![]() ![]() If you’re going to hire an accountant, it’s worth looking for one with CPA qualifications. After earning their license, CPAs must continue to take classes throughout their careers to keep their skills up to date. To earn this title, accountants must complete at least 150 hours of coursework, spend a year working under a qualified CPA, and pass a state licensing exam. There are two kinds of accountants in the U.S.: regular public accountants and Certified Public Accountants, or CPAs. And for small business owners, an accountant is important to help you stay on top of such matters as employee payroll, business deductions, and quarterly tax filings. Besides saving you the hours of work needed to fill out such a long tax return, a good accountant can help you save money on taxes by making wise decisions throughout the year. ![]() However, if your taxes are highly complex – multiple income streams, foreign investments, lots of deductions – then it’s probably worth hiring an accountant. If your income isn’t too high, you might even be able to file your taxes online for free. These programs typically cost between $30 and $125, while an accountant will probably charge you at least $100, even for a simple return. The simplest tax form, the 1040EZ, is only one page long and shouldn’t take more than an hour to fill out.įor slightly more complex returns, you can use tax software to help you fill out your return. If your tax situation is simple – no income other than your wages and few or no deductions – you can probably file your own taxes without assistance. ![]() By contrast, a partner in a large accounting firm, with annual revenues of $10 million or more, made around $312 per hour. If you want to hire an accountant for your business, the price you pay will depend on the size of the firm you’re dealing with and the accountant’s level of experience.Ī newly qualified accountant, working for a small firm (under $500,000 in annual earnings), earned about $80 an hour in 2014, according to the Journal of Accountancy. How Much They CostĪccording to the National Society of Accountants, the average cost to have an accountant file your taxes ranges from $159 for a simple return to $447 for one that includes business income. ![]() Your accountant can also prepare financial statements or reports. You can use one to help you set up and manage your books, keeping track of all your income and expenses. If you own a business or are starting a side business, an accountant can do other jobs for you as well.
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