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How Long and How Much Does It Cost to File an IRS Return?

Each year, taxpayers are required to file their returns by completing and submitting a version of Form 1040. An investigation by the IRS into the time and money required to file this form revealed the following facts;

  • Form 1040 – Form 1040 is the most detailed of the tax return forms. 68% of taxpayers use Form 1040 to file their returns. On average, taxpayers filing Form 1040 take 22 hours to file. Of these 22 hours, taxpayers use up to 10 hours to keep relevant tax records, 3 hours to plan their taxes, 4 hours to complete the form itself, and 1 hour to submit the form. 3 hours are devoted to other miscellaneous tax-related activities such as searching for information on the Internet. The survey also revealed that the average cost incurred to complete this form is $290.
  • Form 1040A – According to the same IRS survey, 19% of taxpayers use Form 1040A to file their returns. Those taxpayers who opt for the simpler Form 1040A will take an average of 10 hours to complete the form. Time is allocated as follows; 4 hours for record keeping, 1 hour for tax planning, 3 hours for filling out the form, 1 hour for submission and 2 hours for various related activities. It costs an average of $120 to complete Form 1040A.
  • Form 1040EZ – Form 1040EZ is the least time-consuming tax return form and is used by taxpayers who have fewer tax details. Only 13% of taxpayers opt for this tax return form. According to the IRS survey, it takes an average of 7 hours to file this form. Outside of this time, 2 hours are spent filing tax records, 1 hour tax planning, 2 hours filling out the form, 1 hour submitting, and 1 hour managing other related activities. According to the survey, the taxpayer who files this Form 1040EZ will incur an average of $50 for the filing process.
  • Businesses and non-businesses – The IRS survey also compares the time and cost spent filing business and non-business tax returns. Typically, business tax returns are 1040 tax return forms that include filing one of the C, E, F, and C-EZ sections of the form. They also include taxpayers who file Forms 2106 and 2106-EZ. All other registrants are considered non-commercial registrants. According to the survey, case-related filing takes an average of 32 hours, of which 16 hours are spent on file filing, 4 hours on planning, 6 hours on form filling, 1 hour on submission and 4 hours on case management. other related tasks. On average, it costs $410 to file a business-related return. On the other hand, a non-commercial declaration takes on average 12 hours to complete. Of those 12 hours, 2 hours are spent planning, 5 keeping records, 3 filling out the form, 1 submitting, and 1 hour managing other related activities.

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