Tax Returns Are Taxing The Wallet

How much should you pay to file your taxes? According to a new survey from the National Society of Accountants, the mean cost of preparing a non-itemized 1040 is $110. If you add in a Schedule A, that cost jumps to $201.

Where you live makes a difference. In the Midwest, filing a non-itemized return will cost you $96. In the Northeast, South and West, you’ll pay $111 to $116 for a non-itemized return.

Here’s the mean cost for preparing other types of tax returns:

• $165 1040 + Schedule E
• $207 1040 + Schedule F
• $477 1065 (Partnership)
• $640 1120 (Corporation)
• $386 1041 (Fiduciary)
• $1,732 706 (Estates)
• $499 990 (Tax Exempt)

Electronic Filing Fee: $23 (even if you file for free on your federal taxes, you’ll pay to file your state taxes electronically)
Hourly fees for accountants (for tax services) $109
Estate and financial planning hourly fees $123

March 7, 2006