Business owners: how much does your accountant charge?

amother

OP ↓

Tue, Oct 22 2024, 10:57 pm

My DH and I have a business.

For our business and individual returns, our accountant charges us $9,000.

I think this is outrageous but want to make sure before I complain.

He's tops in the city, but it was only $7K last time and I was freaked out over that.

notshanarishona ↓

Tue, Oct 22 2024, 10:58 pm

Depends how complicated your taxes are. I pay around $500 to file taxes, small business with about 2-5 employees at any given time

amother

↑ OP ↓

Tue, Oct 22 2024, 11:07 pm

notshanarishona wrote:

Depends how complicated your taxes are. I pay around $500 to file taxes, small business with about 2-5 employees at any given time

We have 2 employees. I don't think it's that complicated at all.

amother

Brunette

Tue, Oct 22 2024, 11:10 pm

I have a small business and earn about 40k. dh is salaried and also has a small business on the side earning about 15k.
accountant does all our tax returns, personal and both businesses for $600 each year. actualy that rate is new, it used to be $500 until 2 years ago.
How much are you earning that your accountant is charging you so much??

amother

Seagreen

Tue, Oct 22 2024, 11:12 pm

Wow I've never heard of that high! Makes me feel better about mine lol, it's $2,500 a year and never heard of anyone paying my amount either. Personal plus business (no employees) but he answers tons of questions, doesn't rush us, etc. I really believe you pay for availability, I've had many cheaper ones in the past who didn't appreciate my questions and got annoyed.

Also if they do payroll, multiple employees, tax strategy etc, that's a whole different story. (Mine does not).

amother

Lightyellow ↓

Tue, Oct 22 2024, 11:18 pm

Have an Scorp. Earn about 20k a year on it. No employees.

Top accountant. 600. It was much less till 2-3 years ago when they revamped from mom and pop to a bigger company and upped the prices big time.

My daughter has an Scorp too and pays more than double than me for the same accountant.

I don't know why and even though she keeps asking me to find out from the old timers in the company why she's being charged so much more I can't care enough to find out.

I know if we have any problem it's gonna be presented to this firm so whatever they charge so be it.

amother

↑ Lightyellow

Tue, Oct 22 2024, 11:18 pm

amother OP wrote:

Robbery.

↑ notshanarishona ↓

Tue, Oct 22 2024, 11:22 pm

amother OP wrote:

We have 2 employees. I don't think it's that complicated at all.

Shop around. If yours aren’t crazy complicated then you are likely extremely overpaying.
If you post your state people can give you recommendations.

↑ notshanarishona

Tue, Oct 22 2024, 11:24 pm

amother Seagreen wrote:

Most people use payroll software for payroll , it’s so simple to use you really don’t need an accountant for that.
I pay our accountant a small fee to be able to ask questions throughout the year but I use gusto for payroll. Costs about $50 a month.

amother

Teal

Tue, Oct 22 2024, 11:32 pm

Does the accounting take care of the books for the business? Do you give him bank statements and they put everything in for you? That would explain the high cost

amother

Nasturtium

Wed, Oct 23 2024, 3:33 am

Op, that sounds crazy high. But if he's doing work for you year round, doing payroll, and more, then you can't compare it to a once a year accountant.

My accountant charges about $1200 for scorp annual filing and $900 for personal tax return including schedule e. Annual return only. 10 years ago, a different accountant charged $1250 quarterly but that included payroll, updating books, quarterly filing (would probably be double that amount by now).

amother

Topaz

Wed, Oct 23 2024, 4:20 am

amother OP wrote:

For your business also? Is it an active business as opposed to someone that just has an LLC because they make money that is not payroll?

Because we pay $6,000 a year for an accountant who does our personal taxes via w2s and 1 LLC which is basically just the money that does not fall under the purview of W-2s.

7000 does not seem like a lot at all for a business included.

amother

Bubblegum

Wed, Oct 23 2024, 4:55 am

The good accountants can get pretty expensive but are usually worth it as they save you the most taxes. Business taxes can get pretty high, really depends on how complicating the taxes are and what your business entails.

amother

Red

Wed, Oct 23 2024, 5:37 am

notshanarishona wrote:

Depends how complicated your taxes are. I pay around $500 to file taxes, small business with about 2-5 employees at any given time

Accountant here, but not in charge of billing or prices at my firm. This is insanely cheap.

OP, does your accountant charge per hour or a flat fee? Is it a large firm or one guy on his own? Does he do your bookkeeping as well? Respond to all your notices you get? Does he know what he's doing and saving you tax money in the long run?