How Much Does It Cost to Get Your Taxes Done?
The end of the year signifies one very important thing: tax season. If you're already preparing for the task, there's one question at the top of your list. How much does it cost to get your taxes done?
There's more than one answer, and it depends on what your taxes look like. Is it a simple, one form filing? Do you own a small business or work from home?
The answer to those questions can change how much it costs to have your taxes prepared. Let's look at the details and how the variables affect the cost. Here's what you can expect to pay to a tax preparer.
How Much Does It Cost To Get Your Taxes Done?
The tax code is confusing. It's good to consult a professional if your tax return requires more than a simple filing. But, the fees can add up.
Rates For Tax Preparation Vary
First, you'll need to pay someone to do the work. Here are some of the ways a tax preparer may charge you.
Tax preparers sometimes charge a set fee per return. This is common in brand-name tax preparation firms, like H&R Block and Jackson Hewitt. Complex taxes take more time to prepare, so those cost more.
A set fee pricing method may also need you to pay extra fees for each tax form you file.
Hourly rates can be anywhere from $12 to $25 an hour for a tax preparer. If you hire an accountant or CPA, you can expect to pay on the higher end of that estimate.
You can offset hourly rates by coming prepared. Have everything organized before you go. Sort and label everything for easy handling by your tax preparer.
Bring paystubs, receipts, and tax documents all at once. Missing something? Find an alternate method to get it.
Try logging into your accounts online to print tax documents. If you're missing a pay stub, try this check stub maker to print it before your tax appointment. The more you organize and prepare, the more you'll save.
Itemization Costs More
Itemizing on your taxes? You'll pay more to have them prepared and filed. That's because it takes time.
Your tax preparer spends time going through your receipts and deductions. They make sure you're getting the best tax rate possible. The more time they spend sorting through your itemized receipts, the more money you'll pay.
The More Forms, the More It Costs
How much does it cost to get your taxes done? It's not only about the preparer's fee. Forms increase the cost because they each take time and experience to complete.
Own a business? Schedules C, D, E, and F relate to income and losses in your business. You can expect to pay anywhere from $120 - $180 to file each one.
Some personal situations need more tax forms. Health insurance marketplace and federal unemployment forms cost extra to file, too.
Get Started, Today
How much does it cost to get your taxes done? It's complicated, but now you're prepared! Make some calls, ask for estimates and get your tax preparation started, today.
Looking for more articles about financial costs? Check out our finance blog!