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Guess how much I will pay for tax preparation for 2019 (in 2020)

Home Tax Reduction Guess how much I will pay for tax preparation for 2019 (in 2020)

  • Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3477
    Joined: 01/21/2016

    Here is the trend in charges for professional tax preparation for the last 8 years –

    2011 – $940

    2012 – $975

    2013 – $983

    2014 – $1002

    2015 – $1100

    2016 – $1600 (including filing for children, first and last time)

    2017 – $1350

    2018 – $1650

    2019 – $2350 (filed for extension due to K-1 delays; did not itemize for the first time)

    2020 – ?

     

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #244555 Reply
    Avatar jacoavlu 
    Moderator
    Status: Physician, Small Business Owner
    Posts: 2381
    Joined: 03/01/2018

    $1950

    You must have a fairly complex return. ?

    The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVA

    #244561 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4447
    Joined: 01/08/2016

    wow…..

    hoooray turbotax.

    #244577 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3518
    Joined: 01/14/2017

    $0

    #244579 Reply
    Liked by Lordosis, Craigy
    Avatar JohnW 
    Participant
    Status: Small Business Owner
    Posts: 9
    Joined: 08/30/2019

    Assuming similar facts to last year, a lot of the kinks in the TCJA have been worked through by now so I would hope about equal to last year.

    #244580 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2851
    Joined: 01/03/2017

    $2400 if you have a professional do it. $59.99 if you do it yourself.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #244595 Reply
    Avatar Bmac 
    Participant
    Status: Physician
    Posts: 313
    Joined: 10/21/2017
    Splash Refinancing Bonus

    This is a trick question, right? You decided to do them yourself with TurboTax.

    #244599 Reply
    Liked by Vagabond MD, Peds
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8137
    Joined: 01/09/2016

    Just curious, is this for a 1040 only?

    Edited to add, b/c I s/h asked – and same for all yrs in the past (except kids, of course)?

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #244600 Reply
    Avatar nephron 
    Participant
    Status: Physician
    Posts: 227
    Joined: 05/09/2019

    $3055 (based upon an increase in between 2018 and 2019).

    #244604 Reply
    Avatar HumbleInvestor 
    Participant
    Status: Physician, Small Business Owner
    Posts: 209
    Joined: 12/28/2016

    Does that I clude business returns 1120S? I am guessing $2800.

    How much does your accountant charge for 1120S?

    #244612 Reply
    Avatar pierre 
    Participant
    Status: Resident
    Posts: 181
    Joined: 02/01/2016

    Does the person with the closest guess win a prize? Price is Right rules?

    #244730 Reply
    Avatar SteffanW 
    Participant
    Status: Advanced Practice Provider
    Posts: 88
    Joined: 01/24/2019

    Is this the trend in charges for professional tax preparation, the trend in increased complexity of your taxes, or both (I’ll disregard inflation)?

    #244963 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1316
    Joined: 02/15/2016

    Well, you changed jobs, so there may be some moving expenses. Still probably have the K-1 but no delay from new tax law. I’ll go with a nice cool $2000.

    #245002 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3477
    Joined: 01/21/2016

    This is a trick question, right? You decided to do them yourself with TurboTax.

    Click to expand…

    Leaning that way…

    Just curious, is this for a 1040 only?

    Edited to add, b/c I s/h asked – and same for all yrs in the past (except kids, of course)?

    Click to expand…

    Yes, 1040 (Fed and one state), 2 W-2s, 4 K-1’s, Schedule C for 1099 income. Did not itemize (will for 2019).

     

    Is this the trend in charges for professional tax preparation, the trend in increased complexity of your taxes, or both (I’ll disregard inflation)?

    Click to expand…

    Complexity has not changed. I did file an extension due to a late K-1.

     

     

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #245004 Reply
    djohnflatfeecfp djohnflatfeecfp 
    Participant
    Status: Financial Advisor, Website Sponsor, Small Business Owner
    Posts: 214
    Joined: 09/14/2017

    Yikes!  That’s a hell of an increase.  From an advisor perspective, it’s become harder to find CPAs who are willing to handle individual returns.  I tried to send a set of physician clients to a young CPA and her firm told her “no” unless they brought along their corporate taxes (they both worked for large health institutions so that wasn’t happening).

    Accumulate Wealth, Not Fees - http://forwardthinkingwm.com/
    Daniel P. Johnson, CFP - [email protected]

    #245024 Reply
    Liked by Craigy

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