TaxAssurances, LLC

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National Society of Accountants'

2020-2021 Income & Fees Survey

NSA conducts a periodic survey of members to gauge the average cost of preparing many types of tax returns. NSA's Income & Fees Survey contains detailed information on fees charged for tax preparation and accounting services, broken down by state, geographic region, and practice size. Operating expenses broken down by category are included, in addition to, information on billing practices, succession planning, and other business practices.

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Frequently Asked Questions

Do I need to file a tax return this year?

Generally, the amount of income you can receive before you must file a return has been increased for 2024. Your filing requirement depends on your income, age, filing status, and whether you're a dependent.

See: IRS Publication 501 - Dependents, Standard Deduction, and Filing Information for complete filing requirements and thresholds.

What filing status should I choose?

Your filing status affects your standard deduction, tax rates, and eligibility for certain credits and deductions. Filing status is important in determining whether you must file a return and whether you may claim certain deductions and credits.

See: IRS Publication 501 - Dependents, Standard Deduction, and Filing Information for detailed guidance on choosing the correct filing status.

When is the tax filing deadline?

The regular filing deadline for individual tax returns is typically April 15th. If April 15th falls on a weekend or holiday, the deadline is extended to the next business day.

See: IRS Publication 17 - Your Federal Income Tax for current year filing deadlines and extension information.

Should I itemize deductions or take the standard deduction?

Standard Deduction gives the rules and dollar amounts for the standard deduction—a benefit for taxpayers You should compare your total itemized deductions to the standard deduction amount and choose whichever is higher.

See:

IRS Publication 501 - Dependents, Standard Deduction, and Filing Information
IRS Publication 17 - Your Federal Income Tax for itemized deduction details

What income do I need to report?

You must report all taxable income, including wages, self-employment income, investment income, retirement distributions, unemployment compensation, and other sources of income.

See: IRS Publication 17 - Your Federal Income Tax for comprehensive information about all types of reportable income.

What if I'm self-employed?

Self-employed individuals must report business income and expenses on Schedule C and may need to pay self-employment tax.

See:

IRS Publication 334 - Tax Guide for Small Business
IRS Publication 535 - Business Expenses

What tax credits am I eligible for?

Claim credits and deductions when you file your tax return to lower your tax. Make sure you get all the credits and deductions you qualify for. Common credits include the Earned Income Credit, Child Tax Credit, Child and Dependent Care Credit, and education credits.

See:

IRS Publication 17 - Your Federal Income Tax
IRS Publication 596 - Earned Income Credit
IRS Publication 972 - Child Tax Credit

What business expenses can I deduct?

Business expenses must be ordinary, necessary, and directly related to your business activities. Common deductions include office supplies, travel expenses, professional development, and equipment costs.

See: IRS Publication 334 - Tax Guide for Small Business for comprehensive business deduction information.

How do I handle retirement account distributions?

Retirement distributions may be fully taxable, partially taxable, or tax-free depending on the type of account and your circumstances.

See: IRS Publication 590-B - Distributions from Individual Retirement Arrangements (IRAs)

Can I claim education credits?

The education credits have some similarities but some very important differences. Find out which credit you qualify for The American Opportunity Tax Credit and Lifetime Learning Credit are available for qualified education expenses.

See: IRS Publication 970 - Tax Benefits for Education

When should I contact an accountant?

As soon as you start to think about your business tax preparation needs, a tax accountant that provides reliable tax services can help you take the next steps. Located in New Rochelle, NY, we can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.

How can I know which accountant is right for me?

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"

Blog for Tax Preparation Firm TaxAssurances

Blog Reader Contribution

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National Society of Accountants'

Kolonji Murray Goes Over The Occupational Outlook Handbook

Frequently Asked Questions

Do I need to file a tax return this year?

What filing status should I choose?

When is the tax filing deadline?

Should I itemize deductions or take the standard deduction?

What income do I need to report?

What if I'm self-employed?

What tax credits am I eligible for?

What business expenses can I deduct?

How do I handle retirement account distributions?

Can I claim education credits?

When should I contact an accountant?

How can I know which accountant is right for me?

IRS Websites

IRS.gov

IRS on X (formerly Twitter)

IRS on X (formerly Twitter)

IRS on X (formerly Twitter)

IRS on X (formerly Twitter)

IRS on X (formerly Twitter)

IRS Small Business

IRS on X (formerly Twitter)

IRS Taxpayer Advocate Service

IRS Taxpayer Advocate Service

IRS Tax Security on X (formerly Twitter)

IRS Taxpayer Advocate Service

IRS Tax Security on X (formerly Twitter)

IRS Tax Security on X (formerly Twitter)

IRS Tax Security on X (formerly Twitter)

New York State Department of Taxation and Finance

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