If you pay for tax prep, how much do you pay?

[Xesed]

I have a small company. For a long time, I also paid for the preparation of tax reports. At the end of the month, the accountant was constantly inundated with work on drawing up receipts and notifications of receipt of wages.

[Scallywag]

$50 or so for Turbo Tax. Simple straight forward returns so we could use the free forms online but H likes Turbo Tax as a "record keeper" of sorts for us. We may pay more this year as DD also has a W-2 now, maybe an additional $20?

[moneybags]

$50 or so for Turbo Tax. Simple straight forward returns so we could use the free forms online but H likes Turbo Tax as a "record keeper" of sorts for us. We may pay more this year as DD also has a W-2 now, maybe an additional $20?

You can electronically file multiple Federal returns in TurboTax (I think 5). They make you pay for electronic filing multiple state returns, 1 is free. I file my kids returns - Federal via Turbo Tax and then paper returns for the state. I print the state returns from TT, which is free.

[disneysteve]

I’m anticipating a large tax prep bill this year. We need to do our personal return, a final return for my cousin, and the estate return. Our CPA will handle it all. Maybe there will be a refund in there to offset the cost.

[rennigade]

We still use credit karma tax. It's the only one that has ever been completely free. Used to use turbo tax but it was always around $80 or so due to stock holdings and what not. They say it's free until you get to a certain point then you hit a pay wall.

If we had a complex return such as an inheritance, I would absolutely be paying a professional.

[Scallywag]

You can electronically file multiple Federal returns in TurboTax (I think 5). They make you pay for electronic filing multiple state returns, 1 is free. I file my kids returns - Federal via Turbo Tax and then paper returns for the state. I print the state returns from TT, which is free.

Thanks! I didn't realize Turbo Tax allowed us to file multiple returns! Is this the premium version of Turbo Tax or the deluxe version? She's already received her W-2, we're still waiting for H's.

[QuarterMillionMan]

I’m anticipating a large tax prep bill this year. We need to do our personal return, a final return for my cousin, and the estate return. Our CPA will handle it all. Maybe there will be a refund in there to offset the cost.

Yup disneysteve that is best left to the pros for you cousin's return and estate taxes. Break even would be nice.

[LivingAlmostLarge]

DS why not use your cousin for your tax prep? Or is it the cousin that passed?

[Scallywag]

You can electronically file multiple Federal returns in TurboTax (I think 5). They make you pay for electronic filing multiple state returns, 1 is free. I file my kids returns - Federal via Turbo Tax and then paper returns for the state. I print the state returns from TT, which is free.

Just wanted to ask again - maybe I misunderstood. You file your kids' / dependents' return separately from yours on Turbo Tax, right?

[amarowsky]

I switched accountants this year. Paid $490 which includes my personal returns for my w2 as well as required filings for my 2 rental properties and side business.

I'm pretty close to this. Slightly under this number but pretty close.

I think I pay $120-140 for my individual return , and then like $180 to file a 1065 Form to get our K-9's returns (for Partnership LLC i have w/ an investment property) .

Crazy because this tax guy used to only charge me $40 when I started w/ him like 10+ years ago. He ratched mine up w/ inflation + more complexity as I added additional investment companies, real estate assets, and left W-2 work for contract work. He says "I charge based on how painful it is" lol, he's still quite a great value, and has done very right by me over the years. (he's retiring soon, him & son work together, but I'll def miss him when he's retired.

Thankfully we have a good enough relationship, that he invited me to his huge monthly poker games".

I only went once, I was the youngest (33 @ the time) seemingly by a good 10 year, and 20 years on average. (made me feel like an adult again!)

[moneybags]

Thanks! I didn't realize Turbo Tax allowed us to file multiple returns! Is this the premium version of Turbo Tax or the deluxe version? She's already received her W-2, we're still waiting for H's.

I use the Deluxe version. I believe I can file 5 electronic federal returns.

[moneybags]

Just wanted to ask again - maybe I misunderstood. You file your kids' / dependents' return separately from yours on Turbo Tax, right?

I file for my adult independent kids, separately. I used to file them when they were dependents and had jobs.

[GoodLiving]

My tax guy I've been with for probably 15 years, ours is pretty simple I'm guessing, although there was a few years where I rented my house out. We've paid probably $175 for years now. Of course, I'm in fly over country so there's that...