Stopwatch on Tax Prep
An IRS chart showing the average time it took a person to prepare and complete various 1992 tax forms.
Worried that your accounting firm is overcharging you when preparing your tax forms? If it takes longer than the times listed below, you've probably got a case, because these are the IRS's estimates of how long it would take the average person to prepare for and complete 1992 tax forms. (These are only estimates. If your records are in chaos, for example, your returns might take longer to prepare.)
Form/schedule and title Preparation time, in hours
Schedule SE: Self-Employment Tax (Short Form) 1.0
Schedule B: Interest and Dividend Income 1.3
Schedule D: Capital Gains and Losses 3.3
Form 2106: Employee Business Expenses 3.9
Schedule A: Itemized Deductions 4.5
Form 8582: Passive Activity Loss Limitations 4.8
Form 6251: Alternative Minimum Tax -- Individuals 5.2
Schedule E: Supplemental Income and Loss 5.8
Form 1040: U.S. Individual Income Tax Return 9.7
Schedule C: Profit or Loss from Business 9.7
Form 4562: Depreciation and Amortization 43.4
Form 4797: Sales of Business Property 60.0
Source: The IRS, 1993.
