Consulting Rates and Staff hourly Rates
Hourly rates range from $100 to $400 depending on the staff member.
INDIVIDUAL TAX PREPARATION – FORM 1040
Our primary focus is to make sure your return is prepared to meet the compliance requirements and minimize your taxes. We will also provide any planning opportunities. Part of what makes preparing tax returns so interesting is that you do not know what will be required on any given tax return each year, even if you have been collaborating with a client for years. Sure, there are themes that repeat each year. But even one or two differences can affect the time required. Changes in thresholds and rules, in family size, age of children and marital status, or in employment status, income type or amount can mean differences in what goes on the same client’s return from one year to the next. Our fee, however, will be based on how much time it takes to prepare your return.
For new clients we like to get the last two years of tax returns. That way we can learn about your tax situation and check for errors made on prior year returns.
Typical fee range is $650 to $4,000 for individual tax returns.
The typical fee for children returns (i.e., dependents of parents) under age 24 is $300.
BUSINESS TAX PREPARATION – FORM 1065, FORM 1120, AND FORM 1120S
Our primary goal is to provide full service to include business consultation, deduction optimization and tax return preparation. Typical fee range is $850 to $4,000 for partnership and corporate tax returns depending on the quality of your accounting records.
Most business services and tax preparation fees will fit into the fees described below. Our fees are based on the number of hours we spend on your tax return, the sophistication and complexity of your return, the level of personnel working on your return and on the type of work performed (i.e., client interviews, tax preparation, review, tax planning, research, etc.).
The amount of time we may spend on any given matter is inherently unpredictable; accordingly, “estimates” of fees are only that and not a guaranty or limitation. Disorganized documentation or additional work outside the original scope of the engagement would also increase the time we spend on the project.
Our billings reflect both time and charges. Often, considerable time is spent on a tax return by accountants which is not visible to the client. We also consider the difficulty and size of the assignment, the degree of skill required, time limitations imposed on us by others, the experience and ability of the personnel assigned, the nature of the project, the level of cooperation by the client’s staff, and the value of the services to the client.
Note – Effective January 1, 2023, an engagement letter, signed efile forms and payment in full is required before any tax return is e-filed.
Current tax clients should expect their fees to be approximately 10%-15% more than the prior year due to increasing costs of labor, technology, and occupancy costs. If there are substantial changes to their tax situation, the increase in fees from the prior year could be greater.
TRUST AND ESTATE INCOME TAX PREPARATION – FORM 1041
For Trust tax returns we want to minimize taxable income at the trust level. Therefore, our focus each year is to get the trust income out to the trust beneficiaries. Typical fee range is $1,500 to $4,000 for trust and estate tax returns depending on the quality of your accounting records.
ESTATE TAX RETURN – FORM 706
Estate Tax Return, Form 706, is required for larger estates which is dependent on the size, assets, and liabilities of the estate. Typical fee range is $2,500 to $6,000.
GIFT TAX RETURN PREPARATION – FORM 709
If you need to file a Gift Tax Return, Form 709 to report annual gifting, the typical fee range is $800 to $2,000.
TAX EXEMPT TAX RETURN PREPARATION – FORM 990/990-EZ/990-PF/990-T
Tax exempt organizations can file various types of Form 990 series which is dependent on gross revenue and gross assets. If you need to file an exempt tax return, Form 990 the typical fee range is $1,600 to $3,500, depending on the quality of your accounting records and the complexities of your organization.
If you need to file an exempt tax return, Form 990-EZ, the typical fee range is $700 to $1,600, depending on the quality of your accounting records and the complexities of your organization.