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

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  • GoodLiving
    replied
    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...

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  • moneybags
    replied
    Originally posted by Scallywag View Post

    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.

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  • moneybags
    replied
    Originally posted by Scallywag View Post

    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.

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  • amarowsky
    replied
    Originally posted by riverwed070707 View Post
    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!)

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  • Scallywag
    replied
    Originally posted by moneybags View Post

    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?

    Leave a comment:


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

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  • QuarterMillionMan
    replied
    Originally posted by disneysteve View Post
    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.

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  • Scallywag
    replied
    Originally posted by moneybags View Post

    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.

    Leave a comment:


  • rennigade
    replied
    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.

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  • disneysteve
    replied
    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.

    Leave a comment:


  • moneybags
    replied
    Originally posted by Scallywag View Post
    $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.

    Leave a comment:


  • Scallywag
    replied
    $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?

    Leave a comment:


  • Xesed
    replied
    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.

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  • PisitSoniz
    replied
    Mine was $550, but it's not always like that. I am not sure what it depends on, but that's the number I had to pay. I will have to look into form 1040 to see what I am paying for. I never liked things like this, and my wife is the one taking care of taxes. The first time I used an adult payment gateway was last year. I had to use it for my business because there was no way around it. Still, I learned how to do it fast, and getting used to it was not that hard. It works really well, and that was surprising because many people were telling me to choose other payment gateways. I'm glad I didn't.
    Last edited by PisitSoniz; 07-22-2021, 09:42 PM.

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  • QuarterMillionMan
    replied
    I really should not be posting in this thread since I used a tax software ($6.99) for IRS forms;

    Form 1040
    Schedule 1 – Additional Income and Adjustments to Income
    Schedule 2 - Additional Taxes
    Schedule D - Capital Gains and Losses
    Form 8949 - Sales and Other Dispositions of Capital Assets (sale of real estate)
    Form 8949 - Sales and Other Dispositions of Capital Assets (stocks)
    Form 8949 - Sales and Other Dispositions of Capital Assets (Bitcoin)
    Schedule E - Supplemental Income and Loss
    Form 5329 - Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts
    Form 8960 - Net Investment Income Tax— Individuals, Estates, and Trusts

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