The base fees for tax return preparation cover the usual time required to receive & send information, one or two exchanges regarding missing items and clarifications, preparation of the return, and electronic filing, or instructions for paper filing. Fees for additional forms & other incremental charges will be added to the base fee.
Direct time billing will be used for issues that arise, research needed and consulting which can sometimes increase the fee substantially. For example, open items can be very time consuming. An exchange or two is included in the base fee, more than that will be billed for the extra time.
Note: The fee for most tax returns will be higher than the base fees below.
• Form 1040, one full year resident state: $425
• Dual Status Return: $475 and up
• If you dependent is required to file a return I will continue to file for $125
• Schedule B: $25 – increases to $75 with multiple accounts, foreign tax credits, time spent calculating federal and/or state tax exempt interest and dividends: $25 - $75
• Schedule C/SE for self-employment: Generally starting at $100 (less if few or no expenses, more depending on number and complexity of entries).
• Schedule D: Fees depend on number and complexity of trades or other sales starting at $75
• Schedule E for rental income: Generally, $85 per property, more if I have to calculate cost basis, or if you have other complexities.
• Schedule K-1 income: A simple K1 is $50, while more complex ones can be $75-$200
• Foreign Bank Report: starting at $75, increases based on number of accounts and number of FBARs needed
• Form 8938 based on number of accounts, starting at $50
• Extra states: Generally, $85 each
Other factors billed at an hourly rate
• Multiple revisits to the tax return. Time to do this can really add up, since it requires reviewing and/or familiarizing myself with your situation again each time, especially if there are long gaps of time in between.
• Part year income allocations
• Nonresident income allocations
• Application for ITIN
• Tax treaty issues
• Dependent care expenses
• Charitable donations
• If new client, a lot of carryovers to enter from your prior year tax return including depreciation, passive losses, net operating losses, etc.
• Long delays between information being requested and received
• My having to ask for relevant information that was left blank on the questionnaire
Fees for Corporate Income Tax Preparation
• Corporations classified as a personal holding company $525 to $675
• Corporations operating as a full-time business with five or fewer employees $650 to $900
• Corporations with subchapter S elections that are full time with an owner employee $600 to $775
• Partnership returns with cash or labor basis range from $525 to $700 (we do not do complex partnership returns)
We also have a short list of additional fees that might be incurred depending on your tax and accounting situation, and your level of organization:
• Preparing and sending a return for paper printing $75
• Taxpayers who introduce “significant” changes or additions after a preliminary tax return is prepared
$125 / hr
• Reconstructing financial statements, tallying receipts or invoices $100 / hr
• Extensive research, coordinating with attorneys, business consultation, writing correspondence.
$250 / hr