How much do you pay your tax preparer - and referral?

[Anonymous]

Does TurboTax do the forms needed for a rental property and help you figure it out (depreciation etc - I know there are a few ways to calculate)? That’s the only thing holding me back from doing ours, which otherwise is uncomplicated.

[Anonymous]

Oh and I meant to add: ours has been $900 in past years (like I said, very uncomplicated other than the one rental).

[Anonymous]

Anonymous wrote:Does TurboTax do the forms needed for a rental property and help you figure it out (depreciation etc - I know there are a few ways to calculate)? That’s the only thing holding me back from doing ours, which otherwise is uncomplicated.

It does federal I believe but not the DC forms.

[Anonymous]

Anonymous wrote:Does TurboTax do the forms needed for a rental property and help you figure it out (depreciation etc - I know there are a few ways to calculate)? That’s the only thing holding me back from doing ours, which otherwise is uncomplicated.

Person above with 5 K-1s. Forgot to add that we also have two rental properties. Turbotax does this.

[Anonymous]

Looks like freetaxusa supports the d40 form, I don’t think any tax software supports DCs d30 since its business income not personal income and you need to report that separately.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Does TurboTax do the forms needed for a rental property and help you figure it out (depreciation etc - I know there are a few ways to calculate)? That’s the only thing holding me back from doing ours, which otherwise is uncomplicated.

Person above with 5 K-1s. Forgot to add that we also have two rental properties. Turbotax does this.

https://ttlc.intuit.com/community/state-taxes/discussion/does-turbo-tax-have-the-dc-d-30-form-for-landlords/00/1866147#

[Anonymous]

Ours was around $3000 last year but we have 3 businesses (although 1 is handled by a different accountant) and file 3 state returns. Our returns are usually over 100 pages.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We’re retired. We paid $1200 last year for a fairly simple return that includes two rental properties, income from our brokerage accounts, and the occasional withdrawal from retirement account. We use a Maryland based firm although we live in DC. They just notified us that they are raising our fee to an estimated $2200 and when I asked why they said they have been undercharging us. I’m surprised by the increase, but what can you do?

Wow $2200??? Your return hardly sounds complicated. There must be less expensive options that aren’t TurboTax/H&R Block.

Yeah, you would think. Probably after this year I am going to look around. I thought $1200 a year was reasonable but I don’t think double that is. The main issue is I’m just lazy and knowing that my accountant has probably a dozen years of my tax related stuff at their fingertips if I ever get audited or whatever keeps me tethered to them.

[Anonymous]

Anonymous wrote:We’re retired. We paid $1200 last year for a fairly simple return that includes two rental properties, income from our brokerage accounts, and the occasional withdrawal from retirement account. We use a Maryland based firm although we live in DC. They just notified us that they are raising our fee to an estimated $2200 and when I asked why they said they have been undercharging us. I’m surprised by the increase, but what can you do?

Two rental properties does not equal a fairly simple return. Take a look at the forms related to the rentals to get a clue on difficulty.

[Anonymous]

We paid $3700. We have no wage income but a business, lots of investment income/capital gains, K-1s and a couple of kids that owe kiddie taxes. Still, it seems high after reading through the other responses.

[Anonymous]

Like $600 for my personal return (with rental property) and $1,200 for my business return. I think that's low, but he realized early on I was very cheap but paid quickly and chose to not raise my prices for that reason (he said he has to chase some customers down for payment).

[Anonymous]

For what it’s worth - I’m a tax partner at a Big 4 Accounting firm and used TurboTax until the firm started doing my taxes. It is a really good product for probably 95% of individual taxpayers.

A colleague (also now a partner) who filed as married filing separate because the spouse was in the military and they had different state residencies and found TaxSlayer to be great.

[Anonymous]

We paid about $2000 last year. Married filing jointly with the usual investment accounts. One W-2 and one K-1.

Our accountant’s practice just got bought out by a big company and I’ve heard they’re jacking up the rates. I’m on the hunt for someone new.

[Anonymous]

$150-200 to TurboTax? We have 2 salaries, a standard mortgage, I have stock awards some years, we sell stock some years, we have a brokerage investment account and a handful of interest bearing accounts. We itemize for charitable contributions. It takes my husband 3-5 hours total.

Why is anyone paying $1000+ unless you own your own business? Even nanny / household employees can be handled by a service for a low monthly fee.

[Anonymous]

Anonymous wrote:Our preparer has increased their rates for the second year in a row and I would be interested in knowing what is the going rate in the DMV and if you would refer your tax preparer.

I do my own taxes. It’s not hard. And I have investment income, self-employment income and partnership income.