Investor · Hercules, CA · Member since 2015 · 208 posts · 47 votes
Hi All-
I've been using excel spreadsheets and TurboTax to prepare my taxes over the years. Now that my real estate portfolio is growing with multiple LLCs and strategies, it's starting to get more complicated. So I'm now perusing for a good CPA that is familiar with the various real estate investment strategies to set up Quickbooks and prepare my taxes. I have quotes from several CPAs that are across the board. Some want to charge a monthly subscription payment with added services and some have flat fees. If you don't mind, what are you paying for tax preparation for your real estate LLCs, partnerships, and individual income taxes. I also have a W2 income which I believe is the easy part.
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
9y
Answers will vary widely on this based on geographic region. You're unlikely to get an apples-to-apples comparison if you get responses from people whose CPAs are in New York City or Los Angeles vs somebody in a smaller market. This will also vary depending on whether people are using a firm with a full support system of administrative personnel and swanky offices vs a talented CPA working out of a home office.
Rental Property Investor · Prairie Village, KS · Member since 2015 · 2k+ posts · 2k+ votes
9y
I don't know about quickbooks but you might pay 260 for the individual and 150 for the LLC. It depends on if the LLC owns property in other states or CA and if you will elect to have LLC income is taxed like an S-corp. There are a lot of folks that do taxes and a lot of folks who do them badly so i wouldn't go for rock bottom pricing. I agree that as soon as you have anything more complicated you need to stop using turbotax.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
9y
I would think that it really depends on geographical locations. Wherever it's more expensive to live, they'll likely charge more.
But then, maybe 12 years ago I had a highly praised CPA do my taxes. At that time I didn't even have any rentals. Just a couple flips per year. He charged me $ 1200.00. I paid him, but was too broke to pay the taxes, so, I never submitted.
2 years later I found this local accountanta, Mr. Tax, who's not a licensed CPA, but has a number real estate investor clients, he redid that tax return, brought my taxes down to half and charged me $ 350.00.
I have more than 10 rentals and another business (but only one LLC, which goes through my own ss number and doesn't have a separate tax return, and he charges me $ 450 every year. Even when I lived in Florida or in California. I'm so happy I found him.
So, while you're living in a more expensive area, I'm sure you will find variances in the prices.