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Tax professionals have a variety of ways they use to set prices for preparing tax returns, so it can be a little like comparing apples to oranges when you're looking for the best deal. As a general rule, prices increase as your financial situation and your tax return become more complex.
Pricing Methods Used by Tax Preparers
If you're comparing different tax professionals or accountants, you can ask up front how the firm determines its prices. You can also ask for an estimate of what their services might cost you, but you probably won't get an answer, at least not until you've met with the professional to go over your tax issues. Some accountants do offer free consultations.
Without having first met with you, however, the firm would have to base its number on your summary of your situation, which may or may not provide an accurate picture. After all, you probably wouldn't be seeking a professional's services if you were exceptionally savvy about tax matters.
Some of the methods used by tax professionals to set prices include:
- A set fee for each tax form or schedule.
- A fee based on last year's fee plus an additional fee for any changes in a client's tax situation.
- A minimum tax return fee, plus an additional fee based on the complexity of the client's situation.
- A value-based fee based on the subjective value of the tax preparation service.
- An hourly rate for time spent preparing the tax return.
- A set fee for each item of data entry.
Average Tax Preparation Fees
The CPA Practice Advisor says that you should expect to pay an average of $273 if you want to itemize your deductions on your tax return. Before you gulp, you can take some comfort in knowing that this generally includes both your state and federal returns. The average fee drops to $176 if you don't itemize, which tells you something about how complicated and time-consuming itemizing your deductions can be.
NOTE: Avoid hidden fees by always checking your refund amount directly on the IRS Website. If you cannot verify the exact amount showing on your 1040 Form Individual Tax Return , something is not right!!!
