1040 Fee Survey Results
In the May 8, 2023 MemberLink newsletter, we surveyed members to see if the Tax Cuts and Jobs Act’s new version of Form 1040 changed their fees. Here are the questions and results from the survey.
Question #1: Did you keep your fees for the 1040 the same this past tax season?
Yes: 24.6%
No: 75.4%
Question #2: Did you charge by the hour for the 1040 this year?
Yes: 17.4%
No: 82.6%
Did you raise your fee to file the 1040?
Yes: 75.4%
No: 24.6%
If you raised your fee, about how much did you raise it?
5%: 40%
10%: 40%
20%: 9%
More: 11%
What the results tell us is that the simplification of Form 1040 had effects that filtered down to tax preparers and their clients. It is safe to say that tax preparers took more time to properly complete it, which translated into clients paying more.
Did you experience any other changes to your usual process or fees during the past tax season? Let us know using the contact form.
