Cost of Hiring Tax Preparer Could Pale to Cost of Not Hiring One

NEW YORK (TheStreet) -- The National Society of Accountants reports that the average cost of hiring a tax professional to prepare your Form 1040 with a Schedule A and state tax return is $246. Rates for non-itemized returns are also low, as the average cost to prepare a Form 1040 and state return without itemized deductions being only $143.

If a tax professional can catch even one deduction or credit a taxpayer would otherwise have missed, it can easily pay for the tax preparation fee.

This information is a result of the society's biennial survey of tax preparers. The tax and accounting firms surveyed were largely owners, principals and partners of local "Main Street" companies with an average of more than 26 years of experience.

The survey also reported the average fees for preparing other tax forms:

• $205 for a Form 1040 Schedule C (sole proprietor)
• $556 for a Form 1065 (partnership)
• $759 for a Form 1120 (corporation)
• $717 for a Form 1120S (S corporation)
• $468 for a Form 1041 (estate or trust)
• $628 for a Form 990 (tax exempt)
• $59 for a Form 940 (federal unemployment)
• $134 for Schedule D (gains and losses)
• $155 for Schedule E (rental)
• $185 for Schedule F (farm)