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All Forum Posts by: Tom Gorrell

Tom Gorrell has started 4 posts and replied 21 times.

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

Good question Henry. I think we are decent at bookkeeping- but have areas we can improve on. I will ask if there would be a discount for better accounting on my part. 

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

I really appreciate all the input. Thanks all who have weighed in. 

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13
Quote from @Sean O'Keefe:
Quote from @Tom Gorrell:

We have 3 rentals in CA and one in Kentucky (total value about 2.5 M)

some W2 income

some pension income

some syndication income and some from a business (s corp) 

Based on what you say, it feels like $3k - $4k but would need more info on how frequently you meet with CPA outside of Jan - Apr when you are filing and if this includes tax strategy. 

If they're responsive and know how to save you $ on taxes sometimes the premium price pays for itself. 

 Thank you Sean!

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

Thank you Bill. I appreciate your insight.

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

If this looks too high to you- I would appreciate estimated fair price costs from anyone with an opinion

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

We have 3 rentals in CA and one in Kentucky (total value about 2.5 M)

some W2 income

some pension income

some syndication income and some from a business (s corp) 

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

Thanks  Max

Post: Fair Price for CPA to do taxes

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

I love my CPA just wondering about what a fair price is for a CPA to do our taxes. Perhaps my current firm at $6,000 is a little more suited for people with a bigger portfolio.

We have 4 rentals. 

Post: Depreciation question using new car purchase to cancel out passive income

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

Ashish:

Thank you for the reply…

Would you advise to use up all of the bonus depreciation from the vehicle first…. 
in front of using the banked depreciation in my rental properties?

Post: Depreciation question using new car purchase to cancel out passive income

Tom GorrellPosted
  • Fullerton, CA
  • Posts 21
  • Votes 13

Yes the vehicle qualifies over the 6000 pound minimum