What are you expecting in the coming 2013 tax season?
With all the controversy with the Internal Revenue Service, Congress, and various other Government agencies attempting to keep our economy in line, what kinds of things can you expect this year in regards to your taxes?
To start with, the National Society of Accountants released the average tax preparation charges for the coming season.
Start with your basic 1040 (W-2 only no self employment or investments, etc…) for a nationwide average of $261. (some states and some regional areas are up about $20 more).
Then add: $218 if you have one schedule C (business) form.
Add: $806 for a C Corporation
Add: $761 if you are an S Corporation
Add: $590 for a partnership
Add: $667 for non profits
Add: $142 for schedule D (capital gains and losses)
Add: $165 if you have rentals to add
They are claiming that it will take an average of 4 hours just to complete a 1040 because of all the added forms and such they are requiring. Add another hour at least to complete the state return.
They are really keeping an eye this year on anyone that is claiming the Earned Income Credit due to the number of people and preparers that are claiming this incorrectly. The IRS is also keeping a close eye on those that are claiming that they have contractors working for them as opposed to employees so make sure all those ducks are in a row as well.
And Keep in Mind – that they have already postponed the start of tax season to start January 31st. Stay tuned for more updates!
As usual, we can expect that they will be making changes to tax law and procedures for tax preparation, right up until the very end, so …. Call Taxpectations with any questions and let us take care of all of those taxes for you …