Pricing Transparency
Individual Tax Filing Options
Level 1 – Basic Tax Preparation Services
Median Fee: $450–$475 | Starting Fee: $350
Many of our clients don’t have particularly complicated tax situations. Maybe you’re a retiree on fixed income or are a married couple with a pair of W-2s and some interest income for the year. Maybe you could do your tax return on your own with some canned software or walk around your “block” to find a tax preparer, but you know there’s great value in getting to sit down with a true tax advisor and ask questions that could pertain to your tax return, not just in the spring when you’re thinking about your taxes, but throughout the year when you go to buy a car, sell a house, or install a new air conditioner. You also know that no matter how your tax return is prepared, the IRS could come calling with some complicated notice that makes it sound like they’re going to take your house and wipe out your life savings. You don’t know whether those notices are truly threatening or just harmless IRS nonsense, but just want the comfort knowing that we’ve got this for you. With our Level 1 services, you’ll get the following:
- Preparation of your federal personal tax return (state returns additional)
- Examination of 1-3 years of prior tax returns (new clients only, additional fees apply for amending prior year tax returns)
- Full analysis of all potential credits such as education credits, energy credits, and dependent care and/or child tax credits
- A Zoom meeting or a detailed email/video review of your tax return
- Complimentary 10-minute chats and email support throughout the year
- Written or directive responses to IRS notices and notices from other taxing authorities
Level 2 – Intermediate Tax Preparation Services
Median Fee: $750–$800 | Starting Fee: $700
Tax planning and advisory services are where our Luminaries really shine. For so many of our clients, simply sitting down one more time throughout the year to take on an intermediate-level tax plan can save a lot more than it costs. How does tax planning work? Think of it like preparing your tax return in the middle of the year and giving you a sneak peek into your tax future while we still have time to make changes. Most typically, it’s beneficial to have your tax planning session come some time in June through September, though we may recommend some clients meet right at the end of the year as well depending upon their situation. We’ll sit down and do a mock tax return for you based on your most recent paystubs, your investment income statement, etc., and we’ll account for all of the variables in your life that pertain to your tax return. Our intermediate tax planning services are also great if you’re weighing some heavy life decisions. Want to know what your tax situation is going to be like if you get married? Remodel a rental property? Contemplating retirement? Need to know what to do with that inheritance to avoid taxes? These may sound like complicated matters to you, but they’re bread and butter for us.
- All Level 1 services
- 1 annual tax planning / tax strategy session
- IRS transcript monitoring
Level 3 – Advanced Tax Preparation Services
Median Fee: $1,200-$1,500 | Starting Fee: $1,000
Upgrade from Level 1 to Level 3 services complimentary for all corporate and partnership clients.
When life is just a wee too complicated for one meeting, we offer ongoing advanced tax planning services for our clients as well. Most typically, the clients who are best-served for advanced tax planning services are ones who own businesses. It’s why we include Level 3 services at Level 1 prices for all of our S-corporation, C-corporation and partnership owners. The possibilities are endless as to when you may need us more than just a couple times a year, and if you’re in that boat, our Luminaries are here for you, too. Our Level 3 advance tax planning services are catered to your specific needs, but most typically, it’ll include 3-4 meetings per year with our Luminaries to discuss your situation. For all of our Level 3 clients, not only will we deal with responding to your IRS (and other taxing authorities) notices for you, but, if necessary, we will get Power of Attorney from you and deal with your specific matter with the IRS. We find that most of our clients would benefit most from Level 2 services. If you’d like to have that Level 3 degree of comfort but find that it isn’t necessary, we’ll be happy to advise you to drop you back down to Level 2. The last thing we want is a client paying us for a service that they really aren’t using.
- All Level 2 services
- Multiple annual tax planning / tax strategy sessions
- Direct IRS response when POA is required and necessary
Business Tax Filing Options
Level 1 – Basic Tax Preparation Services
Median Fee: $1,200
Average Fee: $1,000-$1,200 (plus add-ons)
Starting Fee: $1,000
Our Luminaries work alongside the owner(s) of your business and/or your team to map out a course of how we can best help your business grow and help the owner(s) reach their goals personally and for their families. It’s rare that anything comes up with our Level 3 clients which will necessitate additional fees. In our Level 3 fees, we support payroll services for their full staff, will get POA if required to handle IRS notices and tax resolution matters, form new businesses on a complimentary basis, and ultimately get a lot of the documents out of the way that will be needed and keep them updated.
With our Level 1 services, you’ll get the following:
- Preparation of your federal Form 1065/Form 1120/Form 1120-S (state returns additional)
- Up to 1-hour of bookkeeping/prep work to start business tax returnLevel 3 personal tax services at Level 1 pricing
- Examination of 1-3 years of prior tax returns (new clients only, additional fees apply for amending prior year tax returns)
- A Zoom meeting or a detailed email or video review of your tax return (often combined with personal tax services)
- Preparation of Tangible Personal Property Tax returns (for Florida businesses only) (include only if under the filing threshold and filing a 1-time information-only return with your county)
- Complimentary 10-minute chats and email support throughout the year
- Written or directive responses to IRS notices and notices from other taxing authorities
Level 2 – Intermediate Tax Preparation Services
Starting Fee: $300/month | Custom Quotes Needed
Our Level 2 clients are those who need many of the services that we offer and have us monitoring their books and records on a monthly or quarterly basis. Our Luminaries work alongside the owner(s) of your business and/or your team to map out a course of how we can best help your business grow and help the owner reach their goals personally and for their families. It’s rare that anything comes up with our Level 3 clients which will necessitate additional fees. In our Level 3 fees, we support payroll services for their full staff, will get POA if required to handle IRS notices and tax resolution matters, form new businesses on a complimentary basis, and ultimately get a lot of the documents out of the way that will be needed and keep them updated as needed.
- All Level 1 services
- Monthly or quarterly bookkeeping
- Customized services as needed
- IRS and state support for all notices which require phone communication with the IRS for your business and which will necessitate Power of Attorney
jovanna@luminarytaxadvisors.com
or (352) 787-9451