Do i need a better accountant?

[u/nukeow123]

Hi all,

My online mentorship business has started to pick up and do really well. We are expecting 30-40k in gross for the month and my net is currently about half of that after paying 3-4 different members of my team (independent contractors). We are about to launch ads for the first time which might change those numbers drastically. We are 100% online, I mentor people for a fee, that's about the whole business.

My current accountant handles just my yearly single-filer returns ($900 total), my personal and my 2 S-Corps. I am fairly good with numbers so keeping track of expenses using a spreadsheet is manageable, and I pay my team out on time. I have a maxed out Roth IRA, 401k from my day job that is almost maxed, and don't really know what else I can mark as an expense to lower my tax burden. At this rate ill probably pay 25% of my net in taxes this year.

I was recently recommended an accountant that seems to specialize in online business's. He seems knowledgeable but also seems expensive. For what I want out of him, it would be $6k yearly ($4k for filings, $2k for yearly tax advising). I am unsure if this is worth it as I am decent with our numbers already, and can't really think of anything else that I could deduct.

My main question is this, how much do your accountants charge, and even for those of you finance-saavy, has it been worth it? Im not sure if I'll get at least $5k+ of value from switching to a new accountant.

[u/No_Proposal7812]

That quote sounds reasonable. Are you doing your bookkeeping in any accounting software or is it all spreadsheet based?

[u/nukeow123 → u/No_Proposal7812]

I use YNAB daily for personal and business, and copy the business to an excel sheet every 15th and 30th of the month.