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S-Corp question: How much does your accountant charge to prep taxes?
I realize this is a YMMV question, but generally how much should it cost to have year-end taxes prepped for an S-Corp?
I was just quoted by an accountant’s assistant at $1500, and that sounds awfully high. I am going to continue to search around for accountants, but I was curious what the typical fee might be for the service. Extra possibly relevant info: I live in NYC.
And a bonus question: Do you have an accountant here in NYC that’s familiar with the business you can recommend?
Thanks!
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3 Replies
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That seems quite high.
I’m not the money guy, so I don’t know for sure… but I think our CPA gets a couple hundred to do our year-end S-Corp preps and K-1 reports.
We always tell him that he works too cheap, though.
T2
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Todd Terry
Creative Director
Fantastic Plastic Entertainment, Inc.
fantasticplastic.com
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In my experience, it goes one of two ways. If you use an accounting service or professional bookkeeper, then all the details are already coded and ready to “pour” into an automated tax prep system – which every accountant uses. They look it over for special stuff in your industry and review things and pop out your forms. Your actual “tax prep” charges should be relatively minor but the on-going “bookkeeping” costs will take a monthly bite.
OTOH, if you keep all your business financial records in shoeboxes or list 90% of income in one big SALES category and 90% of your expenses in one big MISCELANEOUS EXPENSES category. Then you can expect a pretty darn high bill for someone with CPA knowledge to sit down and try to organize everything after the fact.
That’s why it’s so hard to guess.
Over the years I think most people in sustainable business don’t take long to jettison the shoe boxes – it’s just not efficient. They still self-select into otwo categories. Those of us who HATE accounting go the first route and hire pros. Those who enjoy watching their money flow on a daily basis eventually set up systems so that they have both the self discipline and take the time to code ALL their income and outgo into the proper categories and have a relationship with a CPA or Tax Prep service so that they keep form prep costs to the bare bones.
Choice is up to you.
YMMV.
FCP since NAB 1999
creator: muti-track movies
http://www.starteditingnow.com -
To echo what Todd said, that does sound a bit high. We’re a 5-person shop, we pay out a couple of hundred dollars for year-end for tax prep for two partners and the company.
Joey Groah
Partner/Producer
DIGICO Shoot | Post | Design
https://www.goDIGICO.comO: 540.433.6529
f: 540.574.3041
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