Whether you are an independent tax professional or a CPA working in a large firm, you want to make sure you are using the best professional tax software available. You want software that meets your needs and, above all else, the needs of your clients. As a dedicated tax preparer taking the administrative and logistical burden off of taxpayers who simply don't have the time or means to carry it themselves, you want to have tax software that provides a high security and efficiency level.
Tax preparation requires constantly keeping abreast of changing tax laws, which have become more difficult in the past two years with the effects of COVID-19. Last year, the federal and state governments have extended filing deadlines, mailed stimulus checks and other forms of aid, and allowed for deferred employer payroll taxes. The tax landscape has changed drastically, but the best tax software will always hold high value under the most volatile economic circumstances.
Here are a few of the industry's best tax prep software available to professional tax preparers.
Drake Tax is generally known for being the tax software that offers the best value for tax professionals serving primarily mid-market clients with more complex tax circumstances and some small businesses. It is also known for providing several streamlined electronic filing features, including SecureFilePro. Let's take a look at why it remains one of the best choices for tax preparers.
FeaturesDrake Tax is consistently on the list for best tax software because of its ease of use, simple navigation, and highly-rated customer service. Some of its most attractive features include simplified data entry, automatic data flow from various federal and state returns, and automatic forms filing, just to name a few. Various tax-year analyses make Drake Tax a great choice for tax preparers. Features include:
Drake Tax offers two platforms: A desktop version and a web-hosted version called Drake Tax in the Cloud.
Price range: The desktop version is between $345 and $1,625. Drake also offers the Power Bundle package of Drake Tax 2021 and Drake Accounting 2022 for $1,745.
ProSeries Professional is a popular and reliable tax preparation service software created by Intuit. It gives tax preparers the ability to transfer data from QuickBooks, also an Intuit product, to ProSeries Professional seamlessly. The ProSeries comes in two desktop-only versions, ProSeries Basic and ProSeries Professional. Here is a closer look at some of the best features from both.
FeaturesProSeries is available in two desktop-only versions, ProSeries Basic and ProSeries Professional.
Price range: The desktop application is between$369 and $1,999. Prices vary depending on packages and pay-per-return.
ATX is a professional tax software by Wolters Kluwer. It has a vast and comprehensive tax form library with over 6,000 tax compliance forms and business returns, making it a great choice for small- to medium-sized businesses serving corporate and business clients.
Features
Pricing options
Per ATX, the most popular package is ATX MAX for $1,929.
Price range: ProSeries Professional costs between $839 and $4,699, depending on which package you choose. ATX Pay-Per-Return is the least costly, and ATX Advantage is the most costly.
TaxSlayer Pro is the professional version of the commercial product TaxSlayer. It is a great option for independent professional tax preparers and larger firms alike. Currently, TaxSlayer Pro has three plan options: Classic, Premium, and Web. Each edition offers business and individual tax preparation and filing options.
Features
Pricing options
TaxSlayer Pro pricing varies between the three options.
Price range: Per TaxSlayer Pro's pricing scale, Pro Classic is $1,195, Pro Premium is $1,495, Pro Web is $1,395. Pro Web and Corporate is also available for $1,795, adding the ability to file corporate and LLC returns with the desktop-based software.
With so many tax preparation software products on the market, it can be a challenge to know which one is the best for you. Some tools are better than others. An independent tax professional or small business owner may be better suited to a different tax preparation software than a CPA working in a large corporate firm.
Like any product you'd buy, you want to Consider your budget, first and foremost. A premium plan may provide more features and forms, but it may not be the best option for you if it is over your budget. Consider what kinds of forms and features you will actually need. Write down a list of must-have forms and features. You may find that a basic software package will suit your needs.
Here are other points to consider when choosing a tax preparation software:
With ever-changing tax laws and filing deadlines, a tax professional must have quick but efficient software that includes all the necessary forms and filing features. But pricing matters, too. Ultimately, the best tax software is the one that meets all your needs and helps you maintain the most crucial aspect of the job: customer satisfaction.