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Topic: How much do you pay for tax preparation?
| Author | Message |
| muggle | Posted – 1/19/2007 5:36:18 PM | show profile I've been paying my tax preparer $250 each year. I have fairly simple return - freelancer, moderate income & expenses. Nothing fancy. I wonder if that's an average price, too high, great deal? What do you pay for tax prep? |
| Angela Dobbs | Posted – 1/19/2007 5:50:07 PM | show profile $80...but I have paid $250 before... |
| Cyrus | Posted – 1/19/2007 7:14:44 PM | show profile Most preparers have flat rates for certain forms, so it doesn't really matter whether your income or expenses are at a certain level. Since you're a freelancer, there's an extra form they file for self-employment income so you pay extra. As them for a fee breakdown so you know exactly what you're paying for each. ------ Cyrus Afzali Astoria Communications www.astoriacomm.com |
| Metro Writer | Posted – 1/20/2007 6:11:50 PM | show profile I've been using Turbo Tax for years and it costs less than using an accountant. I keep good records of my expenses, which is something I would need to do even if I had an accountant. I use the regular, not deluxe package. The nice thing is that it picks up a lot of the names of employers and 1099 sources from the previous year. |
| Cyrus | Posted – 1/20/2007 9:16:38 PM | show profile Turbo Tax works great, but it doesn't know how to maximize the advantages due you. And if you're not up on the tax rules, you won't help yourself out during the interview process. I've done them both ways and get more money back by using a professional, and since their fee is tax deductible anyway, it's not that big of an expense. ------ Cyrus Afzali Astoria Communications www.astoriacomm.com |
| muggle | Posted – 1/22/2007 5:21:59 PM | show profile | email poster Any tax preparer recommendations in NYC area? I'm in NYC area. If anyone has a competent tax person they can recommend, that would be much appreciated. e-mail me or post it here. |
| Upward Bound | Posted – 2/5/2007 3:05:32 PM | show profile | email poster ditto I also need a tax preparer in NYC. Thanks! (I've enabled my e-mail if you don't feel like publicly posting a contact.) |
| globetrotter78 | Posted – 2/5/2007 3:32:04 PM | show profile I was just quoted about $80 to prepare mine. |
| pop | Posted – 2/5/2007 4:04:06 PM | show profile Who charges only $80? Please post the contact info! I pay three times that amount. Thanks. |
| Chamsah | Posted – 2/5/2007 4:06:34 PM | show profile | email poster great accountant! I've got a great accountant. I found him seven years ago on the MB boards when I was freelancing and my taxes were a complicated mess. He's an expert on freelancers' taxes. He costs more than 80 bucks but you get what you pay for. He's in Jersey but comes into the city to meet with you. I've recommended him to tons of people and they all love him. He's nice but he's also all business and no BS. I always get money back. Email me off board of you want his name. |
| bjoconnorfla | Posted – 2/5/2007 6:46:27 PM | show profile I have had great results over the years using tax preparers who are Enrolled Agents with the IRS. These folks are trained by the IRS and have to be up-to-date on all the laws and the various ins and outs of deductions. You are really dealing with a professional Here. Rates vary, but I've paid from about $75 for a simple return (in Florida) to a little less than $200 last year in Michigan, whre I put the guy through alot of extra work, plus a state return. A list of EAs is here www.naea.org |
| NYer | Posted – 2/5/2007 7:40:04 PM | show profile $200 is what I've paid in the past, it's about double what I believe he charges for people with straight-forward one employer returns, and I recognize that my returns are extra work compared to them. (Having now returned to a staff position and largely having given up freelancing, I don't know if he'll charge me less.) I think it's worth keeping in mind that whatever you pay to someone to prepare your returns, it's a deduction on the taxes you'll owe the following year. In any case, he's saved me much more than I have paid him. |
| kalin | Posted – 2/5/2007 7:53:46 PM | show profile I pay $200, but it's the best money I spend all year, considering most of my income is 1099s. |
| Marie | Posted – 2/5/2007 11:29:15 PM | show profile I paid $375 last year, and it was cheap considering how much money the person saved me. I even ended up with refunds, which I was not expecting and would not have gotten without an expert. I'm going back to this person this year, and although I could apparently get someone cheaper, I'm not interested. This person was great. |
| slink | Posted – 2/6/2007 1:03:26 PM | show profile Mine was $175 and I wouldn't pay any more than that. There's really only so much you can legally get back. A more expensive accountant is just a more expensive accountant. |
| mailbag | Posted – 2/6/2007 2:37:19 PM | show profile | email poster Omg, I can't believe what you all pay. I've already sent six of you to my CPA. I'd never pay more than $100 (or would just do it myself.) |
| Mr. Beemis | Posted – 2/6/2007 3:04:10 PM | show profile I use Gilman + Ciocia, and they seem to have a reasonable rate, based on how many tax forms you have. Last year I had about 10, and had to file in NY and NJ, and it was only $250 for Federal and both states. They also talk you through the process. Seemed reasonable to me. My own philosophy is "make honest deductions, pay what you owe" rather than "get me the biggest return you can." BTW, I do not work for Gilman + Ciocia. |
| Marie | Posted – 2/7/2007 1:28:00 AM | show profile It's not a question of what you can legally get back. It's just having someone who knows how to get it back for you. I used to pay more than $500, so this $375 person within the same firm was to me a bargain. Of course you can do your own taxes, but then there's experts out there who keep abrest of the laws who can do them for you. To me, hiring someone is a no-brainer. I really have enough to do without keeping aware of every permutation of the tax laws. |
| Little Fingers | Posted – 2/7/2007 10:24:59 AM | show profile I pay $200 or $250 (I forget which) for married filing jointly taxes. My accountant does a fantastic job and really knows all the rules about write offs for business expenses and freelance laws in NYC. We used to do taxes ourselves, and going to the pro gets us more than quadruple back what we used to figure out with Turbo Tax. It's worth the fee, every penny. I go to Joe Colacino in Brooklyn: (718) 788-3308 |
| Little Fingers | Posted – 2/7/2007 10:27:48 AM | show profile maybe a dumb question... but it makes sense to have a tax guy who lives and works in your state of residence, correct? I was split between two states this year, but for 2007 I'll be wholly located outside of NYC. I love my tax guy and I'm reluctant to go to someone else, but I would think that each state's laws are different enough that you need an accountant who is familiar with your state. Thoughts anyone? |
| Marie | Posted – 2/7/2007 10:41:31 AM | show profile Most NYC accountants can handle the tri-state area. If you really like your tax person, ask if he can handle the state you're moving to. Maybe he can recommend someone in your new state. |
| pstrother2004 | Posted – 2/8/2007 11:18:17 AM | show profile great accountant I do freelance legal proofreading and editing in the city, and a number of other freelancers I work with have been recommending an accountant in NYC named Shelly Jacobson at SJS Associates (212) 929-3341. One woman I work with has been using them since the '80s. Apparently they specialize in freelancers. Not sure of the cost, but assume it's based on the complexity of your return. Since any fee is deductible anyway, I may try them myself. Good luck! |
| writesonwater | Posted – 2/25/2007 3:04:18 AM | show profile | email poster My spouse insists on doing our taxes -- anyone have any suggestions as to how I can talk him out of it, like stats or something? I am SURE we could be saving more, but since it's not my area of expertise, I need backup. |
| jerseygal526 | Posted – 2/25/2007 5:22:59 PM | show profile taxes i pay about $125 and it's worth it, especially as a freelancer:) ------ http://www.kristenfischer.com http://www.creativelyselfemployed.com |
| moi | Posted – 3/20/2007 3:28:40 PM | show profile | email poster Doing it yourself is not a bad idea I've been doing my own taxes for 3 years - not because I can't afford an accountant, but because I really wanted to know how the system worked and learn to manage my money better. I still check in with a tax person for advice, but I really like doing my own. I don't feel as "in the dark" about what I'm going to owe, or whether I can or can't write things off. Knowing more has made me feel more in control. ------ Jennifer Jeffrey www.jenniferjeffrey.com |
