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    Price Quote

    Need some input for pricing the following: (ballpark estimate)

    Retired TP's w/small Sche C, SEPP ded, SEHI, extensive investment portfolio with divs/gains/losses, 8 retirement 1099R's, Soc Sec, standard deduction, estimated taxes for fed/state. Here is the kicker: 17 limited partnerships (oil & gas) with income/deds, 4 transferred from one spouse to another, then 13 sold with susp losses, ord gains, capital gains. What would you charge?

    #2
    Geographical considerations

    Burke, I've been following your posts for quite awhile, but never really knew in which part of Virginia you practice.
    My area would be similar to extreme mountainous western Virginia, and I would charge appx $500. And I would
    have to most likely transcribe the 7 div/cg statements from the stockbrokers and send them to IRS under 8453.

    If I practiced in DC area, my price would double. Not cheap to operate in the Tidewater and Richmond areas
    either.

    Comment


      #3
      Since, in addition to charge by forms, I watch the time it takes, it's hard to say anything. My price surely would be close to $1,000 in one of the poorest counties of the country. Someone having 17 LP's it surely not poor.
      Last edited by Gretel; 04-08-2015, 10:55 AM. Reason: add. text

      Comment


        #4
        Mine, too, with the time it'll take on those PTPs. I'd also put him on extension, and (if he'd gotten his stuff to me long ago) give him a slight discount for going on extension for my benefit. (If he just brought this in now, no discount for extension; it's his fault.) Minimum $1,000 in pricey Fairfield County, CT. Probably more when all time is tracked.

        Comment


          #5
          When you price it at $1,000+ be sure that you have no hesitation in your voice or body language. You earned every penny.
          This post is for discussion purposes only and should be verified with other sources before actual use.

          Many times I post additional info on the post, Click on "message board" for updated content.

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            #6
            Originally posted by BOB W View Post
            When you price it at $1,000+ be sure that you have no hesitation in your voice or body language. You earned every penny.
            How well you know us! I sure feel a brake when I am approaching the $1,000 limit, doesn't happen often (often enough).

            Comment


              #7
              Plus the fact that the TP's already get a PITA charge I forgot to mention. Am going to love telling them this.

              Comment


                #8
                Figure out an reasonable amount to charge him, based on your estimated time and the PITA factor. Then add 20%. :-)

                Comment


                  #9
                  Much time and work

                  Originally posted by Burke View Post
                  Plus the fact that the TP's already get a PITA charge I forgot to mention. Am going to love telling them this.
                  Without seeing the client's information and based on what you said it to be, a minimum of $1500+ seems reasonable (think that would be half of what a tax attorney would charge for a consultation)

                  Would not under estimate your expertise
                  Always cite your source for support to defend your opinion

                  Comment


                    #10
                    This is a minimum $1,500 tax return no matter what part of the country you live in. I would not bat an eye at quoting this amount, and I would tell him it is another $75 every time he sells one of those LP interests.

                    Comment


                      #11
                      I noted that the farther down I read, the higher the recommended fee got.

                      I have nothing to sell but my time and knowledge, and I assume the same is true for you. I track my time and bill accordingly ... after first eliminating any inefficient and/or unproductive time. Rate x Time = Bill. (I do charge a lower "clerical" rate for the time spent printing, signing and packaging everything.)
                      Roland Slugg
                      "I do what I can."

                      Comment


                        #12
                        Agree

                        Originally posted by Roland Slugg View Post
                        I noted that the farther down I read, the higher the recommended fee got.

                        I have nothing to sell but my time and knowledge, and I assume the same is true for you. I track my time and bill accordingly ... after first eliminating any inefficient and/or unproductive time. Rate x Time = Bill. (I do charge a lower "clerical" rate for the time spent printing, signing and packaging everything.)
                        Same calculation you use that's how arrived at the following:

                        "a minimum of $1500+ seems reasonable"
                        Always cite your source for support to defend your opinion

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