BASIC RETURN $75
- Salary or Wages from a job
- Social Security income
- Pension, Annuity or IRA income
NO DEPENDENTS, NO INVESTEMENTS, NO ITEMIZED DEDUCTIONS
STANDARD RETURN $105
- Salary or Wages from a job
- Social Security income
- Pension, Annuity or IRA income
- Dependents, Investment Income or Itemized Deductions
NO BUSINESS INCOME. NO RENTAL PROPERTY INCOME
BUSINESS RETURN $125
- Self-Employment Income
- Rental Property Income
- Sole Proprietor or Single-Member LLC
- No employees. The owner is the only person in the business
NO C-Corporations, NO S-Corporations, NO Partnerships
What is a Basic Return?
A Basic Return can usually be completed in 45 minutes or less.
These returns only have Salary/Wages from a job, Social Security Benefits, Retirement Income (Pension, Annuity, IRA) or Unemployment Compensation.
The taxpayer also has no children or adult dependents.
No investment income, such as dividends or stock sales.
And no itemized deductions, such as mortgage interest or charitable donations.
Standard Return
A Standard Return will normally take between 45 minutes and 90 minutes to complete.
This type of return includes any of the items in a Basic Return, plus any of the following: Children or adult dependents, Investment income, itemized deductions or income from a driver service such as Uber, Lyft or Door Dash.
A Standard Return DOES NOT include Business or Rental Property income.
.
Business Return
Business Returns are for people who are Self-Employed and have income from a business that has no employees. This also includes people with Rental Properties, such as a second home that is rented out.
The business should not have any employees and would typically be registered as a Sole Proprietorship or an LLC.
The income and expenses must already be added up with totals for the entire tax year. Expenses should also be group by categories such as: Rent, Utilities, Advertising, Supplies etc.