Tax Preparation Fee Guide

What you don’t know can hurt you!

ITS Financial Group Inc is fair with its pricing given our experience, credentials, and reputation.  The FAQs below can save you time and help you make a better decision with choosing the right tax preparer.

What is the normal fee?

According to a trusted source, National Society of Accountants, the average cost for itemized tax return in California is $348 while the national average is $273.  California costs 27.47% more than the national average.  Notes: NSA did NOT adjust all pricing for all types of returns for California.  To save you time, we did the calculation for you.

Most of our pricing coincides with the averages.  Plus you will likely get greater value from us given our background.

California Average ITS (General Range) National Average
1040 + 1 state  $                          202 $135 to $255  $                     159
1040 Itemized + 1 state  $                          348 $375 to $395  $                     273
Form Schedule C  $                          222 $120 to $220  $                     174
Schedule D  $                          147 $45 to $150  $                     115
Schedule E  $                          161 $165 to $195  $                     126
S Corporation  $                          992 $795 to $1595  $                     778
Partnership  $                          808 $795 to $1595  $                     634

 

Is high school degree required to become a paid tax preparer?

No.  The tax preparation business is not tightly regulated.  In general, it is a lot easier to get a tax preparer license than to most other licenses (such as real estate broker).  Even worst, some tax preparers are NOT even licensed.  We recommend that before you hand over your confidential information, you need to learn more about these different credentials: CTEC, Enrolled Agent, Certified Public Accountant, and Tax Attorney.  Here is a good article from the Los Angeles Times: How to Choose a Tax Preparer.  When reading this article, keep in mind that regardless of what license this person has, don’t assume he or she knows taxes.

Why does ITS Financial Group Inc give a fee range?

Until we meet the person and conduct an interview, we will not know exactly that person’s situation.  Therefore, it is difficult to give an exact quote.

Why should I choose ITS Financial Group Inc.?

ITS is purely built on great reputation.  We are not going to over promise a prospect just for a short term business.  Moreover, we have the credentials and ability to see your situation beyond just taxation.  This likely will help you strengthen your overall finance and save you time.  Read more about us on Yelp.

Isn’t it cheaper to do it myself using TurboTax?

Yes and no.  According to the IRS, the average taxpayer spends 13 hours preparing their return.  About 68% of all filers spend an average of 8 hours.  For business filers the average time increases to 24 hours.  Whether you should do it yourself or not depends on how you value your time, your ability to find tax breaks and the cost of mistakes.  If you make $20 per hour and you spent 10 hours, your cost is already $200 plus other costs.  This can amount to over $250 or more, not to mention potentially missing deductions.  Our simple tax return is only $135.

TurboTax is a good software.  However, it is pre-programmed and likely cannot replace a tax professional with over a decade of tax filing experience, especially for complex tax situations.

My previous tax preparer charged me below the average price above, why?

Most likely, these tax preparers are doing volume and/or using unskilled employees to enter your tax data.  Based on our experience, these returns contain many mistakes.  Clients end up getting audited, incurring penalties and interest and losing thousands of dollars in deductions, and credits.  As a result, you end up paying more than you think.

What should I do?

Work out the math.  Don’t just focus on price but what value you will get.  If we can be of help, please don’t hesitate to call us at 424-999-8829.