What are our fees?

A common question we get asked is “how much is this going to cost?” The best answer we can give is “how much does a bag of groceries cost?” It depends on what’s in the bag! A bag filled with meats is going to cost much more than a bag filled with canned vegetables. In order for us to provide a reasonable estimate, we need to know what’s in the bag.

Here are a couple of thoughts to consider when determining the value you receive during the tax return preparation process. After reading those, you will see some guidelines on our pricing structure.

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.

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 1/1/2025):

INDIVIDUAL INCOME TAX RETURNS
BASIC 1040 & NY State TAX RETURN ------------------- starting at $450
BASIC W/ ITEMIZED DEDUCTIONS (Sch A) --------------- starting at $575 ($500 if itemizing NY and not IRS)
BASIC W/ ONE RENTAL PROPERTY (Sch E) --------------- starting at $675
BASIC W/ SOLE PROPRIETOR / LLC (Sch C) ------------- starting at $750
BASIC W/ DAY TRADER (Sch D) ------------------------ starting at $550

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)
  • Multiple state returns