When hiring a Certified Public Accountant (CPA) in New York, you should understand that cost can vary depending on the services you need. Whether you’re an individual looking for help with financial planning and tax preparation, a business in need of a fractional CFO, a financial strategy outlook or a 1-on-1 deep dive session, the fees you’ll face can differ significantly. So how much do CPAs cost? And what will you be charged for?
For more information on the cost of services at Zaouk CPAs, click below to book a consultation where we answer all your questions and address any concerns you have.
Average Cost of Tax Preparation by CPA in 2024
To understand how much CPAs cost you should know that first, you will be charged a fee per form filed with the IRS. So depending on your filing, the total forms you’ll need to submit will cost a certain amount. The National Society of Accountants (NSA) report is a great place to get reliable information regarding the costs associated with preparing specific forms by CPAs.
Then comes the hourly fee of your CPA. Although the actual cost may differ from one expert to another, there’s a national average hourly fee you can count on that’ll give you a hint of what to expect as a total cost. Despite this report being the latest available source, things change fast and current prices may be somewhat higher.
| Tax form | Avg. fee per form | Avg. hourly fee |
| Form 940 (Federal Unemployment) | $78 | $111.95 |
| Schedule SE (Self Employment Tax) | $41 | $148.12 |
| Schedule C (Business) | $192 | $149.95 |
| Schedule E (Rental) | $145 | $149.52 |
| Schedule EIC (Earned Income Credit) | $65 | $146.70 |
| Form 1040 (Not itemized) | $220 | $153.74 |
| Form 1040 (Itemized) | $323 | $161.34 |
| Form 709 (Gift Tax) | $421 | $178.29 |
| Form 1041 (Fiduciary) | $576 | $172.66 |
| Form 990 (Exempt Organization) | $735 | $171.48 |
| Form 706 (Estates) | $1289 | $188.63 |
| Form 1065 (Partnership) | $733 | $177.29 |
| Form 1120-S (S Corporation) | $903 | $179.81 |
| Form 1120 (C Corporation) | $913 | $181.57 |
What Do CPAs Charge You For?
CPAs provide various services to help you in many aspects of your business, including:
- Tax Preparation: This is often the most common service required. And is usually most in demand around tax season. Fees for such services generally depend on the complexity of your financial situation. And whether you’re a business owner, an employee, or a freelancer with multiple income streams.
- Tax Planning Services: These services are tailored for year-round tax advice, catered to your specific needs in an attempt to find savings for every client. We find and calculate over 1,500 strategies at both the Federal and State level to legally reduce your taxes.
- Audit Services: For businesses, CPA audit services are essential for ensuring financial statements are reasonable and compliant with regulations.
- Consulting Services: These services may include business growth strategies, financial planning, and risk management advice. Highly needed when you’re just starting a business and need guidance to keep your finances in check.
- Forensic Accounting: This type of accounting involves investigating financial discrepancies and fraud, often used in legal cases.
- Bookkeeping Services: This involves regular maintenance of financial records, which is important for both individuals and businesses
- Fractional CFO Services: A fractional CFO is an experienced financial strategist that businesses hire on a part-time or contract basis to oversee roles and responsibilities typically managed by a full-time, in-house CFO but tailored to the unique requirements and limitations of the business.
Ultimately, hiring a CPA can provide substantial benefits, but understanding what services align with your needs will help you budget appropriately. As you delve into these options, consider not just the price, but the expertise of your CPA, and how much understanding they have of your personal, business, and family needs.
How Much Do CPAs Cost?
When hiring a CPA in New York, the fees can vary significantly based on the type of services you require. For basic tax preparation, you might pay anywhere from $200 to $2,500, while more complex services such as extensive tax planning or business consulting can range from $1,000 to $10,000 or more. So it is crucial to know what you need and be clear about your budget upfront to avoid any surprises.
Now, filing your own taxes can save you some money upfront on CPA fees. But you should weigh the potential costs and benefits. Tax regulations can be incredibly complex, especially in a place like New York where state laws add another layer of complexity. If your tax situation involves multiple income streams, investments, or potential deductions you’re unaware of, managing your own taxes could mean missing out on substantial savings.
CPAs possess the expertise to identify all applicable deductions and credits you may not even be aware of. They keep themselves updated with the ever-changing tax laws to ensure you receive the maximum refund possible.
So, while you might balk at the idea of paying a CPA, consider this: the deductions and strategies they utilize could lead to a larger refund, effectively offsetting their fees and possibly putting extra cash into your pocket. Therefore, in the long run, hiring a knowledgeable CPA could be financially beneficial, turning that initial expense into a smart investment.
How Much Does Zaouk CPAs Charge?
We at Zaouk CPAs allow flexibility in our fee structure, which ensures you only pay for the services you need. While staying in line with the NSA average tax preparation fees, other services differ in cost.
Our personalized approach helps us tailor our fees based on individual cases. So even if you have a unique financial situation, as an immigrant, self-employed, or have a changing tax filing status, we will make sure our fees cater to your needs.
By opting for a personalized pricing model, you may encounter a mixture of:
- Hourly Fees: Charged based on the time spent on your specific case. This is ideal if you require ongoing consultative support throughout the year.
- Flat Rates: Perfect for routine services, such as tax return preparation or financial statement reviews, where the scope of work is well-defined.
- Retainer Fees: Ideal for businesses needing constant engagement with their CPA, ensuring continuous support and strategic financial advising.
By understanding these options, you can align your needs with a pricing structure that suits your financial strategy, ultimately maximizing value while managing costs effectively.
