All Forum Posts by: Juliette Lerner

@Tom S. Yes, thank you that's super helpful! I would like to begin exploring how to do at least some of those P&L summaries myself to save on fees. I'm also wondering how long a typical residential/commercial property tax return is. Perhaps that can tell me if our situation is particularly complex or not? Or if our CPA is spending a lot of hours on each one?

@John Woodrich I completely agree with the organization aspect. I still think that around $20,000 per year for a CPA calls for some re-strategizing. I am definitely in the process of getting multiple opinions and figuring out what our options are. I'm not sure if the cost is coming from the hours spent on accounting or the complexity of the returns (probably both) but I something needs to be done. That's a helpful tip about hiring an accountant. Thanks for the reply!

@Steven Hamilton II  Thank you, that's great to know! All of this information, while it doesn't replace personalized advice, has been so helpful in my understanding of the situation. I have prepared a list of questions I want to ask our CPA, whether he charges or not. Thanks again! 

@Katie L. Thank you for your reply, that is so helpful! I am going to set up a meeting with our CPA this week. Even if he charges, I have to get more on the same page with him about our fees. I agree that these forums do not replace personalized advice but I have definitely gotten a better idea of where I stand. Thanks again, I very much appreciate your input and advice!

@Steven Hamilton II  Thank you for your reply and that helpful link! Is that $2,200 total per year for the returns on the 6 properties (an estimate of course)? Or $2,000 per tax return? It's difficult to find good information for average real estate tax return costs. I am trying to learn as much about the process as possible to make sure I understand what I am paying for. 

@Russell Brazil  Right, I am aware that the prices are agreed upon. However, I was not the one who hired our CPA and I am trying to learn as much about the process as possible to make sure that we are in good financial standing, especially since the cost of our tax returns is my main concern at the moment. Thank you for referring me to Ms. Kolodij, I will definitely message her!

@Tom S. Thank you, that's super helpful! So, the P&L summary and mortgage statement from the bank for each property  is all you need to give to your CPA for the tax returns? I am trying to learn as much about the process as I can, and all of this information is much appreciated. 

@Bill B.  Ahh okay that's good to know. I feel as though your CPA should answer your questions for free especially if that's only 1-2 times per year! 

@Brent Paul Thanks, that's very helpful!! I guess you just have to gauge by the way they answer your questions if they will do a good job and really be on your side. 

It's 3 duplexes in California and 3 commercial in different states. We don't do our own accounting. We're trying to figure out if we are paying to much for tax returns for those properties (we also have an LLC).