Our Income Tax Fees and Cost Structure
Akron Income Tax Co.
Income Tax Fees and Cost Structure
Basic Tax Fees 2024
Basic Short Form $ 130
MFS Short Form $ 220
Basic Long Form $ 220
MFS Long Form $ 320
MFS = Married Filing Separate/ 2 returns
Businesses $90.00 + time
Taxpayer must provide totals of income and expenses
Rentals $90.00 + time
Taxpayer must provide totals of income and expenses
Stock Sales $90.00 +time
Dependent (tax return) $60.00
More extensive tax documents require more time…
Short Forms include first hour of preparation time. Long Forms include 1 ½ hour of preparation time. After the first hour there is a time-charge of $25 for every additional 15 minutes. We offer forms for clients that have businesses and rentals to minimize client prep time.
If you have a basic form with a business (totals provided) it is $130+$90=$220. If you have a basic form with a business and a rental (totals provided) it is $130+$90+$90=$310. If you have a basic form and multiple stock sales that require form 8949 it is $130+$90+a time charge=???.
There are a few simple stock sales that we just don’t charge any fees for. But if you have to use form 8949, we will charge the minimum $90. Yes, we may charge more if you have lots of entries for our time. Any stock sales with wash sales take more time to report. You should understand your stock investments may require more work than normal and will cost you more to report this activity to the IRS. It is the cost of investing.
Let’s break this down some more…
The above price list works for about 95% of our clients. But there lies the problem, what about the other 5% of the time when the tax fees exceed the “Basic” posted tax fees.
When should you realize that your taxes are more than “Basic” and should expect an adjusted tax fee.
What are some reasons we increase prices over the “Basic” charges?
It comes down to the level of work and time involved to deal with each person’s individual taxes. We don’t want to set fees on every form used, that is what our big box competitors do and we feel that is just wrong, especially when there maybe just a single entry on a form. But we do have to get compensated for our time, our knowledge and our experience.
Our forms that require an automatic fee increase are Sch C’s for businesses, Sch E’s for Rentals and Royalties’ and Form 8949 for Stocks sales that need special attention. For clients with businesses or rentals, keeping the cost at a minimum means that they bring us compiled totals for income and expenses using either our forms or their own version.
We are not against compiling this data from raw receipts. It is an accounting or bookkeeping function and we do charge for this, but to keep your fees low our clients need to bring us totals to work with.
Other types of returns
1065 Partnership returns start at $250 and increase based on complexity.
1120 Corporate returns start at $350 and increase based on complexity.
1041 Estate returns start at $350 and increase based on complexity.
It is not a basic return when you…
Have a 1099NEC (this is a business return)
Have 1099MISC
Have more than 6 W2s
Have more than one state return
Have stock sales or stock wash sales that require Form 8949
Have more than 5 cities on your w2 and require a city return
I wish this list covered every instance, but it may not due to the complexity of the tax laws but I just wanted to cover the main reasons for our increasing fees. Furthermore, there are times that we do not charge these additional fees even if you may have some of these items, depending on the situation.
Gala Commons Complex
2215 E Waterloo Rd Suite 113
Akron Ohio 44312
330-733-1040