Drake Tax Software: A Complete Guide

Tax season comes with enormous burden and complexities on business and working professionals. Whenever it comes to taxes, it’s essential to manage them effectively and efficiently. However, by choosing the right tax preparation software you can make this tedious task manageable.There are many tax software available in the market, but Drake Software has proven itself leading among them. It is one of the most trending, reliable and widely-adopted Tax Software. With the trust of more than 60,000 tax professionals, Drake works on about 33 Million Federal and State accepted returns each year.What is Drake Tax Software?Drake software is a complete professional tax management suite. It is specifically designed for small and middle-sized accounting firms. Drake Software aims to help tax professionals to prepare, manage and process fast returns efficiently. So, freeing up the burden of Tax professionals will help to focus them more on working with their clients.Moreover, Drake fastens up the process of preparing to return via reducing keystrokes by simplifying data entry. The software can automatically calculate returns and export K-1 Tax information to form 1040. It can also export 8615 parent’s tax information to a child’s form 8615. Users can create multiple-state returns and print taxpayer forms. Furthermore, the software allows to analyse tax years and prepare a tax comparison for years.

Why do you need Drake?Drake Tax Software is a trusted, robust, reliable and user-friendly application for preparing taxes by professionals. Apart from tax preparation, Drake provides functionality to view the health and efficiency of the client’s businesses.There are many features provided by Drake that will make your tax preparing journey go easy. Its other features include:Individual or joint tax filingOverall Audit SupportOptimum saving and loan calculatorEasy process of filing returnsQuick Estimator showing the return dueThere are many more features that will embrace your tax preparing journey further.What are the platforms for Drake?Drake offers three platform solutions to suit the needs and preferences of a tax professional and their corresponding clients.Drake Desktop

The desktop development is available for both Windows and Mac. The desktop platform includes Drake Tax, Accounting and Documents. Along with the features like tax planning, automatic data flow, tax comparison from year to year, easy software updates, e-filing, fast speed and many more.Web-Based Solution (Drake Online)The web-based system allows fast returns from any location around the globe. One can take access to the software using any system including smartphones and tablets.Users can prepare 1040 returns online, providing flexible plans for standalone sites, multi-sites and pay-as-you-go purchasing. Drake offers two versions for preparing 1040 online returns: Drake zero is a web app for standalone sites and Web1040 is for multi-sites (20 or more physical locations). Other than the management of sites, all the features are the same.With a web-based solution, there’s no need to worry about installations, upgradations and taking backups. It frees you up from extra chores and software expenses.Drake Hosted Desktop (Cloud Solution)This has all the same features as Drake desktop, but along with that, it is running on the cloud. Availing this option is flexible, reliable and secure. Choosing a reliable Drake software hosting provider frees you up from sole responsibility of installation, upgrades, backups and maintenance of the software. One can access the software remotely.The Drake hosted desktop is secured by a firewall, antivirus and data encryption to avoid any intrusion. It also offers SSL encryption for the connection to always protect the client’s sensitive data. Cloud allows storage space expansion for additional user data. Moreover, Drake hosted Desktop allows local and cloud applications to run alongside seamlessly. The hosting provider should be trustworthy and experienced as nobody wants to put their crucial data into risks.

What are the Features of Drake Software?Here comes a complete list of features provided by Drake Tax Software.Other than these features, there are several tools to embrace your Tax preparing season.Report Manager or Multi-Office Manager (MOM): This tool helps to track workflow and analyse data, statistics on demographics, return status, payments, billing information and many more.Review Tools: Rejection from Internal Revenue Services (IRS) could harm the productivity and reputation of a firm. Few mistakes should not be the reason for a blunder in an organization. To avoid such errors, Drake software provides Review Tools like built-in recommendations.Research Tools: With the research button on the toolbar, the user can research various tax changes. This facilitates more precision by adding keywords or including tax-related websites.Drake Dashboard: This feature will assist tax professionals in preparing taxes. It exports data into interactive pre-built charts for analysing business’ health and growth.Drake Scheduler: This feature helps in scheduling appointments for yourself and other tax professionals. Also, it generates and manages batch appointments of clients for tax preparers.

Who should use Drake Tax Software and Why?Drake Tax Software provides tools and supports all small and mid-sized businesses to serve their client’s needs. Drake supports personal and quick customer services. Experts and support representatives are 24/7 available to serve your needs.Drake is compatible and can be integrated with other tax-related programs like SecureFilePro and Gruntworx. With three access options available i.e., web-based, Cloud Hosting and Desktop version, it just suits your budget and requirements.Drake Tax Software allows tax preparers to review the returns prepared and e-filing. After calculating the return, the results will be displayed. Hence, Tax Professionals will be able to determine the eligibility of return for e-filing. Also, the software shows the refund amount and fees.Users can be notified for errors and mistakes in calculations of returns. This avoids the rejection issues from the IRS. Drake allows importing tax forms like W-2, K-1 and 1040. It also allows exporting tax information to tax forms. For instance, exporting K-1 Tax information from 1041,1120S and 1065 to Form 1040.In Electronic-filing returns, several PDF documents can be attached to returns. It also provides e-signature to returns. These e-filing benefits enable users to e-file state and federal returns separately or combined.

How Drake Cloud Hosting can improve the Tax Workflow?

Drake cloud hosting solution is filled with several advanced tools and features uniquely designed for tax professionals. Remotely accessible from anywhere anytime, Drake on the cloud prepares all types of tax returns, whether personal or business, federal or state. Moreover, it allows professionals to accurately manage forms, update financial data, and process tax returns without overspending.

With complete guidance of Drake Professional Tax Software, now you have all the knowledge to choose a plan for your Tax Management.

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Written by Elena Smith

Elena Smith is a career-oriented woman and passionate content writer associated with Sagnext Infotech. She is knowledgeable in areas including the latest technologies, QuickBooks hosting, cloud computing and Cloud accounting. When it comes to writing she has the ability to stamp out gobbledygook and makes business blogs understandable and interesting.

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