New client...
One Form W-2
One 1099-R with a Code 1, but qualifies for the exception for educational expenses
One 1099-R with a Code G (rollover)
Educational expenses which qualify for the Lifetime Learning Credit
Simple, bare-bones Schedule C that involves making and selling craft jewelry
has one 1099-MISC associated with this Schedule C; seems a bit like an Avon/Mary Kay sort of thing
Not-so-simple Schedule C that involves first year as a real estate agent
but no income on this Schedule C, since she started in November; just expenses
no depreciation on this Schedule C; maybe some standard mileage
the rest is fairly straightforward office expenses, real estate license fee, etc.
So the return consists of a Form 1040, two Schedules C, a Form 5329, and a Form 8863.
The state return, Ohio, is a no-brainer. Everything transfers right from the federal return. No data entry required, except for what county and school district they live in.
And we have to do a city tax return, but that's also pretty straightforward, and only takes about five minutes.
Client is fairly well organized, gave me a neat pile of receipts for each Schedule C. Gave me a copy of last year's return, which was done by someone else. Last year had no Schedule C at all, no education, and no retirement plan distributions. Last year was a Form 1040-EZ.
This will probably take me two to three hours. I don't usually charge by the hour for tax returns.
I don't charge by the form, either. I just make up a fee.
What would you charge for this return?
BMK
One Form W-2
One 1099-R with a Code 1, but qualifies for the exception for educational expenses
One 1099-R with a Code G (rollover)
Educational expenses which qualify for the Lifetime Learning Credit
Simple, bare-bones Schedule C that involves making and selling craft jewelry
has one 1099-MISC associated with this Schedule C; seems a bit like an Avon/Mary Kay sort of thing
Not-so-simple Schedule C that involves first year as a real estate agent
but no income on this Schedule C, since she started in November; just expenses
no depreciation on this Schedule C; maybe some standard mileage
the rest is fairly straightforward office expenses, real estate license fee, etc.
So the return consists of a Form 1040, two Schedules C, a Form 5329, and a Form 8863.
The state return, Ohio, is a no-brainer. Everything transfers right from the federal return. No data entry required, except for what county and school district they live in.
And we have to do a city tax return, but that's also pretty straightforward, and only takes about five minutes.
Client is fairly well organized, gave me a neat pile of receipts for each Schedule C. Gave me a copy of last year's return, which was done by someone else. Last year had no Schedule C at all, no education, and no retirement plan distributions. Last year was a Form 1040-EZ.
This will probably take me two to three hours. I don't usually charge by the hour for tax returns.
I don't charge by the form, either. I just make up a fee.
What would you charge for this return?
BMK
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