I’m single and manager of a single member LLC.
It will vary by a lot. It will also depend upon how well organized you are and the details of your personal tax return. For example, if you don't itemize and your only activity is the LLC, your cost should be lower. If you have a lot of itemized deductions and 50 investment transactions to report, your cost will go up. If you bring in a shoebox full of receipts for the LLC and you haven't reconciled your bank statement in a few months and you charge everything to your credit card and classify it as "miscellaneous", your costs will skyrocket.
For a typical return for someone who has a fairly decent set of records, I would charge between $750 and $1,500, depending upon what is going on with the business and in your personal tax life. If you have a lot of fixed assets on your depreciation schedule (25+), we would charge a setup fee of $250 - $500. I would need to review your records, including prior year returns, to give you a price up front.
Costs can and will vary from firm to firm, however, but this is the procedure you should expect to go through. Don't give your business to a firm that quotes you a price without a conversation and a review at a minimum - you should aim to work with a firm that cares about you and your business, not just the number of schedules that need to be filed.
Good luck and I hope this helps!
We work with dozens of CPAs and Johanna's quote is very fair.
Did you elect to have your LLC taxed as an s corporation?
If so, I would expect her quote could double as a separate corporate tax return would need to be prepared.
Do you need a CPA? A CPA will normally have higher overhead than an Enrolled Agent or non-credentialed tax return preparer (read H&R Block worker bee except in California, Oregon, Maryland and New York) and consequently will charge more. An average fee for a basic 1040 with a Schedule A is around $250 but the actual amount is all over the map when you throw in other schedules and the average CPA will be higher than that and rightly so.
This depends on whether the CPA is independent, in a regional firm or a much larger firm. The overhead helps to drive the fees. It also depends on the complexity of the return. If it is a simple return for both, the fee will be less than if there a multiple schedules. So based on our firm, I would think it might be in between $1250 and $1500 total, unless you have a significant complexity.
Hope this helps.
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