Tax Preparation Fees, Still Reasonable – Petoskey CPA

The federal government has been adding new tax rules and tax credits to help provide some relief in these tough economic times. The tax code seems to get more complicated each and every year, but every year preparing your tax return becomes more difficult. According to the National Society of Accounts (NAS) individuals who hire a professional to prepare their tax returns are getting their money’s worth.

Maybe you are thinking it isn’t worth it to spend your hard earned money to pay someone to do something you know you can do on your own. Perhaps you don’t like the idea of giving some of that refund to someone else. Think of it this way… how much is your time worth? What would take you hours and hours, possibly days to figure out, a certified public accountant could have done for you in one afternoon. Also, since CPAs are on top of all the latest tax breaks they are likely to see places where you are currently over paying taxes and end up saving you far more than the cost of the service.

The cost of hiring a CPA to prepare your taxes will depend heavily on the tax forms you need to have prepared and the complexity of your unique circumstances. The size of the firm and the area also play a role. Smaller tax firms usually charge less than larger corporation firms. A local Petoskey CPA firm will typically charge less than a corporate firm in a larger city, providing the same service. Also, a Traverse City MI firm is likely to charge less than a New York City firm of the same size.

Although the cost of having your taxes prepared can range by CPA there is an average you can consider if you have all your necessary tax information gathered and organized for you accountant.

According to a recent NAS survey of over 8,000 tax preparers the following are average fees for preparing IRS tax forms*

• $212 for a Form 1040 Schedule C (profit or loss from business)

• $551 for Form 1065 (partnership)

• $692 for Form 1120 (corporation)

• $665 for Form 1120S (S corporation)

• $415 for Form 1041 (fiduciary)

• $2,044 for Form 706 (estates)

• $584 for Form 990 (tax exempt)

• $58 for Form 940 (Federal unemployment)

*If your return costs dramatically more or less than the averages represented here is could be due to the complexity of your case or the additional work and effort that your CPA put into preparing your return because not all of the necessary information was readily available.

If you would like to schedule a free consultation with Harris Group CPA in our Traverse City, Petoskey or Suttons Bay office please call 231-946-8930 or fill out the short contact form below (don’t forget to specify which location is most convenient for you).