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I S Y O U RA C C O U N T A N TO V E R C H A R G I N GY O U ?
by Kewho Min
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I N T R OFor those people who have a high net worth, an
accountant is a vital part of handling your finances.
Handling all of these responsibilities can take hundreds
of hours throughout the year, so accountant costs add
up quite quickly. The accounting firms often charge by
the hour, starting around $150, but costs can go up to
nearly $1,000 per hour, resulting in yearly costs of
hundreds of thousands of dollars.
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N U M B E R O FA C C O U N T SMy first tip to reduce accountant charges is to
consolidate your money into as few accounts as
possible!
Your income doesn’t often affect the amount of money
an accountant charges; it depends more on how many
accounts the money is spread amongst. If you have
several million dollars, and that money is spread across
up to 150 accounts, than that's more work for your
accountant.
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S T A T E T A XR E T U R N SA common issue amongst people who travel a lot for
work and earn large amounts of money is that you’re
taxed on the income you make in each state; this is
particularly problematic with professional athletes, who
play games in different states all the time. Because of
these various taxes, a tax return form must be filed in
each separate state, which takes dozens of hours.
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W H O ’ SW O R K I N G People working on the account may have various levels
of experience, so your rates could be different from
hour to hour.
Be aware that your costs could change and talk to your
firm about this issue; ask for a breakdown of who
worked on the account and when. You might even want
to ask for a flat rate instead of being charged hourly,
which is a service many accounting firms offer.
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R E M E M B E R :Y O U C A NA L W A Y SS H O PA R O U N D
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If you're unhappy with your current
accountant or firm, check out other people
and/or places to see if they can give you a
better price.
Just make sure that in an effort to find
another option, you aren’t sacrificing
accuracy and good work. Don't downgrade to
a lower quality of accountant who won’t
handle your finances as well!
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a presentation by Kewho Min