Introduction
Managing taxes is a difficult undertaking. Businesses and other professionals are under a lot of pressure to balance tax preparation with their regular work responsibilities during tax seasons. With the correct tools, though, this enormous work may be made simple.
Drake Tax Software is one of the most popular tax preparation solutions available on the market because of its superior overall offering. This program is used by more than 50,000 tax professionals and processes around 26 million acceptable state and federal returns annually.
Drake Tax Software is a feature-rich tax filing program designed for tax preparers. It includes the capacity to print tax forms in both English and Spanish, as well as return archiving, automatic data flows, and informative software lessons.
The Drake Tax Software Pack helps tax preparers rapidly and effectively prepare and process their clients’ returns.
What is Drake Tax Software?
A tax management tool for small and medium-sized businesses is Drake Tax Software. It is one of the tools that Drake Software provides to assist tax professionals in more quickly and effectively preparing and filing returns. They will ultimately have enough of time to handle customers and expand their enterprises.
For businesses that prepare fewer than 85 returns each year, Drake Tax provides a PPR (Pay-each-Return) plan. A return that you e-file, modify, or complete in multiple states will be counted as a single return.
The PPR bundle, which includes ten returns, is $345. Once the package is used up, each return will cost $29.99. You can then upgrade to the unlimited version after using up all 85 returns, which is 75 additional returns on top of the first 10 you bought. The transition has no financial costs.
Drake counts each PPR return as soon as it is generated. Therefore, the platform requires SSN validation for opening a new return in order to prevent producing a return in error. There is no counting of the test returns.
How to Use Drake Tax Software
This is a thorough tutorial on how to use Drake Tax Software for beginners:
New Return Opening
Launching the program and selecting “Create” or “Open” from the toolbar will start data entry. To access the data if it already exists, click on the name or enter the taxpayer’s ID number or last name.
To display all clients, clients who haven’t received the most recent version yet, and recent returns, use the filter on the right. Additionally, you have the option to filter by return type.
Enter the client’s ID number and choose “Ok” to add new returns.
Data Entry
There are a number of options available for entering return data. Click on an item to pick it, or insert a search term, form number, state abbreviation, or screen code in the Search/Selector field at the bottom of the interface, then hit the computer’s “Enter” key.
Name, Address, and General Information
Click on this interface from the data entry menu to open it. Another option is to write “1” in the search/selector area and hit “Enter.” New returns typically cannot be stored on the software until the address and name information page has been completed.
This is where you have to enter the taxpayer’s street address. The resident state, county, state, and city fields are automatically filled up by the program when you enter a ZIP code. Drake designates a default preparer for the return automatically. Click “Preparer #” to bring up a drop-down menu with many preparers; select one to replace the default preparer.
Form w2
Enter “W2” to find form W2 in the selector/search area. Hit “Enter.” In order to enter a taxpayer’s W2 information, you can also click on the W2 tab on the data entry menu. Make sure the data you provide matches how it appears on the real form.
Enter the spouse (S) or taxpayer (T) in the employee field.
The Employer Identification Number (EIN) must be entered. The employer’s information will be automatically filled in by the software on successive returns after the initial entry.
To add more entries, select “Press Page Down” located at the bottom of the screen.
When you’re finished, hit Esc on your computer to return to the data entry menu and save your work.
Field Help
This section provides details about a specific field. To gain access to it, take the following actions:
In the field, click, and then hit F1.
When you right-click a field, choose “Help.” There will be a menu displayed. When you perform a right-click on a field, choose Help.
After you click inside the field, hit Shift and the question mark keys.
The data entering toolbar will show up when you position your cursor at the top of the screen. To carry out the chosen action, click any of the buttons. Click anywhere on the screen to remove the toolbar.
Why Do You Needs Drake Tax Accounting Software?
Drake tax accounting software is essential as it surpasses other tax software and allows users to electronically file both federal and state tax returns. It provides fully configurable reporting that provides in-depth information on all facets of your company’s activities. Apart from offering a smooth tax preparation service, it includes modules that offer an extensive perspective of your company’s performance and condition.
Moreover, the Drake tax software accounting program uses shortcut keys and macros to minimize keystrokes. This tool relieves the burden of entering an unending amount of data and helps to streamline the data entry procedure. Drake program computes results automatically as you enter data. Additionally, tax data can be exported from K-1 to form 1040 and from parent form 8615 to its child form.
Multiple resource documents are available in both Spanish and English from Drake Tax Software. Spanish users can now print tax forms and prepare returns with ease. Users can also simply evaluate how they performed in several tax years by comparing their yearly taxes. Making errors in the software’s return calculation is fairly simple to identify and fix.
How to Install Drake Tax Software on the Server?
Drake users can use the download center to get free downloads and installations of state and federal software from both the past and the present. The download center offers state and federal programs from the current through 2002. The archival CD is also available for $25 per disk.
To ensure you’re installing the most recent version, Drake advises downloading and installing the drake tax software from its downloads area. You can also utilize the CD service to install Drake tax software if you choose to purchase it.
Why Choose Drake Tax Software?
Easy to Use: Take advantage of quick data entry, straightforward navigation, and seamless return preparation to get started on filing season right away. Data is effortlessly transferred from federal to state returns for residents, non-residents, and part-year residents; shortcuts enable you to load forms fast; and e-file is thoughtfully integrated into the process to facilitate return filing.
Simple to Review: Streamline your workflow from data entry to form review to increase office efficiency. Look Back shows comparable return data from the previous year; Link Back links you straight from the return preview to the return source data; and Double Check adds data verification and reminder flags to your review process to ensure consistency.
Simple to Switch – By automatically transferring over crucial customer data, such as fixed assets, demographic information, and previous year’s revenue source documentation, the free conversion software simplifies the process of switching to Drake Tax.
Drake Tax software customers satisfaction
Drake has an A+ BBB rating and has been accredited by the Better Business Bureau since 1997. The BBB’s assessment of a company’s propensity to address customer complaints and attempt to find a solution is reflected in its rating.
In the past three years, Drake has resolved twelve consumer concerns, including six in the last 12 months. The majority of complaints were directed towards serious software flaws and Drake’s unknowledgeable and unresponsive customer service.
Conclusion
In conclusion, having the appropriate software can make all the difference as tax season draws near. You can manage the demands of this hectic season by streamlining your tax preparation process, increasing efficiency, and using Drake Tax Software. Drake gives you the tools you need to handle tax season with comfort and confidence, regardless of whether you work alone or as part of a larger organization. Discover the impact that Drake Tax Software can have and start realizing your full potential right now.
