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Any CPA willing to consult/hourly rate on returns prep review? c

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  • Any CPA willing to consult/hourly rate on returns prep review? c

    Hey WCI fam,

    Any CPA's on here, or members who have a personal CPA in mind, that may be willing to review my returns / consult for a fee for service or hourly rate? Or even establish a relationship going forward including this tax season.

    I have always filed my own returns on freetaxusa software, this year my income was a bit more complicated, and I have prepared my own returns already, pretty much ready to submit, with some hesitation given the complexity.

    I transitioned from residency to attending physician in 2021, currently renting without homeownership. I considered having a CPA or firm prepare my returns, but was quoted either very high prices, or reasonable prices (but not a CPA just a tax person at a local tax place that also plugs into software and didn't even understand some of the terminology below over the phone).

    Briefly
    2021 income, MFJ sources include:
    -Residency W2
    -Attending part time W2
    -1099 sole proprietor part time
    -1099 (wife) sole proprietor home office

    Quarterly taxes for 1099 positions overestimated, paid both in one lump sum already at the end of 2021.

    Deductions:
    -Self employed 401k through fidelity for my 1099 position
    -home office (renting) and other expenses for each 1099 (all cataloged) - looking to maximize appropriately
    -Pass through deduction for each 1099 business - I think we both qualify?
    - Made one error on the backdoor roth IRA process for both IRA accounts, but dont think it's anything critical, not sure what to do on form 8606 exactly - the software seemed to navigate it ok...

    Have all my documents and receipts organized, returns ready, hoping to either have someone review with me virtually or just join into a relationship even at a reasonable price. some of the tax strategists links that are reasonably priced on WCI recs are not accepting new clients.















  • #2
    Unfortunately, what you have already found out from WCI links is likely to be true for almost any competent tax professional. They are less inclined to delay processing their long-term relationships by prioritizing your immediate needs over their long-term clients.

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    • #3
      This is the worst time to be looking. You will have better luck trying to hire them after tax season. If they find something wrong, just file an amended return. This will help you establish a relationship and then next year maybe they can help you before you file.

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      • #4
        Both Turbo Tax and Tax Act have a “CPA Advisor” as part of their package. So for $75 or so you can get a look at how another package would put together your return, and get someone to answer your questions. After that I agree with AR. You can always get a professional opinion in the off-season and consider if you want to establish a long term relationship. Though honestly your return looks like something the tax prep software packages could easily handle. If you aren’t sure about the business deductions use the questionnaire function rather than data entry.

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        • #5
          I agree to just file it now and get a CPA to review after tax season. We always review the p.y. return at no charge before preparing an FPA (Fixed Price Agreement). Not sure how others do it, but maybe similar. You may find out you don’t even need a CPA and you’re just fine or, at a minimum, get a tip on a mistake or omission that will help you decide whether it’s worth it to amend yourself or not. Also remember that, if there is no change to your taxes, you can file an 8606 as a standalone form in the future w/o amending the complete return. In general, I don’t recommend using the Simplified HO calculation, but you can prepare it both ways and see. Good luck!

          ps - we don’t consult on an hourly basis, just don’t have the capacity and really not worth it. I do doubt that you’ll find any different from an experienced firm unless they want to take on new projects for trainees.
          Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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          • #6
            Originally posted by jfoxcpacfp View Post

            ps - we don’t consult on an hourly basis, just don’t have the capacity and really not worth it. I do doubt that you’ll find any different from an experienced firm unless they want to take on new projects for trainees.
            I'm sure your right about this, but I used to have an accountant review my taxes after I did them with Turbo Tax myself.

            I just send out a few emails explaining what I wanted them to do and asked how much they would charge me to do it. One guy got back to me and he me charged his full hourly rate (but it normally took much less than that, since my taxes are extremely uncomplicated). So I used him to check for a few years until he retired and moved. Maybe I got lucky.

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            • #7
              This is what most WCIers want, but few tax pros offer this service. It must not be profitable or predictable enough to be a viable business model. Sorry.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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              • #8
                I have a set up where my medically focused CPA does our tax returns. Before they get filed, however, the returns get reviewed by my real estate focused CPA. But the RE CPA is on long term retainer. I have planning meetings with the RE CPA over the course of the year, and their hourly fees come out of the retainer that I have paid.

                So yes, we use a CPA on an hourly basis, but this is a longstanding, ongoing relationship, and our tax situation is fairly complex as we file a return in the hundreds of pages.

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                • #9
                  Originally posted by ERMammoth View Post

                  Quarterly taxes for 1099 positions overestimated, paid both in one lump sum already at the end of 2021.

                  This may create a penalty issue for you. Withholding can be done any time during the tax year and is automatically considered timely payment over the full course of the year.

                  In contrast, estimated taxes have to be paid in equal installments over the 4 quarters of the year, or you may face penalties. You can file a form 2210 to explain why you paid unequal amounts, and this can sometimes avoid the penalties.

                  We were charged an extra $11k for unequal quarterly payments of estimated taxes in 2019. The form 2210 was not properly filed by the new CPA that we were using at that time. We filed the form 2210 and appealed, and we were eventually able to get the $11k back. However, it took a year because of the Covid related IRS delayed response situation.

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                  • #10
                    Originally posted by The White Coat Investor View Post
                    This is what most WCIers want, but few tax pros offer this service. It must not be profitable or predictable enough to be a viable business model. Sorry.
                    Honestly cannot imagine how this w/b profitable or worthwhile for an experienced pro. You are talking about a high-volume, low fee practice like HRB. I would guess most experienced firms rely on ongoing relationships, repeat business, referrals, etc. It’s a lot more gratifying and enjoyable to help a client plan year round, even if we don’t end up making as much per hour. This is very different from the doctor’s billing and practice model - perhaps more like a concierge service physician model.
                    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                    • #11
                      Thanks for your help everyone!
                      jfoxcpacfp - going to send you a PM if that's ok

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