There is a difference between a tax return that is mechanically correct, versus a tax return that produces the best result for the taxpayer. DIY software takes numbers off of your important tax document forms and places them onto pre-programmed fields in a tax return, generating a return that may be mechanically correct. But is the best possible return? Maybe, maybe not. The best possible return will utilize human, interactive knowledge of the tax laws, and the end result will often look different than a mechanically correct produced return. Ask yourself this important question: do you want merely a mechanically correct return? Or do you want the best possible return?

Using tax software doesn’t equalize a taxpayer with a tax professional. Software is our tool. We own Word but we cannot write like an author. We own a digital camera but would never call ourselves photographers. We have a garage full of tools, but would never attempt to build a house. Likewise, neither will tax software give an untrained person the knowledge, experience and skill that a tax professional has. Software doesn’t make us what we are – education and experience does.

Asking for a price on a tax return prior to your appointment is like asking an auto mechanic what is it going to cost to repair your car before he has had a chance to look at it and diagnose the problem! With that said, we can provide some guidelines on our pricing structure.

Our fees for income tax preparation are based on several factors:

1. the forms required to complete the return,
2. the complexity of the return, and
3. the time required to complete the return.

Other considerations:

• Organizing your information (e.g. sorting through a shoe box of receipts) is an additional hourly billing.
• Multiple phone calls to gather missing information may be subject to additional billing.
• Research into a specific tax scenario may be subject to additional billing.

Here is a “starting at” overview for our return prices (effective 1/1/2023):

INDIVIDUAL INCOME TAX RETURNS
BASIC 1040 & NY State TAX RETURN ------------------- starting at $395
BASIC W/ ITEMIZED DEDUCTIONS (Sch A) --------------- starting at $550 ($475 if itemizing NY and not IRS)
BASIC W/ ONE RENTAL PROPERTY (Sch E) --------------- starting at $600
BASIC W/ SOLE PROPRIETOR / LLC (Sch C) ------------- starting at $750
BASIC W/ DAY TRADER (Sch D) ------------------------ starting at $500

For tax year 2022 – calendar year 2021, additional fees will be assessed for reconciling:

• Recovery Rebate Credit (Economic Impact Payment #3)
• Advanved Child Tax Credit (Schedule 8812)

Included in the Tax Preparation fee:

• electronic filing
• in-depth interview to assess your unique circumstances
• education on eligible credits, deductions, and tax law changes applicable to your tax situation
• return checking to ensure accuracy and tax compliance
• explanation of your tax return

Other 1040 Tax Preparation services at additional cost:

• Earned Income Credit (Sch EIC, NY IT-215)
• Child and Dependent Care Credit (Form 2441, NY IT-216)
• American Opportunity Credit (Form 8863, NY IT-272)
• Alternative Minimum Tax (Form 6251)
• Additional Medicare Tax (Form 8959)
• Net Investment Income Tax (Form 8960)

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Affordable Care Act mandatory processing
Beginning in 2015 (tax year 2014), mandatory processing for the Affordable Care Act is a separate fee from your tax preparation fee, with a minimum charge of $25.

Addition charges will apply for:

• filing for an exemption,
• reconciliation of the Premium Assistance Credit, or
• calculation of the Shared Responsibility Payment.

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