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| Typical costs: | - Charges for preparing quarterly and year-end business taxes vary depending on the complexity, the size of the firm and the kind of business. Fees for preparing monthly, quarterly and annual payroll tax forms are usually included as part of a payroll service. Income taxes for a sole proprietorship with no employees are filed as part of the owner's personal income taxes.
- Hourly rates run $100-$400 for enrolled agents or tax accountants; often accountants charge the higher amounts. Generally a fairly simple income tax return for a partnership, corporation or a sole proprietorship with few or no employees starts around $250-$500 and goes up to $1,500-$2,500 and more depending on circumstances. Some firms have a minimum charge for corporate income tax preparation of $500 or more.
- TurboTax Business software costs $83-$90 and can help organize your business taxes, but CNet says it's still a good idea to hire a tax professional to be sure you cover all the bases.
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| What should be included: | - An enrolled agent has specialized IRS training and is licensed by the federal government; a certified public accountant has passed a rigorous exam and is licensed in their state. Often income taxes are included in the range of services provided by an accountant.
- Once you provide the needed data for the year, the enrolled agent or accountant should prepare your annual tax forms, estimate your quarterly payments and provide the means (envelopes or online) for you to file or pay as needed. A flat fee for tax preparation may or may not include answers to your questions throughout the year to help you set up purchases and other business practices to take advantage of any tax breaks.
- Nolo Press answers frequently asked questions for small business taxes and sells two informative books, "Deduct It! Lower Your Small Business Taxes" ($35) and "Tax Savvy for Small Business" ($37).
- The IRS provides information on a range of topics for small business owners and self-employed people.
- Microsoft.com explains why you should hire both a bookkeeper and a tax professional.
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| Additional costs: | - Some tax professionals charge for phone calls or questions beyond a certain minimum amount; beware of those who bill their full hourly rate for a five-minute telephone conversation.
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Article updated November 2006 |
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