Tax Filing Business
February 4th, 2009
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Question: 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.
Answer: 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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