Tax prep winners? CPAs in a landslide

 

We knew it. The profession knew it. Anyone who has ever worked with a CPA knew it.

Now, the rest of the country knows it, too.

"It" is simply this: The best bang for your tax preparation buck comes from a CPA.

In a recent "Early Show" segment, CBS News asked a Miami couple to file their taxes in three different ways -- online via TurboTax, with H&R Block, and with a CPA (in this case, Monte Kane of Kane and Company in Miami).

The results were eye-opening.

• TurboTax: The couple spent $74.95 for the service and were quoted a refund of $3,103.
• H&R Block: After spending $200 for H&R Block's services, they were quoted a refund of $2,763.
• CPA: For a fee of $350, the couple were quoted a refund of $4,063.

Game, set, match.

Sure, your results may vary. But the message is clear: No one delivers results with integrity and insight like a CPA.

In the market for a Maryland CPA? Find one in your area here.

In the meantime, watch the "Early Show" segment in its entirety:

Comments

[Dan]

It would be interesting to see what the differences were in the returns. H&R Block hires housewives to do taxes, not accountants.

There are also much cheaper options online than turbo tax. You can also file for free if your income is below a certain threshold.

[Joey Brannon]

The results notwithstanding I still think tax prep is a commodity business. Once a certain level of expertise is reached two preparers ought to prepare the same return, using the same facts in the same way. Comparisons like this show that the level of expertise is different but I think they miss a more important point.

Planning, strategy and client education are NOT commodity services and this is where I hope the focus on CPA's highlights how some of them are different from preparers whose sole interaction with the client is in regard to tax prep. Ongoing communication and planning throughout the year are where the value of a good CPA becomes most evident.