NSA President Robert L. Cross, PA, ABA, ATA, says “With the constant changes and new provisions, it pays to have a professional tracking all the potential tax breaks for their clients, who may miss them on their own. Even one extra deduction or tax credit can more than cover the fee paid to a professional tax preparer.”
The cost to hire a professional tax preparer is a good value, according to the National Society of Accountants (NSA). The NSA biennial survey of nearly 8,000 tax preparers showed the average tax preparation fee for an itemized Form 1040 with Schedule A and a state tax return is only $229. Rates for non-itemized returns are also low the average cost to prepare a Form 1040 and state return without itemized deductions is only $129.
“The tax code becomes more complex every year especially this year with so many new tax credits and other rules as the federal government attempts to provide some taxpayers with relief during the economic downturn,” says NSA President Robert L. Cross, PA, ABA, ATA. “With the constant changes and new provisions, it pays to have a professional tracking all the potential tax breaks for their clients, who may miss them on their own. Even one extra deduction or tax credit can more than cover the fee paid to a professional tax preparer.”
Taxpayers may also benefit by obtaining tax preparation estimates from more than one preparer from different size companies. For example, the survey found that tax preparation fees for an itemized Form 1040 with Schedule A and a state tax return averaged only $217 at one-person firms, and rose to an average of $245 for firms with three or more staff.
Firms with lower levels of gross income also charged less on average than larger companies. For example, tax preparation firms with gross annual income of $50,000 or less charge an average of $174 for an itemized Form 1040 with Schedule A and a state tax return, while a company with gross income of $400,000 or more charged an average of $305.
The survey found that the average fees for preparing other Internal Revenue Service (IRS) tax forms include:
• $212 for a Form 1040 Schedule C (profit or loss from business)
• $551 for a Form 1065 (partnership)
• $692 for a Form 1120 (corporation)
• $665 for a Form 1120S (S corporation)
• $415 for preparing a Form 1041 (fiduciary)
• $2,044 for Form 706 (estates)
• $584 for a Form 990 (tax exempt)
• $58 for a Form 940 (Federal unemployment)
All fees assume a taxpayer has gathered and organized all necessary information.
Fees also vary by region. The average tax preparation fee for an itemized Form 1040 with Schedule A and a state tax return in each U.S. census district are as follows:
New England $205
Middle Atlantic $252
South Atlantic $243
East South Central $137
West South Central $220
East North Central $193
West North Central $192
Mountain $207
Pacific $292
Sixty percent of accounting firms do not require payment until returns are completed and clients are satisfied. Ten percent require a percentage of the payment upfront, and 23 percent require payments during tax return processing. Ninety-one percent of accountants also offer electronic filing services for Federal and state tax returns, and accountants report that 84 percent of clients eligible for electronic filing choose this option.
Many accountants also hold one or more professional credentials that demonstrate their experience and expertise. These credentials (and the percentage of NSA survey participants holding these credentials) include:
• Enrolled Agents (federally authorized tax practitioners) 49.2%
• Accredited Tax Advisors 26.3%
• Accredited Tax Preparers 26.2%
• Certified Public Accountants 24.8%
• Accredited Business Advisor/Accountant 16.2%
• Registered/Licensed Public Accountants or Accounting Practitioner 11.8%
For more information and to use an online search directory to identify a qualified tax preparer in your area, visit www.nsacct.org and click on “Find a Professional.”
The proverbial straw that broke the camel’s back is an illustration of what can happen when you feel overwhelmed. Each straw by itself is irrelevant. Yet the cumulative weight of enough straw can be unbearable.
Life’s events can have the same cumulative impact as the straw. Most situations, by themselves, are manageable. But when you are faced with one problem after another, before you have a chance to resolve each one, it’s easy to feel overwhelmed.
Situations can also pile up gradually because of your inattention or failure to deal with them as they occur. Then, seemingly out of nowhere, you become overwhelmed. In this scenario, you don’t realize what’s happening until everything becomes a crisis.
So, you can become overwhelmed because of circumstances beyond your control that occur quickly or simultaneously. Or you can become overwhelmed because you neglect to handle situations as they arise. Each scenario requires a slightly different strategy.
When events occur non-stop and without letup, often the first reaction is to panic and freeze. Not knowing what to do first, you try to juggle everything at once while feeling as if you are about to lose your balance at any moment.
The key to dealing with this situation is to prioritize. Since you can only address one issue at a time, you have to decide which circumstances require immediate attention. Sometimes, it seems as if everything is critical. But you, nevertheless, have to pick a starting point for your attention.
Unfortunately, the most critical situation is usually the most difficult to deal with. So, human nature being what it is, people will tend to address one of the least important issues because it’s easier. However when you neglect the most critical situation, it will quickly worsen. With enough neglect, a situation will get to a point where it is out of control and the window of opportunity to take corrective action has passed.
For example, the roof on Debra’s house has started to leak. Additionally, her car needs an oil change, the kitchen has to be painted, she needs new clothes for a party in three weeks, her son is doing poorly in school, she has a painful tooth ache, and the company she works for is being sold in six months.
Debra feels overwhelmed. So she goes shopping for her new clothes. Rather than prioritizing and going to the dentist first, Debra takes a painkiller and then picks the task of lowest importance. After she gets her clothes, Debra will feel just as overwhelmed as before since all of the pressing issues are still there.
As an outside observer, it is easy to see what Debra should do first. She should tend to her tooth before she risks losing it. If Debra neglects her roof, more serious damage will occur. Then she has to get her son back on track before he falls too far behind. Once these immediate issues are dealt with, Debra will have a little more breathing room and feel less overwhelmed.
But when you are the one feeling overwhelmed, your perspective becomes cloudy. You become stressed out and don’t want to deal with anything. Avoidance, however, will allow things to get worse.
When overwhelmed, you have to address the most critical situation first. Then focus your energy on one task at a time. Once you have done everything you can for the most important problem, move on to the next pressing situation. Resist the temptation to begin with the least significant challenge.
When you take this approach, you will start to feel better because you are taking action on the most pressing problems. The more proactive you are, the faster you will overcome the obstacles in front of you.
NOW AVAILABLE: “Dare to Live Without Limits,” the book. Visit www.BryanGolden.com or your bookstore. Bryan is a management consultant, motivational speaker, author, and adjunct professor. E-mail Bryan at bryan@columnist.com or write him c/o this paper.
United Way 2-1-1 is continually updating its listing of agencies participating in the Haitian relief effort. Dial 2-1-1 or visit www.211ct.org for information on where to donate money or material goods. Contact information is available for national and international relief agencies such as United Way Worldwide, American Red Cross and AmeriCares. Information is also available on local agencies with ties to Haiti.
Alexis Ann, editor & publisher, the Resident, with Chef Bobby Flay. Don’t miss Bobby’s live cooking demonstration on Sunday, January 31st from 1:15-1:45 pm on the Main Stage as part of the Mohegan Sun Winefest 2010. The Winefest kicks off at noon on Saturday, January 30 at Mohegan Sun.
United Way of Southeastern Connecticut will be accepting monetary donations to help support the victims and family members affected by the Earthquake in Haiti. It is vital that our community support our friends and neighbors within New London County, and their family members who are located abroad. Over 5,000 Haitians reside in New London County.
United Way has set up two options for the community to contribute monetary donations through their website www.uwsect.org. The first option is to help fund immediate basic needs and supplies in Haiti through the American Red Cross, CT Chapter. The second is a fund that will be distributed to local Haitian relief programs within New London County.
United Way’s community investment department is currently working with community leaders to determine the best manner in which these funds will be distributed. United Way of Southeastern Connecticut will not charge an administrative fee; therefore 100% of donations collected will help support recovery efforts. United Way anticipates the need for services for those affected will increase, and is taking a proactive fundraising approach to ensure funds will be available to help our local non-profit agencies who will be playing a vital role in the healing and recovery process associated with this devastating tragedy.
Thanks for reading the Resident, the Good News that Rocks! Please remember to patronize our advertisers as they’re helping to make the “good news” happen.
Zoë howls in delight over his favorite treat, Mystic Market All Natural Dog Bones, while creator Shannon Cather, manager, Mystic Market West, sits with Charles Spathakis’s, owner, Mystic Market, children, (l-r) Cole and Emma.
by Tyler Williams
photo by Alexis Ann
Every business starts with a vision, but for the business to truly succeed, attention must be paid to the details. Coastal Gourmet President, Charles Spathakis, does just that. He dedicates his career to serving as both innovative visionary and detailist to bring “gourmet” back to his native Connecticut shoreline.
As a graduate of Johnson & Whales University, Charles entered into the world of Culinary Arts, with a command for supreme customer service and unmatched quality. With this solid foundation, Charles and partner/chef Christine Seitz assembled a talented team and in 1993, opened Mystic Market, a community favorite with a flare for gourmet. The business flourished and after expanding into two locations, Mystic Market East and West, he continued the growth with the development of Coastal Gourmet Catering, providing upscale off premises catering. Sticking to his philosophy, that attention must be paid to the details, Charles recognized a growing need for elegant gourmet food preparation in the region. He continued to diversify his off-site operations to include the Stonington Yacht Club, Stonington Meadows, Aspen restaurant, Best New Restaurant 2009, and his most recent project of remodeling the Seaman’s Inne.
Today, his vision and attention to detail continues to drive the success of Mystic Market and his other endeavors. Mystic Market West, which was the first of the markets to open, is celebrating 17 years. As many people have discovered, Mystic Markets East and West both offer an abundant selection of culinary treats to fill your every need.
People’s needs are always growing and changing and people are becoming more health conscious, not only for themselves, but for their pets as well. It seems like everyone owns a pet these days and pets are becoming more and more a part of the family. People pamper their pets and want to make sure they have the best of everything; the best toys, the best beds, the best foods and the best treats.
It is important to watch what your pet is eating and people are aware that commercial dog biscuits contain additives and chemicals. Mystic Market’s All Natural Dog Bones eliminate all the unnecessary additives and chemicals and dogs think they taste great. Mystic Market West manager, Shannon Cather, perfected the recipes for her all natural dog bones and it is her creation that offers a healthy alternative to these lucky pooches. She created her all natural dog bones at home for her two dogs and the large batches she made created extras, which she brought in to the store. People began to ask for the all natural dog bones and the demand grew.
There are four different versions of the all natural dog bones and Shannon is in the process of working on a fifth. Shannon said, “Along with my fifth creation, demand has also called for me to start working on a cat treat line.” The four different flavors for dogs are Turkey Bacon Club, Chicken Liver Italiano, Peanut Butter Crunch and Beef Pot Pie. The natural ingredients are different in each creation and range from mashed and sweet potato to whole wheat flour and herbs.
Mystic Market’s All Natural Dog Bones contain only the healthiest of ingredients. After watching your dog eat grass, you know there’s a vegetarian side to your pet. Veggies are a great source of nutrients for us and our furry friends, but dogs sometimes can’t digest the tough fibrous components on their own. With Mystic Market All Natural Dog Bones, this is not an issue. They contain well balanced ingredients that keep your dog fit and healthy.
Obesity in dogs is a major health concern and, just as with people, canine obesity can lead to very serious health problems. A weight gain of a few pounds may not seem like much, but to a small pet one pound can be 10 percent of his body weight. That is a considerable amount to gain especially when you realize that is comparable to 15 pounds for an average adult!
A major contributor to obesity in dogs is an overabundance of unhealthy treats. Become more health conscious for your pet and pamper them with the very best dog treats out there, Mystic Market All Natural Dog Bones. Their great taste will leave your dog begging for more and their healthy ingredients will leave you feeling guiltless.
Charles and his talented team’s attention to detail and interpretation of the latest food trends make Mystic Market successful. Charles can continue to smile knowing that “gourmet” is back, not just for the few, but for everyone and their dogs to enjoy.
