At TaxSmart MD, the complexity of your tax situation determines the price you pay. Before we work together, I will gather some basic information pertaining to your situation, which will allow me to quote you a preliminary price. The price may be adjusted after we start working together, and I have the opportunity to review your tax return and other pertinent information.
What’s more, I follow the fundamental principle that tax preparation and filing is only one component of a client’s overall service. Pricing is based primarily on planning, and few clients will pay an extra fee for tax return complexity. There are two overarching reasons for this. First, I believe that planning and education are the most important ways to deliver value for clients. Second, I’ve learned that staying on top of taxes for twelve months of the year makes the tax return preparation and filing process much easier.
The client situations presented below are for illustration purposes. I know that no two clients are alike, and these services are not meant to be “cookie cutter.” Many clients will receive a custom price and service level as warranted by their specific tax situation. There are many factors that may introduce additional complexity, which are not enumerated here. Examples include additional state/local returns that need to be filed, cryptocurrency without basis information, bookkeeping cleanup, or the married filing separately filing status.
You can read more about my pricing philosophy here.
Tiers of Service
Tax Return Preparation
For clients who want it done right
Prompt and Accurate Tax Return Filing
Video Walkthrough
Email availability for tax return questions
Assistance with Tax Notices
Audit Representation and Resolution (up to 6 hours)
Newsletter Subscription
Comprehensive
For clients who benefit from frequent check-ins and proactive strategy
All features of Tax Return Preparation
Quarterly Bookkeeping Review
Mid-Year Tax Strategy Meeting
Estimated Payment & Withholding Recommendations
Safe Harbor Calculations
Mid-Year Tax Projection & End-of-Year Update
Payroll setup and adjustments
Assistance with home office & accountable plans
Concierge
For clients desiring frequent meetings & the ability to offload as much as possible
All features of the Comprehensive Plan
Monthly bookkeeping
Quarterly Planning & Advisory Calls
Sales Tax Filing
Scheduling of Estimated Payments
Priority Response
Priority Work Completion
Evening/Weekend Meeting Availability
Tax Notice and Letter Preparation
Up to Five 1099 Filings Included
Foreign Tax Form filing (FBAR, Form 8938)
Profile: Physician With Primarily W2 Income
Sumit is an employed hospitalist, and his spouse works as an employed attorney. They have some interest and dividends from a taxable brokerage account, but otherwise no significant sources of income. He and his spouse file a joint tax return with the IRS and their state of residence. They have two children, the older of whom is in 2nd grade, and the younger of whom is in day care.
Price:
Tax Preparation - $750
Comprehensive Plan - $149/month
Concierge Plan - $225/month
Profile: Physician with 1099 Income
Simone is employed at the VA, but also takes locum tenens assignments for about 6 weeks per year in her state of residence. She takes the simple home office deduction. Her spouse is employed as a pharmacist. They do not yet have any children.
Price:
Tax Preparation - $1,200
Comprehensive Plan - $299/month
Concierge Plan - $449/month
Profile: Physician with full-time 1099 income in multiple states
Andrew works full-time as a locum tenens physician and takes assignments in four states (including his state of residence). Only three states require a tax return to be filed. He has a mortgage, donates extensively to charity, and deducts the actual expenses of his home office.
Price:
Tax Preparation - $1,700
Comprehensive Plan - $425/month
Concierge Plan - $649/month
Profile: Physician with simple S Corporation
Sandra works full-time as a 1099 physician and has made the election to have her LLC taxed as an S Corporation. She uses an accountable plan to reimburse home office and mileage expenses. Her spouse is employed, and her personal tax return is otherwise simple.
Price:
Tax Preparation - $2,100
Comprehensive Plan - $550/month
Concierge Plan - $825/month
Profile: Physician with employees and significant outside income sources
Jane owns and runs a Direct Primary Care (DPC) clinic. In addition to herself, she employs one medical assistant. She takes call (1099) on six weekends a year in a neighboring state to supplement her income. Her LLC is taxed as an S corporation. She uses an accountable plan to reimburse business mileage. In addition, she has two long-term rental properties.
Price:
Tax Preparation - $2,700
Comprehensive Plan - $675/month
Concierge Plan - $1,025/month
Pricing - FAQ
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Generally not, unless you are in the comprehensive or concierge plans and tax season is approaching. Clients who onboard after October 1st can expect to pay an onboarding fee. This will be credited back to them after they have been a client for 12 months.
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All services listed above include filing of business and personal income tax returns for you and your spouse. All required state tax income tax returns are also included.
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If you have a monthly subscription, payment is due on the first of the month. If you are only paying for tax return preparation, 50% of the fee is due prior to beginning work, and the remaining 50% is due prior to filing the return.
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The base prices described here are for quarterly bookkeeping review. This relies first on clients to classify income and expenses, preferably using software (Xero) provided at no additional charge. Every three months, I will examine your financial statements, clarify certain items, and make changes where indicated.
If you would rather delegate all of this to me, then you can either choose the Concierge Plan, or I can quote you a new price in the Comprehensive Plan.
For clients with especially complicated books, it may be necessary to engage the service of an outside bookkeeper. -
Fees for onboarding (if applicable), deposits for return preparation, and for services already performed are non-refundable.
Monthly subscription fees are assessed in advance. If you cancel your subscription before the end of the month, a prorated refund is available for amounts already paid.
Supplemental Tax Preparation Fees:
Most clients do not pay any additional fees for tax preparation. However, some specialized tax forms may be subject to a la carte fees for each form filed.
Examples of some forms that are subject to additional fees:
1099 Forms for Contractors - $100 for first two, then $50 each
Form 709 (Gift Tax) - Starting at $400
Form 5500-EZ - Starting at $300
Form 5330 (Excess Contribution) - Starting at $500
FBAR (FinCen 114) - Starting at $200
Form 8938 (foreign accounts) - Starting at $100 per account
Form 2210 (Annualized Income Installment) - Starting at $500
Dependent Tax Return - Starting at $300
Form 3115 (correcting depreciation, change in accounting method) - Starting at $800
