Paid Preparer Tax Preparation Fees
(For Reference Only)
This information can be helpful when discussing with a taxpayer the costs of having a paid preparer do their tax return.
According to the IRS, these are the average fees taxpayers can expect to pay if they use a paid preparer. (Of course, 'average' means some preparers charge more and others charge less.)
- Form 1040 with Standard Deduction: $152.
- Form 1040 with Itemized Deductions: $261.
- Schedule C (Profit or Loss From Business): +$218
- Schedule D (Capital Gains and Losses): +$142
- Schedule E (Supplemental Income and Loss): +$165
- Schedule K-1 Form 1041 (Beneficiary): +$497
- Schedule K-1 Form 1065 (Partnership): +$590
- Schedule K-1 Form 1120S (S-corp): +$761
Doing some quick math, preparing a 1040 with Itemized Deductions plus a Schedule D will cost, on average, $403.
And the lawn guy with Standard Deductions and a Schedule C? $370.
So, yes, it would seem we do, indeed, perform a valuable service to our clients.