How Much Does it Cost To Have a CPA
Prepare Your Income Tax Return?
The answer, much like
everything else in life, is it depends. Just like the people filing them,
every income tax return is different. The Federal income tax return is the
starting point but throw in one or more state and/or local municipality tax
returns and even a simple project can begin to become complicated. If you are
an independent contractor, work for several companies, itemize deductions, own
a business or rental property, receive K-1’s or trade stock your income tax
returns can be quite complex.
A good CPA will have
a broad knowledge base and a lot of experience in preparing all kinds of income
tax returns. At our accounting firm in Columbus Ohio we price our tax
return preparation fees based on a value model. In simple terms our CPA firm
offers value to our clients by knowing all the deductions, adjustments, tax
credits, forms and requirements needed to maximize refunds and minimize tax
exposure. We charge a fixed price for the value of preparing income tax returns
and providing professional consulting.
What does that mean
in terms of dollars? Well, a “Big Box” Tax Return Preparation Firm will adequately
prepare your taxes & probably try and up-sell you their own, in house
products (Retirement Accounts, Refund Debit Cards, etc.) and charge you
starting around $300 for a basic income tax return. A good CPA firm using value
pricing will be able to prepare your income tax returns at a higher level of
service with a price that reflects that service and the potential savings that
comes with it. The price is presented to the client before the work begins, so
you can choose the value of the services you receive.
As stated above, not all returns are the same so the pricing
will vary. Basic services can be priced
at $300 and complex returns can cost tens of thousands. Where does yours
fall? The best way is to contact a CPA with experience in services and pricing.
They should be able to offer you a value price for any situation.
