AVERAGE TAX PREPARATION FEES IN NJ – HOW MUCH DOES IT REALLY COST?

By Andi Oparaku, CPA posted 11-07-2016 10:18 AM

  

LET’S BREAKDOWN THE AVERAGE TAX PREPARATION FEES IN NJ

How much will my tax return cost? This is the question on everyone’s mind at the beginning of each tax season.  We will breakdown the average tax preparation fees in NJ as well as review IRS published averages for each form and each region.   Prices vary greatly, and the actual amount of your income tax preparation fees will be determined by the region where you live, the size of the accounting firm that you hire, and also the complexity of your actual tax return.  Our focus in this post will be primarily on average tax preparation fees in NJ, with increased focus in Northern NJ.

 

We called the top 10 CPA and tax preparation firms during tax season 2015 and compiled a list of average tax preparation fees in NJ to inform our readers.   The survey found that CPA firms in NJ charged an average of $175 for a simple 1040, with non-cpa firms coming in at just $125 per return.  Most firms do not publicize their fees online and are reluctant to provide an estimate over the phone since it’s very difficult to estimate the complexity of someone’s tax situation without a consultation.   We at Alba CPA get asked this question frequently from new clients, and rightfully so since they deserve to know what it will cost them to file their tax returns.   See Alba CPA average rates below.  Here’s the full results of our survey for average tax preparation fees in NJ as well as published survey from the IRS.

 

AVERAGE TAX PREPARATION FEES IN NJ

IRS Form

Average Tax Preparation

Fees  in NJ

1040 Simple Return

$175

1120 C Corporation

$900

1120 S S Corporation

$795

         1065 Form Partnership

$675

AVERAGE TAX PREPARATION FEES AT ALBA CPA

IRS Form

   Average Tax Preparation

Fees in NJ

1040 Simple Return

Itemized Deductions 1040

Professional (Complex 1040)

$99

$165

$269

1120 C Corporation

$650

1120 S S Corporation

$550

         1065 Form Partnership

$375

AVERAGE TAX PREPARATION FEES (PER IRS FORMS)

IRS Form

National Average

  Tax Preparation Fee

1040 Schedule C

$218

1120 C Corporation

$806

1120 S S Corporation

$761

         1065 Form Partnership

$590

 

AVERAGE TAX PREPARATION FEES (BREAKDOWN BY US REGIONS)

Region of the United States

National Average

Tax Preparation Fee

New England (CT, ME, MA, NH, RI, VT)

$205

Mountain (AZ, CO, ID, MT, NV, NM, UT)

$207

West South Central (AR, LA, OK, TX)

$220

West North Central (IA, KS, MN, MO, NE)

$192

Middle Atlantic (NJ, NY, PA)

 $252

 

As you can see, prices can vary greatly across the many tax preparation firms.  It’s always good to have the fee discussion with your CPA before any work has been performed. Be ready to provide a brief synopsis of your tax situation so you can get a accurate estimate.  Questions I ask my clients include the number of W2’s, small business, any investments, and if they own a house or investment property.  You should consider bringing in your prior year return, that way the CPA can provide an accurate estimate of their fees.

Most of all, it’s not all about the fee. A good tax-prep pro can offer a variety of services beyond completing your return, such as advising on tax saving strategies unique to your employment situation or profession. They also can help you organize and plan for next year’s taxes by suggesting what records to keep and what financial moves to make to lower your tax liability.

0 comments
200 views

Permalink

Tag

Comments