Our prices are based on the work involved in preparing your return; a combination of time (i.e., the number of forms, papers, organization, etc.) and expertise your individual situation requires.
All prices include Federal, Ohio, one city return, electronic filing, and (optional) direct deposit. Because each situation can vary a great deal, we cannot know the final price until the return is complete. But we can give you an idea of what to expect.
Our base price for an individual tax return (1040) price starts at $103 (one W2, no dependents or EITC) for Federal, Ohio and city. Our average price is around $160 (many clients have more than just a W2). Corporate and Partnership tax returns (Form 1120S and 1065) tax returns start at $350.
Example: If you have one W2 and no dependent, no other income or credits, didn’t re-locate, your price is generally $103.
Example 2: However, if you also have a dependent and qualify for the Earned Income Tax Credit (EITC) your fee would be higher. Dependents, child tax credit and EITC require additional forms and extensive due diligence compliance to ensure you qualify. It’s more work for us, so your price would increase to around $180.
Example 3: Maybe you have an HSA also, which would add to the work and $12 to the fee.
Example 4: Or maybe you have 8 W2s. Eight W2s is more work than one W2, so your cost would increase by $35 ($5 x 7 additional W2s = $35).
W2 $ 5 each Dependents $40-95 (the Advance Child Tax Credit complicates 2021) Interest income $ 2 per payer Education Credits $45 Itemized deductions $40 Medical expenses $15 Schedule C $65 and up Rental property $65 and up K1 $45 and up Stock Sales $14 and up Non-Ohio tax return $60 each
That said, some items don’t require any extra work on our part and do not result in a charge (e.g., 401(k) contributions). Other forms may be required and you may not even realize it, like passive activity losses and foreign tax paid. We review your situation looking for tax breaks for you. And we always check to see if you are better off filing jointly or separately, .
We understand this can be confusing and you want to have an idea of what the price will be in advance. Feel free to call our office for an estimate; we have about 12 questions for you and can then give you a better idea of your cost. Most of our prices fall into the ranges below; our clients are a fairly good cross section of America.
We bear the risk. If you are not happy with our service, you are welcome to take your original documents back and leave as a friend, paying us nothing.
See some additional discussion of pricing for tax preparation at https://www.daveramsey.com/blog/how-much-does-a-tax-pro-cost.
Typical pricing for our clients*
Single – usually $103-$160
Married Filing Jointly – usually $150-$240
Married filing Separately – usually $190-$300 total for both
(two sets of returns)
S Corp (Form 1120S) – usually $360-$500
We always check to see if you are better off filing jointly or separately.
*These are general ranges only. Please call our office for a more specific estimate for your situation!
We can’t compete on price with “free”, or your neighbor doing taxes out of their basement. Paying a tax professional is not for everyone. We feel our prices are an incredible value for our high level of service. When you are comparing our prices to other tax preparers, please be aware not all prices out there include Federal and Ohio AND a city return (most Ohioans are required to file a city tax return), electronic filing and direct deposit.
–You may find a lower price, but are they doing the whole job?
–Do they answer your questions?
–Will they be there if you get a letter during the off-season?
–Did they sign the tax return as a paid preparer? Do they have a PTIN?
IRS provides some tips and information on selecting a qualified tax preparer at their website. Choosing a tax preparer
COST SAVING TIPS
- Have supplemental information summarized and ready for us to enter on the tax return. We are happy to total your receipts for you or research cost basis on a stock sale; however, keep in mind there is an additional charge for these time consuming services.
- Please open your envelopes.
- Talk to us before making certain business decisions. Forming an LLC, for example, can have a significant impact on your tax prep fee if you create a multi-member LLC rather than a single member LLC.
- Be careful with refund transfer or “zero up front cost” products. This product does not give you money right away, but gets your tax return prepared with no up-front cost to you The tax preparation fee is deducted from your refund before you receive it. While there are situations where this may be a good fit, often it is overused. The additional fees approach $100, and most refunds are issued by the IRS in 2-3 weeks.
- Avoid bank products like rapid or “instant” refunds. These are very costly and the cost is somewhat hidden. They are costly because you aren’t really getting your refund, but a short term loan. These loans must go through a bank or other intermediary, and they charge a substantial fee. They have risk, because your refund may not be issued. If you owe back taxes, child support, or student loans, your refund will be taken to pay those debts. Or, your refund may be held up unexpectedly due to things beyond your control (e.g., identity theft, someone else claimed your dependent, etc). So the bank fees are substantial. They are somewhat hidden, buried in your payment, and you might not realize it. If your refund was supposed to be $5300, and their fees are $300, you will only receive $5000. You may think a $5000 is great, and want it right now! But you just paid $300 for your tax return preparation.