Tax return preparation and other accounting fees price inflation, 2020→2024

Tax Return Preparation And Other Accounting Fees Inflation Calculator

Prices for Tax Return Preparation And Other Accounting Fees, 2020-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for tax return preparation and other accounting fees are 30.91% higher in 2024 versus 2020 (a $6.18 difference in value).

Between 2020 and 2024: Tax return preparation and other accounting fees experienced an average inflation rate of 6.97% per year. This rate of change indicates significant inflation. In other words, tax return preparation and other accounting fees costing $20 in the year 2020 would cost $26.18 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.89% during this same period, inflation for tax return preparation and other accounting fees was higher.

In the year 2020: Pricing changed by 2.85%, which is significantly below the average yearly change for tax return preparation and other accounting fees during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for tax return preparation and other accounting fees was higher.

Price Inflation for Tax return preparation and other accounting fees since 1997

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 2023 (11.48%), 2022 (8.80%), and 2006 (6.77%).

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Buying power of $20.00 since 2020

Below are calculations of equivalent buying power for Tax return preparation and other accounting fees, over time, for $20 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2020	$20.00	2.85%
2021	$20.48	2.39%
2022	$22.28	8.80%
2023	$24.84	11.48%
2024	$26.18	5.41%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Tax return preparation and other accounting fees:

Year	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	100.000	104.254	109.654	115.862	121.185	127.508	132.931	138.562	144.738	154.531	160.764	168.924	173.259	178.097	183.242	192.557	196.764	205.602	217.128	226.026	237.062	249.172	253.516	260.734	266.970	290.465	323.809	341.324

Adjust tax return preparation and other accounting fees prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2020 * 2020 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Tax return preparation and other accounting fees was 260.734 in the year 2020 and 341.324 in 2024:

341.324 / 260.734 * $20 = $26.18

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2020 has the same "purchasing power" as $26.18 in 2024 (in the CPI category of Tax return preparation and other accounting fees).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Tax return preparation and other accounting fees in 1997. In addition to tax return preparation and other accounting fees, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.