Self-employed teachers can expect to spend about $100-200 on software and additional fees when filing with TurboTax’s DIY option. This range includes the TurboTax Home & Business software (retail price is $130, but it was $95.99 on Amazon the time of publication), which includes Federal and one state.
Optional Addons: Common addons include state e-filing for $25/state (which can be avoided by printing and snail mailing your state return(s)) and optional audit protection for $60.
Other Possible Expenses: If you have to file in multiple states, you’ll also need to purchase additional state returns for $40/state. E-filing for additional states would also be an additional $25/state.
Your Time: The IRS estimates the average nonbusiness taxpayer spends 9 hours preparing tax returns and the estimate increases for those with businesses and more complex tax situations.
Want to learn more about self-employment taxes for music teachers? Get updates about our next webinar.
Source: IRS, 2023 Form 1040 Instructions, “Estimates of Taxpayer Burden.”
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