What should I expect to pay an accountant for a business tax return(NC, 1 person business)?
Hi,
Can anyone give me a general idea of what I might expect to pay an accountant to file my business tax return? What are the typical hourly rates in central NC? A rough idea of how many hours it would take to file for a 1 person consulting business with an automated payroll? I know there are a lot of variable here, any general info would be helpful.
Thanks for the input.
There’s no possible way to say. The bill will depend entirely upon the amount of time and work involved. If you walk in with a complete set of financial statements and depreciation schedules set up to IRS requirements it won’t be too much. But if you walk in with a dozen shoe boxes full of receipts it could run into thousands.
You say that it’s "a 1 person consulting business with an automated payroll" and that would indicate that you’ve formed a corporation (since a one-person sole proprietorship would not have payroll). Figure at least $200 – $300 for the corporate return alone and that’s if no work is needed other than to transfer the numbers from your financial statements to the return. A bit more if it’s an S-Corp and K-1s have to be generated. Your personal return would just be a basic W-2 wage-earner return, plus the K-1 if it’s an S-Corp, so probably $100 – $150 for that if you are not itemizing. If the accountant has to generate the financial statements first, the sky’s the limit depending upon the work involved.
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if you have all the information needed to input the tax return it should be no more expensive than an ordinary return
however, if you are having the accountant do your business bookkeeping, whatever the hourly rates are there you can expect to pay prior to the actual return
References :
There’s no possible way to say. The bill will depend entirely upon the amount of time and work involved. If you walk in with a complete set of financial statements and depreciation schedules set up to IRS requirements it won’t be too much. But if you walk in with a dozen shoe boxes full of receipts it could run into thousands.
You say that it’s "a 1 person consulting business with an automated payroll" and that would indicate that you’ve formed a corporation (since a one-person sole proprietorship would not have payroll). Figure at least $200 – $300 for the corporate return alone and that’s if no work is needed other than to transfer the numbers from your financial statements to the return. A bit more if it’s an S-Corp and K-1s have to be generated. Your personal return would just be a basic W-2 wage-earner return, plus the K-1 if it’s an S-Corp, so probably $100 – $150 for that if you are not itemizing. If the accountant has to generate the financial statements first, the sky’s the limit depending upon the work involved.
References :