Reply to Estimate for tax preparation

Forum Index » Money and Finances

Reply to "Estimate for tax preparation"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]I am a CPA and I do taxes in the evenings and on weekends (I have a non-CPA full-time job).  Keep in mind that these are considered low rates.  I have had my license one year and am trying to build up my book of business. Most CPA's with a good bit of experience and a decent book will probably charge you more. The estimate from 5 different CPA's could vary widely based on experience and other factors.

*DISCLAIMER: NONE OF THIS IS TO BE CONSTRUED AS TAX ADVICE. THIS IS FOR GENERAL PURPOSES AND TO GIVE YOU GENERAL INFORMATION. YOUR SPECIFIC SITUATION MAY OR MAY NOT REQUIRE THESE OR OTHER FORMS. CONSULT YOUR TAX PROFESSIONAL FOR YOUR SPECIFIC CIRCUMSTANCES.

Here is how I would charge based on the information that you provided if you had all your records in order:

Federal 1040 and State Return with E-file - $150
    Schedule A (Itemized Deductions) - $50
    Schedule C (Profit or Loss from Business) - $150
    Schedule SE (Self-Employment Tax) - $100
    Schedule E (Supplemental Income or Loss/Rental Real Estate) - $150
    Form 1116 (Foreign Tax Credit - If applicable) - $100

If the foreign property is owned by a foreign entity(corp, partnership, trust, etc.), it will be more complicated and more expensive.  It could trigger a form 8938 (Statement of Specified Foreign Financial Assets) which will cost more.  Additionally, you may have to file a FinCEN form 114 (Formerly TD F 90-22.1) if you have a foreign bank account to collect the rents and the balance was over $10,000 at any time during the calendar year. Be careful here, the penalties are very stiff. The FinCEN 114 is due to Treasury (NOT the IRS) on June 30 and can't be extended. Your tax professional would look at your situation and determine whether or not you would need to file these forms.

I hope this is helpful.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics