Didn't realize accountants charged so much to do tax prep

[richardycc]

everyone on ATOT is loaded, makes 6 figures/yr, $250 is nothing.

 

[Mermaidman]

Well, SOMEONE has to pay for your accountant's copy of TurboTax.

10 things your tax preparer won't tell you. IMO, you tend to get what you pay for, so don't feel bad paying for the expertise.

 

[FoBoT]

that is about right, sounds like the going rate

if you don't like it, do it yourself
good luck

 

[JS80]

Sounds right. You took it to the wrong place. That type of firm prob typical does high net worth clients. But they will still bill you at same rate because you are taking their time. Kind of sucks though they didn't refer you to H&R Block if indeed your return only took 30 minutes.

 

[Ns1]

Originally posted by: JS80
Sounds right. You took it to the wrong place. That type of firm prob typical does high net worth clients. But they will still bill you at same rate because you are taking their time. Kind of sucks though they didn't refer you to H&R Block if indeed your return only took 30 minutes.

H&R would've charged the same. If it was THAT easy you may be better served using turbotax or similar.

 

[Dr. Detroit]

Originally posted by: JS80
Sounds right. You took it to the wrong place. That type of firm prob typical does high net worth clients. But they will still bill you at same rate because you are taking their time. Kind of sucks though they didn't refer you to H&R Block if indeed your return only took 30 minutes.

Agreed. If it was really that easy they should have referred you to H&R Block, Liberty or Jackson Hewitt.

H&R Block certified tax preparers make $12/hr last I checked. All they do is fill in your data to turbo-tax like software and ask very few questions.

While I'm an auditor, I can do a standard 1040EZ in about 15-minutes by hand. Tax forms and tax law is pretty simple for 80%+ of the population. Its the 5% of high net worth individuals who are excercising stock options, taking business losses and investment losses to offset their gains that need the expertise of a true $300/hr CPA.

 

[Soundmanred]

I do the taxes for the guys I used to work with for $20 (if qualifying for free filing) as long as they have all their ducks in a row and give me all the info I need. It takes about 25 minutes each in Turbotax, and if they qualify, they efile for free (Oklahoma is a free file state). I figure if they make over the limit for free filing they can afford it.
They don't have any complicated situations, so it's no big deal for me, and it helps them out.

 

[FoBoT]

Originally posted by: Soundmanred
I do the taxes for the guys I used to work with for $20 (if qualifying for free filing) as long as they have all their ducks in a row and give me all the info I need. It takes about 25 minutes each in Turbotax, and if they qualify, they efile for free (Oklahoma is a free file state). I figure if they make over the limit for free filing they can afford it.
They don't have any complicated situations, so it's no big deal for me, and it helps them out.

do you sign their returns as the tax preparer?

 

[Brainonska511]

Why didn't you just use TurboTax or a similar program?

My dad is a CPA and uses TurboTax to do all the tax returns of the immediate family.

 

[Sluggo]

Originally posted by: Katanand45

Originally posted by: Ns1

Originally posted by: Katanand45
All the more reason for doing away for replacing income and FICA with a national sales tax.
No need to spend money to make sure you paid the government their fair share.

yeah that would never work. not to mention nothing an accountant can do will ever effect fica.

It'll never work because the ignorant masses insist on staying ignorant. All you need to know is basic high school mathamatics to figure out that you'll have more spending power under a national consumption tax than you do under the current corrupt system.

All the same people who think their tax refund is a yearly "gift" from the government.

 

[Soundmanred]

Originally posted by: FoBoT

Originally posted by: Soundmanred
I do the taxes for the guys I used to work with for $20 (if qualifying for free filing) as long as they have all their ducks in a row and give me all the info I need. It takes about 25 minutes each in Turbotax, and if they qualify, they efile for free (Oklahoma is a free file state). I figure if they make over the limit for free filing they can afford it.
They don't have any complicated situations, so it's no big deal for me, and it helps them out.

do you sign their returns as the tax preparer?

No, I sit with them and have them enter all of their own information. I'd rather teach them how to do it so they can do it themselves in the future.
I simply guide them through the necessary sections and finalization of filing.

 

[Orsorum]

Originally posted by: Fmr12B

Originally posted by: JS80
Sounds right. You took it to the wrong place. That type of firm prob typical does high net worth clients. But they will still bill you at same rate because you are taking their time. Kind of sucks though they didn't refer you to H&R Block if indeed your return only took 30 minutes.

Agreed. If it was really that easy they should have referred you to H&R Block, Liberty or Jackson Hewitt.

H&R Block certified tax preparers make $12/hr last I checked. All they do is fill in your data to turbo-tax like software and ask very few questions.

While I'm an auditor, I can do a standard 1040EZ in about 15-minutes by hand. Tax forms and tax law is pretty simple for 80%+ of the population. Its the 5% of high net worth individuals who are excercising stock options, taking business losses and investment losses to offset their gains that need the expertise of a true $300/hr CPA.

Agreed. I bill, as an associate, at $275 per hour. But I work exclusively with large corporations.

 

[Qianglong]

You got ripped off. My gf works at a big 4 accounting firm doing corporate taxes and her charge rate is 490/hour.

 

[nstar612]

Efile is the way to go if you want faster turn around. It also saves you a trip to post office.

If you are eligible, you can go through IRS's Free File website to file your federal tax return for free.

For a list of state free file programs, check out State Free File.




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Common Courtesy

 

[Epic Fail]

They only got work for 2 months a year, they got to eat for the other 10 months.

 

[krunchykrome]

At our firm, every employee level has a different billable rate, from entry level associate to partner. I believe it's this way at most public accounting firms.

The billable rate is around $120 per hour for an entry level associate. But you also have senior associates, senior managers, and partners reviewing all engagements; you can imagine what the final bill would be.

 

[Baked]

That's why it's so good to be an accountant. You can make a killing during tax season filling out 1040EZ and take the rest of the year off chillin' and going on vacations.

 

[krunchykrome]

Originally posted by: Baked
That's why it's so good to be an accountant. You can make a killing during tax season filling out 1040EZ and take the rest of the year off chillin' and going on vacations.

Hah! If you're an accountant, everyone thinks you love to do taxes. When tax season comes around, friends, family, and neighbors all start asking you to do their taxes for them. It puts you in an awkward situation when you have to break their hearts. Funny thing is that I'm not even in tax, I work in audit. But to them, tax/audit, it's all the same.

 

[tfinch2]

Originally posted by: Epic Fail
They only got work for 2 months a year, they got to eat for the other 10 months.

:laugh: Accounting is a year round job. Judging by your username, you must be like 13 or 14.

 

[Orsorum]

Originally posted by: Baked
That's why it's so good to be an accountant. You can make a killing during tax season filling out 1040EZ and take the rest of the year off chillin' and going on vacations.

That's such bullsh!t I don't even know where to begin. If you're with a small shop that may be the case, but if you're with a medium sized firm or larger you're working year round. You may get 4 or 5 weeks of PTO but good luck finding time to use it.