Tax preparers may charge more due to ACA requirements
The added time new Affordable Care Act requirements will take tax preparation professionals to complete likely means clients will be paying more to have them prepared.
“I think everyone should expect an increase in their tax preparation fees this year. I’m sure the store fronts are going to have substantial increases,” tax and financial adviser Marshall Mennenga said. “And I’ve talked to other practitioners. And this is taking more time. And they’re all going to have increases because this is taking more time. And this is taking more time to do the tax return.”
The exact cost of how much your taxes will likely increase this year largely depends on if someone has insurance. The trickle-down effect of more, overall tax work for someone who does have coverage means about $10 at Mennenga’s firm.
“If someone does not have coverage, and we have to do one or two of the new forms, then we’re talking more in the $40-$50 range at our firm,” Mennenga said.
Mennenga said it is important to be prepared this year knowing your health insurance information and coming armed with the proper paper work.
At his firm, clients will be asked to show their insurance cards to prove they do not have to pay a penalty. And, if a client bought an exchange plan they will need to provide a new federal tax form, or their return will not be able to be completed.