MyCTS.com | Get Ready for Taxtime 2011
Industry Changes & Financial Regulation
Hits Home in 2012
This year, IRS E-file ends Monday April 17, 2011
Goverment Regulation (or over-regulation) increases our business costs by $1000'sWhile many can agree that there is definitely a need to protect the financial system and the public, it should be noted that the cost of doing so was, of coursed, passed to the business. While a large corporation may not need to adjust much to cover a $3,000 increase in fees, smaller organizations like ours must make immediate changes in order to remain viable and be able to continue to serve our clients as we have for more than 21 years having filed more than 40,000 federal and state returns and extensions since 1989. In late summer and fall of 2010, we saw a substantial increase in government imposed fees for transition and compliance with government programs. Below are some of the changes we are making and how they might affect you.
Most tax filers won't see much of a change to their filing fees at all, but some filers will. What does this mean to you?
Our decades old near flat-rate tax filing fee structure will be changed to more accurately reflect the complexity of the return, the amount of time it takes to complete the return and number of forms involved. Industry-wide, our competitors' preparation fees have always been based on these factors.
If your are one of the nearly 60% of our clients that file a 1040A return, or Parent's return as we like to call it, and claim only dependents and Earned Income Credit, Child Tax Credit and any Stimulus or Workers' Credit, you won't see much of a change your filing fees. However, if your return requires additional forms such as mutiple income statements (W-2, 1099 etc) or College Tuition or Child Day Care Expenses, your preparation fees would be slightly higher. Our fees have always been sharply lower and our national competitors and we expect to continue that trend without interruption.
Let's look at a few examples.
An unmarried taxpayer working 3 jobs on W-2 and has no dependents would have paid $35 to file their 1040-EZ form 2009 return. They would pay $39 to file their 2010 which would still include your state return and electronic filing.
Let's say you're a single mother of 2 and you worked 2 jobs on W-2 and one 1099 from Unemployment, another 1099 from a bank interest. (That's a total of 4 income forms). You would have paid $79 to file your 2009 1040A form. The cost to file your 2010 form would be $85.00 which would still include your state return and electronic filing.
If we take the same mother above and add college tuition deduction, $4 would be added to that making total filing $89
Explore Refund Options!!
|
© 2012 NetBuilders Networks, Inc