Individual tax filing includes forms 1040, 1040A or 1040EZ. The type of form is automatically chosen based upon filing status, adjusted gross income and the types of income (e.g. sole proprietor or rental) the client has. My fee is based upon the type of form chosen and the number of forms that are necessary to complete your return. Using this type of cost structure means a higher fee is charged for more complicated returns. Thus clients who have less complicated returns pay a lower fee. My base rate for each return type (not including any additional forms that may be needed) is:
- 1040EZ – $70.00
- 1040A – $95.00
- 1040 – $100.00
Small business income tax preparation includes all of the personal returns listed in the Individual tax preparation section above as well as either Schedule C (Sole Proprietor), Schedule E (Rental Professional), Schedule E (Partnership), Schedule E S (Corporation, or Schedule F (Farming). The Partnership and S-Corporation are ’pass-through’ entities and require filing additional returns (Form 1065 Partnership and Form 1120-S, S-Corporation). The income and expenses from these entities are reported on separate returns and the net income is ‘passed-through’ to the individual returns, combined with other personal income and the income tax is figured on total income. The Small Business Returns cost more to prepare because of the extra time and expertise required. For a 1065 or 1120S, the base rate is $250.00.
Corporate return preparation involves forms 1120 or 1041 and these are ‘stand-alone’ returns. What this means is that the income and expenses are reported and the tax on the net income is figured and paid using these returns. None of the income or expenses are passed through to the personal return. As with the Small Business returns, the cost to prepare these returns is higher due to the time it takes to prepare them. For a 1041 or 1120 return, my base rate is $300.00.
A non-profit return (990) is for a business that has received permission from the IRS to be exempt from paying taxes on their net income. A typical non-profit business would be a church that is able to receive donations that are deductible on the donor’s tax return. A non-profit of this type is known as a 501c(3) and they have the ability to receive donations for which they do not have to pay taxes on their net income. The filing of this type of return also takes more time than a personal return, so the fee is higher. For a non-profit return, the base rate is $300.00. The fee to setup a non-profit using form 1023 is $1200.00.
Appointments are made anytime during office hours, 9:00 AM to 7:00 PM on weekdays or between 11:00 AM and 5:00 PM on Saturday. It takes about 1 to 1½ hours to prepare a typical return. For more information, see “Office Hours” on the Contact page.
What to Bring to an Appointment:
- Any income statements such as W-2, 1099-G or 1099-MISC
- Bank statements, 1099-INT or 1099-DIV or equivalent
- Receipts appropriate to your business (Schedule C – Sole Proprietor, Schedule E (Rental, Partnership or S-Corporation or Schedule F – Farming). Call for specifics and we will send you an Organizer
- Student loan information (1098-E)
- Tuition paid (1098-T)
- Social security earnings (SSA-1099)
- Stock basis information when stocks are sold
- Estimated tax information (if applicable)
- Mortgage interest (Form 1098)
- Real estate taxes
- County excise tax on car license plates
- Contributions to non-profit organizations
- K1 (1041), K1 (1065) or K1 (1120S)
- Union Dues
- Checking or savings account information (routing transit number and deposit account number) if you want your refund by direct deposit
**I also can exchange information using a secure portal, just ask me about the details**
- Paper filing – the entire return including W-2s and 1099s are sent to the IRS through the US mail. If the client is receiving a refund, it can be directly deposited or a paper check can be issued. If the client owes the IRS money, a check has to be attached to the return.
- Electronic filing – The entire return is sent as an electronic file directly to the IRS computers. If the client is receiving a refund, it can be directly deposited or a paper check can be issued. If the client owes the IRS money, the debt can be taken directly from a checking account or a check can be attached to the return.
- Refund Transfer Loan (RTL) – The client’s return is filed electronically and the information is sent to our banking partner, who will issue the RTL. When the return has been processed by the IRS, the bank sends an electronic indicator that allows me to print a cashier’s check for the refund, less the preparer’s and bank’s fees. The process from filing to printing the cashier’s check usually takes between 10 to 14 days to complete. This type of loan is appropriate for those who cannot pay for their tax preparation fees up front because the fees are deducted from the taxpayer’s refund.
- Cash or check
- Any credit card
- 10% discount for multiple returns within the same family
- 10% discount for referrals (10% for a maximum of 5 or 50% discount)
- 10% discount for single parents
- 15% discount for senior citizens (55 or over, at least one person on return)
- 10% discount to active and retired military
- All discounts are additive up to 100%