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Fair price for a CPA
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amother
OP


 

Post Tue, Feb 25 2020, 6:28 am
My grandfather has a very basic tax return. I'm concerned he's being taken advantage of by his CPA. what's the going rate for filing a basic tax return by a CPA? Thanks.
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chicco




 
 
    
 

Post Tue, Feb 25 2020, 6:31 am
What do you consider basic? Which state?
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amother
Silver


 

Post Tue, Feb 25 2020, 6:41 am
From my research this year - $150-$200
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amother
OP


 

Post Tue, Feb 25 2020, 6:48 am
chicco wrote:
What do you consider basic? Which state?




He lives in New Jersey. By basic I mean he takes the standard deduction and he has a few sources of income from social security and investments. He has the tax form from each source that needs to be entered onto the return.
My husband uses turbotax and offered to do it for him but he's old fashioned and will only allow a CPA to do his taxes.

The CPA is charging him $500.
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libadmin




 
 
    
 

Post Tue, Feb 25 2020, 6:49 am
My husband is not a CPA but an accountant doing taxes and that is way too high- he is not even charging corporations that much.
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chicco




 
 
    
 

Post Tue, Feb 25 2020, 6:52 am
$500 is certainly way too much for what you describe. $250 is much more reasonable. Is it possible that he isn't telling you everything and that is why he insists that a CPA do his return? Because if it really is that simple, it is a shame that he doesn't just use Turbotax.
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amother
Periwinkle


 

Post Tue, Feb 25 2020, 6:53 am
amother [ OP ] wrote:
He lives in New Jersey. By basic I mean he takes the standard deduction and he has a few sources of income from social security and investments. He has the tax form from each source that needs to be entered onto the return.
My husband uses turbotax and offered to do it for him but he's old fashioned and will only allow a CPA to do his taxes.

The CPA is charging him $500.


Depends on investments.
We have investments and pay $1000
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hodeez




 
 
    
 

Post Tue, Feb 25 2020, 6:53 am
My husband charges from $100-200 for that type of return.
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amother
OP


 

Post Tue, Feb 25 2020, 6:58 am
chicco wrote:
$500 is certainly way too much for what you describe. $250 is much more reasonable. Is it possible that he isn't telling you everything and that is why he insists that a CPA do his return? Because if it really is that simple, it is a shame that he doesn't just use Turbotax.



Not really because my grandfather has been using this particular accountant for years and my dh has been offering to do it for free using turbotax. Finally this year my grandfather allowed my husband to do his taxes. It took around 20 minutes to enter everything into turbotax. He didn't submit it to the IRS yet. Last night my grandfather called and said he's really not comfortable with a non CPA doing the taxes and wants to use his regular guy.
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amother
Puce


 

Post Tue, Feb 25 2020, 6:59 am
If he needs a CPA - find him one who will charge less.
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amother
Puce


 

Post Tue, Feb 25 2020, 7:01 am
amother [ OP ] wrote:
Not really because my grandfather has been using this particular accountant for years and my dh has been offering to do it for free using turbotax. Finally this year my grandfather allowed my husband to do his taxes. It took around 20 minutes to enter everything into turbotax. He didn't submit it to the IRS yet. Last night my grandfather called and said he's really not comfortable with a non CPA doing the taxes and wants to use his regular guy.


Keep the figures. Once grandfather gets his returns done from CPA show him its the same thing bottom line. Remind him of that for next year.
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hodeez




 
 
    
 

Post Tue, Feb 25 2020, 7:01 am
Is the CPA also offering financial planning or tax strategies? That would add on to the price.
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amother
Jetblack


 

Post Tue, Feb 25 2020, 7:02 am
We pay about $120 for our accountant. Regular tax filing. $500 is a rip off.
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chicco




 
 
    
 

Post Tue, Feb 25 2020, 7:04 am
That's unfortunate, but I think you've done what you can do. The only other thing you can try is to see if he is willing to use another CPA who will be more reasonable. But ultimately, it is his money, and his choice. It is really sweet of you to look out for him.
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amother
Jade


 

Post Tue, Feb 25 2020, 8:34 am
We have some investment accounts , but not a crazy amount. W2 employees. A family member charged us $600. Now I feel gypped.
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amother
Salmon


 

Post Tue, Feb 25 2020, 8:37 am
I believe the highest we pd is $250
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amother
Puce


 

Post Tue, Feb 25 2020, 8:48 am
amother [ Jade ] wrote:
We have some investment accounts , but not a crazy amount. W2 employees. A family member charged us $600. Now I feel gypped.


Did your family member tell you that he was offering you market pricing for his services?

If his time could be spend doing more complex returns - he's charging you his opportunity cost for doing yours.
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notshanarishona




 
 
    
 

Post Tue, Feb 25 2020, 8:49 am
Wow . We pay $250. This thread going to make me shop around more .
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amother
Puce


 

Post Tue, Feb 25 2020, 8:52 am
notshanarishona wrote:
Wow . We pay $250. This thread going to make me shop around more .


Do the returns yourself.
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grace413




 
 
    
 

Post Tue, Feb 25 2020, 8:57 am
My husband is a tax accountant. Sounds high to me but we are in the Midwest and I imagine Jersey prices are higher.

It's very difficult to state a fair price without seeing the actual papers.

Investments is a very catch-all term. You could have interest from 2 banks or you could have interest from 10 banks and 15 stock sales. You could be a W2 employee but have 10 W2s from various employers.
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