Taxes...

I

imported_kgb

New member
Tax season is fast approaching and I have a question for you pros.



About what do you pay to have your taxes done? This is our first year in business and I am wondering what to expect to pay to have taxes done for a small business. I just sort of want to see what the "going rate" is before I shop around.



Thanks



p.s. Any tips on finding an accountant will be helpfull as well.
 
I don't know about the fees for small businesses, but my suggestion for finding a tax person is to check with your financial advisor. H&R Block type places are alright for simple places, but I've found that a full-time firm usually knows legal loopholes better than the small places and can save you more money. Also, they can help you throughout the year as part of their services and provide you advice on how to do things to lower taxable income.
 
It costs me around $1500 to have my year end done and around $200 a month to have my monthly books reconciled. My personal taxes are thrown in for free and e-filed.
 
ShineShop said:
It costs me around $1500 to have my year end done and around $200 a month to have my monthly books reconciled. My personal taxes are thrown in for free and e-filed.
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wow! That was a lot higher than I was expecting.
 
Many/most accountants will determine the fee by the thickness of the stack of papers they file - - how much work you are having them do.



Paying $150/hr in a major metro area is not unusual and could go somewhat higher.
 
tom p. said:
Many/most accountants will determine the fee by the thickness of the stack of papers they file - - how much work you are having them do.



Paying $150/hr in a major metro area is not unusual and could go somewhat higher.
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Cool deal. Thanks!



I have been asking around and have found a couple of smaller places, some people just working out of their home even, in the city where I live. I am waiting to hear back from them but this will most likely be the route I take for now.
 
I can almost hear Taxlady now...



Me? I spend $5-600 annually with a CPA. I perfer a small practice, where you can speak directly with the principal, even if s/he delegates your work to bookkeepers. Remember, to them, your work is pretty simple stuff.



Jim
 
Jimmy Buffit said:
I can almost hear Taxlady now...



Me? I spend $5-600 annually with a CPA. I perfer a small practice, where you can speak directly with the principal, even if s/he delegates your work to bookkeepers. Remember, to them, your work is pretty simple stuff.



Jim
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That sounds like a good price to me. I have not talked this over with my partner yet but I would not mind finding a CPA to do bookkeeping for next year. Would be one less thing I would have to worry about.
 
Here in Greensboro, N.C., a small business can get taxes done for 400 - 1200 bucks by a CPA (state and federal), depending on the complexity. Or you might try TurboTax for 60 bucks.
 
I actually thought about TurboTax but not sure I got time to learn the software and stuff. And I am not sure if it is any good. LOL
 
My wife does the taxes for us, her father, uncle, and at least 2 of our 4 adult kids. She also ran a medical office until 2000. She used an accountant for our office, but Turbotax for everything else. She says it is a simple, walk you through each step, easy to use program. She said she could use Turbotax for our business, but wanted to keep the books scrupulouly clean and without any question of bias towards us since we had partners; hence an accountant for the business tax forms. BTW, my son who is a high mogul in a large company uses turbotax for his personal returns also. (And your state forms are included in the price). I also saw a review of the different tax programs on-line, from PC.com. They rated Turbotax very good. Ask around; you probably have a friend or client who uses it; ask them.
 
HRP said:
My wife does the taxes for us, her father, uncle, and at least 2 of our 4 adult kids. She also ran a medical office until 2000. She used an accountant for our office, but Turbotax for everything else. She says it is a simple, walk you through each step, easy to use program. She said she could use Turbotax for our business, but wanted to keep the books scrupulouly clean and without any question of bias towards us since we had partners; hence an accountant for the business tax forms. BTW, my son who is a high mogul in a large company uses turbotax for his personal returns also. (And your state forms are included in the price). I also saw a review of the different tax programs on-line, from PC.com. They rated Turbotax very good. Ask around; you probably have a friend or client who uses it; ask them.
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Thanks man! I might go this route!
 
2001civicex said:
wow! That was a lot higher than I was expecting.
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We are an incorporated company so we are subject to filing corporate papers at year end. It may be considerably less for a regular small business.
 
I was hoping to have a good answer for you since I work for a very large accounting firm. The problem is I am a computer geek and don't know anything about taxes. :( If you would like I can find out about client pricing for you. And I do know they give nice client referal bonuses. I could split it with you :D
 
Hire a CPA. They know the latest tax laws and legal (notice I said LEGAL) deductions that various businesses can take and can help you throughout the year on various issues. You can expect to pay $150/hr for the CPA, $35-60/hr for bookkeepers. Depending on the type of company and the work involved, taxes can range from $300-$2,000.



H&R Block type places employ your average Joe that took a tax class for several weeks and is then suddenly qualified to do tax returns. Hmm...CPA with years of experience and training with "X" number of hours of continuing education per year/2/3 years or your average Joe that took a class for several weeks? I'll say this...CPAs often times send their bookkeepers to the H&R Block course because it provides a basic foundation for understanding taxes.



Then again, I may be biased...my dad is a CPA and I appear to be destined to become one.
 
We are in Canada and I don't know that there is a difference here. We are a numbered Ontario Corporation doing business as Scotty's Shine Shop.
 
2001civicex,



Actually my uncle does/did taxes up in Detroit, MI. If you want to send me an email and i will give you his email/contact information and I know he will take care of you. I wont be around this weekend I am doing Toys 4 Tots but sunday night if you have emailed me i will get right back to you.
 
Hypnotiq04 said:
2001civicex,



Actually my uncle does/did taxes up in Detroit, MI. If you want to send me an email and i will give you his email/contact information and I know he will take care of you. I wont be around this weekend I am doing Toys 4 Tots but sunday night if you have emailed me i will get right back to you.
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Pm sent! Thanks!
 
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