How much does your tax accountant charge for your business??

Question

Was wondering do you meet with your tax person once a month??

Do they charge by the hour or do you have them on retainer by paying a set amount a month/year??

I have been doing taxes myself for awhile but now I am getting into multiple llc's and income is going up and other items.I am going to look for a long term relationship for a tax person and adviser in my area who understands real estate investments.

What is the difference between a tax attorney,accountant,CPA??

Thanks

Nick Patterson · Answer

each building is a different LLC

He charges me $775 per LLC, which I believe is fair.

If you PM I'll be happy to give you his info. All he does is RE

John Buchmiller · Answer

One of my dear friend is a Tax Lawyer in chicago and he only charges $360 per hour. If you need any tax advice, hit him up :)

Ned Carey · Answer

He charges hourly but I don't know how much. I spend about $400 per LLC for returns each year. I generally meet with him 1 time a year other than tax time for questions.

My current accountant is a CPA and I told him my last accountant was not a CPA. He said "The CPA designation isn't as important as whether he is doing a good job"

I definitely recommend someone who works with real estate clients.

I am very happy with my guy, and have written about my CPA Jeff Stoller on my blog in my signature below

Ryan B. · Answer

My tax person is also my cousin so I get a heck of a deal. She owns several properties herself so she is familiar with rentals.

Personal taxes for me and the wife, 4 properties, kids deductions, itemized medical expenses, the whole shabang....price went up to $105 this past year.

Joel Owens · Answer

Thanks everyone.I just have a bunch of questions for the accountant I choose.

There will probably be a few meetings up front and then not many after that.

For me I have liability covered it's just best positioning the tax issue.

What is the difference between an accountant and a bookkeeper??

Yes as you can tell by my questions I am not a tax guru. :)

Mike V. · Answer

My CPA charges $80/hour for consultation, I only meet with him once or twice a year.
Last years return was $895 - personal return with 3 rentals, 2 flips, moved primary residence, and some stock trades.
I had someone cheaper but they only had limited RE experience.

Jeff S. · Answer

My CPA charges in the area of $695 to $795 for one return including 3-5 properties, W2's and quite a few stock trades.

Steven Hamilton II · Answer

Sometimes your best bet is not someone close to you. Make sure you check out J Scott's article on finding and accountant. You should ask the same questions of the person who prepares your tax return.

A tax attorney is just that an attorney who deals in tax cases, could be employment taxes, etc.

An accountant is just that someone who deals with accounting.

A CPA is a certified public accountant Licensed version of the above.

An EA (Enrolled Agent) is someone who is licensed by the Dept of treasury in taxation.

Search for an EA in your area who deals in real estate businesses.

You should have an attorney, accountant and someone who prepares your tax return. That was more than one person is seeing your situation and you get three opinions to help in your decisions.

Oh, and I charge based upon how complex the return is. Accountants cannot charge a retainer for tax prep. For representation in an audit we can.

How much does your tax accountant charge for your business??

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