Things To Consider in Selection a Tax Preparer

C. Michael Rainbolt

January 5, 2015

Things to Consider in Choosing your Tax Preparer

As the holiday season comes to a close, we all need to take a second and consider what happens on 01/01/15 when we all wake up 20 pounds heavier in the belly and 20 pounds lighter in the wallet.  Oh, if only it was the reverse!

At that time we start pondering, first, how do I lose the weight, and secondly, how do I pay off Christmas?  At 1040quick we can’t help with the weight issue, I’m still working on that problem myself, but we can certainly help with the money issue.  Consider these facts, from a national survey of tax practitioners, that was conducted by the National Society of Accountants for the tax year ended 2013:

Of the approximate 1,600 respondents, the typical tax preparer:

1       Has been practicing for 26.5 years

2       Has a least a 4-year college education

3       Is a sole proprietor

4       Is an Enrolled Agent, and

5       Belongs to a State or Local Tax Accounting Society.

By comparison, the owner of 1040quick:

1.      Has been practicing for 40 years, exclusively in taxes

2.      Has not only a 4 year degree, but also a Master’s Degree in Taxation

3.      Operates through a professional corporation

4.      Is a CPA, and

5.      Belongs to the American Institute of Certified Public Accountants.

Nationally, less than 31% of practitioner’s hold a post graduate degree, less than 26% are CPA’s, less than 5.5% operate through a Professional Corp., and only 15% belong to the American Institute of Certified Public Accountants.

Average fees charged by practitioners in the Mid-Atlantic region for preparation of various tax returns are as follows:

Form 1120.........................................................................................................................759.00

Form 1120S.......................................................................................................................717.00

Form 1065.........................................................................................................................556.00

Form 1041.........................................................................................................................500.00

Form 1040 (Itemized).........................................................................................................246.00

Form 1040 (Sch. C)............................................................................................................205.00

Form 1040 (Sch. F..............................................................................................................185.00

Form 1040 (Sch. E)............................................................................................................155.00

Form 1040 (not itemized)....................................................................................................145.00

The above fees have also been adjusted to a medium sized market.  The fees charged by 1040Quick for preparation of 2014 federal and state income tax returns will be reflective of the fees listed above.  However, we do not charge for electronic filing. Nor will we charge an additional fee for expediting your refund and printing your refund check here in our office.  

We will email your return to the email address provided to us in order to conserve paper and other printing costs.  If you require a printed return, there will be a service charge of $15.00.

We do discount our fees and offer discounts to Active duty members, retired and veterans of our Military, first responders (Fire, Police, EMT’s), teachers, food service workers and those on fixed incomes, such as disability and those retired. We also offer discounts to returning customers.

This year, for the first time, we will be offering a cash referral fee to existing and new customers that refer new customers.  If you are a new customer (we did not prepare your return last year) once we have prepared your return for 2014, and the return has been fully paid, we will pay you 25% of the fee we collect from any other new customer you refer.  This applies to the fee collected for preparing their 2014 return only.  For existing customers (we did prepare you return for 2013) there is no need to have your return prior to referring new customers.

Please feel free to call us, email or stop by and say hello.

   

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Things To Consider in Selection a Tax Preparer

C. Michael Rainbolt

January 5, 2015

Things to Consider in Choosing your Tax Preparer

As the holiday season comes to a close, we all need to take a second and consider what...

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Phone: 866.598.1040 • Fax: 856.988.1254
Email: mike@1040quick.com