All Forum Posts by: Mason Myers

 My CPA is about $25k for the year he is out of Bloomfield Hills MI but he does all my businesses and my 131 units. Start cheap and then scale up as you need. For my first business my CPA cost $1k lol

It seems tax season has you a bit tangled up, especially with that duplex. No worries, we all need a hand with taxes. Your instinct to be cautious is spot on, and there are some nuances to consider. For instance, instead of a straightforward 50/50 split, think about dividing expenses based on space. You're doing well with depreciating the rental part, but a pro can help nail down the details. Having a rental property means new tax considerations, and consulting a pro who knows real estate is a smart move. The cost might be between $500 to $1,500, but think of it as an investment in securing your tax well-being.

@Mason Myers Pricing will vary quite a bit, based on several factors. A firm with employees will likely charge more than a single preparer office (due to overhead, etc). Some pros only work with REI clients with a minium portfolio size. Based on what you've described, in my area a return like yours would probably start at maybe $400 (with a solo preparer) and go up from there with a preparer that has staff (the bigger the office, the higher the cost). A firm whose pricing structure I follow for reference starts their individual return fees at $800.

Being that we're already into February, you may have trouble finding someone to work with for TY2023 as many pros don't take on new clients once the season has officially gotten underway. Unless you're okay with filing an extension.

I will also note that some (many?) preparers don't offer a "review" or "second set of eyes" for a client prepared return. If a new client brings me a return they've prepared (but haven't filed) and wants me to check it for errors, I'm charging them the same as if they brought me nothing. This is because the only way I can check for errors is to start with the same information they started with and enter it myself. Aside from any glaring errors (like data fields that are blank that shouldn't be, or more commonly, depreciation that seems wildly high because the client didn't know that you don't depreciate land), I won't be able to spot missteps without seeing all of the data that went into the return.

I hope this helps!