Two-Thirds Of Practitioners Report Revenue Up In 2017 Tax Season!

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Two-thirds of Practice Builder Publishing members responding to the annual growth survey report that annual revenues for tax preparation services are up, with over half responding that revenue is up over ten percent! This compares favorably to recent industry reports showing only three-fifths of practitioners reporting increased revenues, with the majority of those practitioners only slightly up, and less than nine percent achieving revenue increases of over ten percent. In looking at the responses, increased firm revenue appeared the norm in metropolitan communities, with slight decreases (under 10%) concentrated in the smaller and rural markets.

Survey figures also reveal that the average 1040 tax return fees are up only slightly, with an average of just over a 6% increase in average fee over 2016.

While the average fee for a 1040 return was around $175, the average return done in the South was just under $250, returns in the Midwest averaged just over $230, and the far West surprisingly plopped in at just under $300, a tiny bit lower than the Northeast the where average was just over $300.

In general, the costs to prepare additional forms is where the greatest opportunity for revenue enhancement occurred, with simple forms such as aSchedule D,E or F ranging from $125 to $150, with more complicated forms such as corporations (both C and S) averaging over $800. Nonprofit organizations averaged paying over $725 for a Form 990, while Estates came in at just over $475 for a Form 1041.

Two-thirds of Practice Builder Publishing members report that revenues for tax preparation services are up! Click To Tweet

Specialized work was still predominately billed by the hour.

Firms that offered top services such as estate and tax planning averaged billing rates of just over $160 per hour, or just over $175 for tax representation, including preparation of offers in compromise.

Production work, such as writeup, payroll, and bookkeeping was generally billed at less than a$100 per hour, with financial advisory services and financial statement analysis or audit work coming in at between $130 and $150 per hour.

This years results are a major indication that Rainmaker Marketing is equally applicable to tax practitioners and accounting practitioners. To learn more about the Rainmaker concept, check out the Rainmaker Marketing Protégé Course here on this website.

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