How Much Does It Cost to Hire an Accountant to Do My Taxes?

how much does it cost to hire a cpa

It depends on what you are looking to accomplish and the size of your current portfolio or business. Christiana Jolaoso-Oloyede creates compelling content for B2B tech companies. She also empowers business leaders with unbiased data-driven information needed to run their SMBs.

Moreover, it also involves obtaining a state license that includes ethical criteria. In addition, you’ll need your balance sheet and income statement reviewed to qualify for a $100,000 loan. For example, if you’re considering moving to another state, changing your legal relationship status, or bringing a partner into your business, ask a CPA for guidance.

Factors affecting CPA costs

Most accountants and tax professional bill by the hour (57% according to an Intuit survey) but 54% bill flat fee for corporate tax preparations services. Some C corporations and multi-member LLCs have extremely complex tax returns that cost thousands. And if you are looking for CPA advice throughout the year, you may pay anywhere from five to six figures.

You can find a good CPA by asking your family, friends, and colleagues for recommendations. In addition, the IRS publishes a list of tax preparers, and most states have their own CPA societies. However, humans tend to more prone to errors compared to well-functioning programs. These programs can scan financial information and organize data accurately, thus reducing any possible errors. Software preparation tools may be faster, more efficient, and more convenient as they can be used at your discretion. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader.

Business advising and consulting

An experienced CPA assesses your financial data and pulls insights that help improve and grow your business. For example, they may reveal your most and least profitable products, so you prioritize revenue streams and allocate your budget accordingly. Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive how much does a cpa cost a commission from our partners; however, our opinions are our own. If your CPA’s fee is based on the complexity of your taxes, make sure that you get a figure beforehand so that there aren’t any surprises in the end. It’s a simple but effective rule that will go a long way in ensuring that you pay as little as possible for the work that needs to be done in completing your taxes.

  • Your actual accountant fees depend significantly on the help you need from them.
  • As mentioned, in addition to software, H&R Block is a popular tax preparation company that has physical locations nationally.
  • Below, you’ll find the average costs of different services compiled with data from the NSA’s most recent survey.
  • Fees for tax preparation services can vary widely depending on the type of tax return you need, the complexity of your return, and other factors.
  • Bring a box full of receipts to the office of your CPA, and be prepared for your charges to go up as a result.
  • You could end up paying more or less to have your taxes done by a CPA, especially depending on where you’re located.
  • They can ensure that transactions are structured most advantageously.