Individual Tax Preparation
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a Professional Tax Preparer.
We help individuals file their tax return in all fifty states.
How much we charge?
Our fees are based on the complexity of your tax return. We have a posted fee schedule readily available to the public at all of our office.
In general, we:
- charge a fixed price for each tax form and worksheet used in the preparation of your tax return
- a per-item charge may be applied for certain items like stock sales and depreciation
- do not charge for line items such as interest income, unemployment, and dependents
Examples of our fees for common types of returns are shown below.Our fees are generally form-based. For example, if your tax return includes Form 1040, Schedule A, and Oregon Form 40, we would charge a fixed price for each these forms.
Our fees are generally form-based. For example, if your tax return includes Form 1040, Schedule A, and New York Form IT-201, we would charge a fixed price for each these forms.
For the 2017 filing season, our fee for Form 1040 is $125, Schedule A is $54 and IT-201 is $39 for a total preparation fee of $218. Below is a table which outlines some of the most common tax return situations and our fees for preparing forms associated with these returns.
|Tax Examples||Forms Required||Estimated Prices|
|Example 1: 1040EZ Short Form|
|W2 Income only, no dependents. Federal and New York State. Electronic filing.||1040EZ, New York IT-201||$169|
|Example 2: 1040 Short Form with dependents|
|No childcare expenses or Earned Income Credit. W2 Income only. Federal and New York State.||1040A, New York IT-201||$226|
|Example 3: 1040 Short Form with dependents & EIC.|
|W2 income only. No childcare expense.||1040A, EIC, 8867, New York IT-201||$294|
|Example 4: 1040 Short Form with dependents & college education expenses.|
|W2 income only. Federal and New York State. No EIC.||1040A, 8863, New York IT-201||$320|
|Example 5: Long Form 1040, itemized deductions with dependents|
|Income is from Wages, Unemployment, Pension, Social Security, Interest and Dividend income is less than $1,500.||1040, Sch A, New York IT-201||$350|
|Example 6: Stock and Investment income|
|All facts the same as example 5 except there is additional income reported for stock sales. Schedule D is $40. Then add $5 for each 8949 required and $3 for each sale reported. For this example assumes 5 long-term and 5 short-term sales to arrive at a price of $394.||1040, Sch A, Sch D, 2 x 8949, New York IT-201||Low $394|
|Alternative minimum tax and NIIT|
|If you are a higher income taxpayer, additional forms will be required if you are required to pay alternative minimum tax or the net investment income tax.||High $650 -$1,000|
|Foreign investment or financial accounts||Average $450-$600.|
|Investment accounts that fall under FATCA and/or FBAR filing requirements can trigger additional forms and typically add $70-200 to the preparation fees.||High $650-$1,000|
|Example 7: Rental property|
|Same facts as for example 5; in addition to itemized deductions there is also income from a single rental property. Depreciation schedule shows 5 assets at $3 each.||1040, Sch A, Sch E, 4562, New York IT-201||Low $422 Average $450-600
High $650 – $900
|Example 9: Self Employment/Business Income||1040, Schedule C, New York IT-201||Low $311|
|Long Form 1040 reporting income from Self-Employment. Price will vary according to complexity of the business return and other forms and schedules that are a part of the tax return. Please call our office for a price quote.||Average $480 – $800
High $800 – $1,400