Average Cost to Prepare Taxes
The National Society of Accountants asks its members about the fees they charge, and according to its 2016-2017 fee survey, the average fee to prepare and file a simple Form 1040 (with no itemized deductions) and a state tax return is $176. Add a Schedule A (itemized deductions) to that mix and the fee is $273.
The average return at Kelly’s Tax Prep is $50-$100, depending on the individual needs of the client. Please see my prices below, let me know if you have any questions.
TAX RETURN PREPARATION fees are based on forms used in the return, includes Electronic filing and any one State filing. Tax Returns will not be released to client or e-filed until all fees are paid in full.
1. INDIVIDUAL RETURNS
- $25 Form 1040EZ/1040/1040A/1040X
- $10 Schedule-A, Itemized Deductions
- $10 Schedule-B, Interest & Dividend Income
- $20 Schedule-C Profit or Loss from Business
- $10 Schedule-D Capital Gain/Loss (non-business)
- $20 Schedule-E Rental Income (Residential and Commercial Rentals) ($10 fee per each additional property and includes Depreciation Form 4562, and Passive Loss Limitation Form 8582 and related Worksheets).
- $20 Schedule-F Profit or Loss from Farming
- $10 Earned Income Tax Credit (EITC) (parents with children) due to new “due diligence” requirements placed by IRS on Tax Preparers we shall require the following, additional documentation to be provided by the Taxpayer: school, child care provider, landlord, medical or other records that designate the child’s place of residency as that of the Taxpayer; if child is disabled a Doctor, health care provider, or Social Services agency statement; if parent is self-employed a copy of your business license, and records of gross receipts and expenses provided by Taxpayer. NOTE: We are now required to retain these documents for 3 years.
- $25 for each State return
- $10 Wisconsin Homestead Credit – Most low income and senior citizens still qualify for the Wisconsin Homestead Credit even if they do not file federal or state income tax.
Not all Forms/Schedules that may be needed for your return are listed above.