it's not going to work right. A lot of people don't understand that. If you are doing a Roth conversion, you have to take a slice out of all traditional ira amounts... you don't get to segregate it. It's not a "basis out first" method on a conversion. So it's likely you will have to include some earnings in your backdoor, meaning, some taxes will be paid.
We typically keep a zero dollar traditional ira, wrote a check to the traditional and then the conversion happens the next day.
Posted on 1/11/20 at 12:26 pm to finfeathersport
quote:
We typically keep a zero dollar traditional ira, wrote a check to the traditional and then the conversion happens the next day.
Do you have other traditional iras with money in them?
Posted on 1/11/20 at 12:46 pm to LSUFanHouston
Probably not... sounds like he understands the process.
Posted on 1/11/20 at 8:38 pm to LSUFanHouston
No.. don’t keep money in a traditional IRA it’s only there to make the transfer.. which is usually a day or less
Posted on 1/11/20 at 8:40 pm to Larry Gooseman
Good lord... for a simple tax return, people really pay this much ???
I use my parents small town accountant and she charges $130....
I use my parents small town accountant and she charges $130....
This post was edited on 1/11/20 at 8:42 pm
Posted on 1/11/20 at 9:27 pm to BamaAlum02
[img]do it yourself. I say that as a CPA[/img]
We're fairly complicated with back door Roths and rentals. I'm fairly competent with everything on the tax program but get confused with back door Roths and also dependent care stuff. I do ours through H&R Block online, but H&R makes me pair with a local H&R preparer. Our preparer has been doing taxes for 30 years and she adds value every year by catching things I don't. Most I've paid is $250. The preparer says it's the same price if I skip doing it myself and just bring my stuff straight to her.
We're fairly complicated with back door Roths and rentals. I'm fairly competent with everything on the tax program but get confused with back door Roths and also dependent care stuff. I do ours through H&R Block online, but H&R makes me pair with a local H&R preparer. Our preparer has been doing taxes for 30 years and she adds value every year by catching things I don't. Most I've paid is $250. The preparer says it's the same price if I skip doing it myself and just bring my stuff straight to her.
Posted on 1/11/20 at 10:32 pm to finfeathersport
quote:
No.. don’t keep money in a traditional IRA it’s only there to make the transfer.. which is usually a day or less
Awesome, you are doing it right... a lot of people don't understand this fully.
Posted on 1/11/20 at 10:34 pm to Lawyered
quote:
I use my parents small town accountant and she charges $130....
How much is she charging your parents, though?
Maybe you are getting a family discount.
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