Tax Preparation Fees
Boulder Valley CPAs prides itself in being transparent and having a simple fee structure. Most business services and tax returns will fit into the fees described below. Sure, there’s always the outlier or the unusual situation, but the following information gives you an idea of our philosophy. Our fees are an attempt to coincide with expected time spent.
We pride ourselves in not being a nickel and dime type of tax and accounting firm. Generally speaking we can provide a fee range or a ‘not to exceed’ ceiling on our services and fees. After reviewing a project at high level, we have become pretty great at being able determine what it takes to complete a project. After all, this is what we do every day.
Individual Tax Prep
Our updated 2020 Tax year - Individual Tax Preparation fees start at $650. This includes Schedule A, B, 2441 (Child Care Expenses) and one state return. Additional Schedules (C, D, E, F, K-1 etc.) range from $50-$650 per schedule.
Please note: Phone calls, emails or meetings that occur outside of the requirement for filing a return will be additionally charged in line with our stated hourly rates: i.e. guidance regarding tax planning, business set up support, training for bookkeeping, retirement planning
Our fee is $180 for 40 minutes. If we engage into future services we will credit the $180 towards future professional fees. Contact us today to set up an initial consult.
We can have your entity taxed as an S corporation for $300. You can quickly save 8 to 10% on your net business income by reducing self-employment taxes!
Business Fee Structure
Boulder Valley CPAs specializes in S corporations which have a small number of shareholders, and are often just a one-person show. In an effort to better serve our corporate level clients, we have developed a process that allows us to fix our annual fees for those clients. With this Value Price Agreement, our clients lock in monthly, quarterly or annual billings that even out their cash flow as well as guarantee the best and most timely service we can provide. Custom fee amounts will be determined after a complete business review is finalized. Please contact us for a quote.
We have a short list of additional fees that might be incurred depending on your tax and accounting situation, and your level of readiness.
*These fees start at the below listed rates:
*Phone calls and emails that fall outside the scope of services included in your plan, are billed at our applicable hourly rates. There are no charges for Premier Level Clients.
** Your existing payroll and bookkeeping may be billed through Flatirons Bookkeeping and Payroll, therefore different rates may apply.
Please keep in mind that we pride ourselves in not being the nickel and dime type of tax and accounting firm. Generally speaking, we can provide a fee range or a not to exceed ceiling on our services and fees. This is what we do …all day…every day…we have a pretty good handle on what it takes to complete a project.
S Corp Reasonable Salary Calculation
How much do I pay myself? Determining a reasonable shareholder salary is a challenging part of running an S corporation.
The core tax savings an S Corp provides is the reduction of self-employment taxes, and in the case of S corporation compensation we are talking about Social Security and Medicare taxes (payroll taxes). When your company, or any company, pays you $10,000 in shareholder wages, 7.65% is withheld from your paycheck for the employee’s portion of payroll taxes. This is broken down into 6.2% Social Security and 1.45% Medicare. Your company must also pay 7.65% for a combined percentage of 15.3%.
Therefore, a $10,000 shareholder salary costs you $1,530 in additional taxes BEYOND income taxes. Said in a different way, if you pay yourself $50,000 when $40,000 could have been a reasonable shareholder salary, you just wasted $1,530. Even a $5,000 delta equates to $765. As such, your S Corp officer compensation needs to be reasonable, sure, but it also needs to be as low as reasonableness and not-so-common sense will allow.
Business Tax Prep
Whether your business is taxed as a Partnership, C Corporation or an S Corporation you have an annual tax filing obligation with the Internal Revenue Service and the States you do business in. This service makes sure you are current with your company’s annual tax filing obligations.
Individual Tax Prep
Whether you own your own business, or rental real estate, have significant investment and/or retirement income, or have a salary/wage-based position, you may have an annual personal tax filing obligation with the Internal Revenue Service and the States you live and work in. This service makes sure you are current with your personal annual tax filing obligations.
Estimated Tax Payments (done through payroll or directly by us)
Our systems are designed to use current year tax data to generate the following year’s Estimated Tax Vouchers. Those vouchers maintain what the IRS and States refer to as Safe Harbor. Safe Harbor eliminates the possibility of penalties and interest being assessed for paying too little, or too late. This service takes that core process one step further and uses the following year’s data or projections to not only ensure Safe Harbor, but to also consider cash flow when you want your estimated tax payments to be larger or smaller than the Safe Harbor amounts generated by our system.
2020 Tax Planning: Mock Tax Return Preparation & Deduction Optimization
This is Estimated Tax Payments on steroids. It takes all the current and projected data we work on together and weaves that information into a pro-forma tax return that can be used to thoroughly illustrate your tax results as they would appear on an actual tax return itself. This process includes the thorough identification of business tax deductions available under the current rules and regulations and takes a deep dive into how to optimize them over the course of one or several years. The finished product can be shared with bankers and mortgage professionals, investment advisors, business partners and other investors or creditors. It is a working document from which critical business and financial decisions can be made.
Quarterly or Annual Consultation and Periodic Business Reviews.
Are you making more money? Is self-rental a good business decision? Should you add retirement or health insurance to your existing employee benefits? Do you need to increase or decrease your staff size? Are you thinking of selling your business?
These services are essentially the same, but what defines them is frequency. However, they all have a direct impact on your business and possibly your tax returns. This is a mindful conversation about those needs, and you set the tone for them. Your unique business needs are defined in a collaborative, conversational way and these meetings will help ensure we address them.
Retirement planning and analysis
Most people have a pretty good handle on retirement plans and the savings they can generate, and while the principles are generally the same in the small business world, many business owners need a collaborative and objective opinion when it comes to leveraging their business for retirement. There is a good reason for this, because retirement planning within your small business carries comes complete with options and potential pitfalls. This service helps uncover and match the right retirement plan to your needs through a detailed conversation and analysis. From SEP/IRAs, to 401(k)s to Non-Qualified Deferred Compensation Plans we will help you make the right decision.
No charge for phone calls and emails.
Included in both the Premier and Standard level of our Value Based Billing models, this option gives people the freedom from receiving an invoice each and every time they make a phone call or send an email. Our clients with Standard and Premier needs want the ability to communicate freely, without the concern of an invoice for those exchanges. Especially if those needs are within the framework of their existing agreement. Any phone call or email that identifies the need for greater attention is used as talking point to flush out the details and estimate a budget for the service.
Consulting and Advisory Level Services
Included in the Premier level of our Value Based Billing models, this service is the height of the CPA/Client relationship and is often described as Outsourced CFO Services. This service is the logical next step for businesses experiencing growth but do not yet have a CFO on the team. Many entrepreneurs chose to leverage CFO level services to gain access to our depth of knowledge and our ability to execute in budgeting, financial statement preparation, strategic planning and decision making. Leverage the expertise of a CFO when you need it.