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.

I am a W2 employee, but DH has a fellowship that is not considered salary and we pay estimated taxes. We buy/sell stocks and have charitable donations. We pay $350/yr.

I would estimate about $1,000 - $1,300. To the $800 Arlington poster - do you feel comfortable sharing your CPA's info?

We are on the simple end of things so we pay about 450 for two incomes, one employee and one house.

Anonymous wrote:How much would you expect to pay for tax preparation with these circumstances:

HHI of about 140K
Ownership of one domestic property, one foreign property
One W2 employee, one independent contractor (with several 1099s).

Otherwise no major issues.

What would a reasonable estimate be?

we sound a lot like you: two properties, both domestic, two household employees, one of us is self-employed. We pay $800 to a firm in Kensington.

we pay about $1500 but our taxes are probably more complicated.

We pay $500 in arlington. Two properties, one primary, the other investment, but both domestic. HHI $220. Fed return and 3 states.

Thanks PP for that info. The estimate we were given was about that much (slightly more), and it seemed pretty high to us. Trying to get a sense of whether that is the norm for our situation, or not.

I recommend Rosenbloom & Associates. I am a W2 employee, but my husband owns his own business. No employees though. We pay $750 for our taxes. I know you have more going on, but maybe this is a start at your estimate. I think I remember when we did have 1099s to send out, they may have charged like $50 per 1099.

OP here. We need an accountant to assist this year, TT not an option. thanks

Turbo Tax covers foreign owned properties

overseas property could be a pain in the neck these days

I am cheap, We do I yourselves.

If nothing too complicated, Turbo Tax is a great option.

How much would you expect to pay for tax preparation with these circumstances:

HHI of about 140K
Ownership of one domestic property, one foreign property
One W2 employee, one independent contractor (with several 1099s).

Otherwise no major issues.

What would a reasonable estimate be?