Filing taxes is not only important but also a civic duty. If you fail to file or provide inaccurate information, you could face penalties or even jail time. But let’s be honest, filing taxes is not easy. If you can’t stand the need to regularly readjust it to reflect recent life changes, it’s best to seek help.
Prior to the emergence of tax filing software, tax filing was mostly handled by accountants and CPAs due to its complexity. But that’s no longer the case, thanks to the entry of powerful tax software like Drake. Still, to avoid making mistakes, some prefer outsourcing the job to professional tax preparers.
Thanks to the advanced features, the software makes your work easier as a tax preparer. Here are five key features of Drake Tax Software and how they ease tax preparation.
1. Scheduler
It simplifies the work of tax preparers by letting them schedule appointments for several clients. This is a lifesaver; manually managing appointments for hundreds of clients during peak tax season can be a real headache!
With this feature, tax preparers can automate appointment scheduling and send batch email notifications for appointments to their clients. That is a huge relief because it means no more common issues like clashing appointments that slow the process. And, taking care of the administrative tasks, other than improving accuracy, frees tax preparers and allows them to focus on the important stuff. So, Drake tax software is quite handy in managing multiple clients more effectively.
2. Documents
Handling massive paperwork can be stressful. There are quite a number of things to juggle, from updating records with accurate data, and organizing them, to storing them securely. This feature allows all critical documents to be stored safely electronically in PDF format and even directly from the view button.
This feature offers a more efficient way of handling and keeping documents well-organized. The customization option allows you to organize documents by categories, such as client names or types of documents, for quick retrieval.
Additionally, less paperwork reduces waste, which can quickly accumulate in ordinary situations. Keeping everything paperless also saves space.
3. Planner
Handling taxes could involve adjusting to new income tax brackets, changes such as acquiring a new house, or marital status shifts. Tax preparers can have a hard time adjusting records to ensure compliance without adequate planning- that’s where a planner comes in. It provides a system that simplifies analysis by allowing tax preparers to analyze tax records easily.
The planner feature also automates data entry and calculations. This significantly reduces time spent evaluating the client’s filing status, doing the calculations, and other repetitive tasks like data entry.
With this planner, the tax preparer can easily see how the client’s current tax status would change under different scenarios, such as getting a raise or getting married. These new details could mean the client has to pay more taxes or be eligible for tax deductions. By making projecting the scenarios easy, the planner makes filing taxes seamless.
4. Data Restore and Backup
How data is handled and stored matters when filing clients’ taxes. It’s not uncommon for data to be accidentally deleted or for system crashes to occur, which could lead to irretrievable data loss. This doesn’t just taint your image as a tax preparer, causing distrust with your clients; it can also have financial implications.
Although you can save the data manually, it’s time-consuming and increases the chances of errors. The Drake software offers both manual and automatic data storage solutions. Automating this process ensures that critical tax data are properly saved for easy retrieval in an unforeseen scenario.
5. Research Tool
Tax laws keep changing to align with the prevailing conditions. However, keeping up with the changes and how it affects multiple clients to ensure compliance can be challenging even for experienced tax preparers. It also means you have to spend a lot of time researching for accurate information. Apart from creating room for errors due to misinformation, it could lead to compliance issues at worst. Drake’s research tool feature makes researching seamless, saving the preparer time.
With this user-friendly research tool feature, access to the latest tax changes is within the touch of a button. Being customizable, you can even input relevant keywords like ‘IRS’ or credible websites to fine-tune the results. Basically, it makes access to tax-related information easy, which ensures accuracy and compliance.
Conclusion
Managing multiple clients during the busy tax season can quickly turn chaotic without the right tools. From scheduling appointments, adjusting to different tax situations, and handling many documents to staying updated on tax regulations, filing taxes can be stressful. At the same time, tax preparers need to maintain accuracy throughout the process, and this can be achieved with the help of these key features in the Drake tax software.
The software handles everything; scheduling, document management, planning, data storage & backup, and research, streamlining the entire process. Plus, you’ll benefit from additional features like a quick tax estimator, e-filing, look-back options, trial balance import, e-signatures, and a loan calculator. That means? A stress-free tax filing experience for individuals and tax preparers!
Life in El Salvador: Living in El Salvador offers a blend of vibrant culture, rich history, and stunning natural landscapes. Despite challenges and socioeconomic disparities, its people are warmth and resilience. From cities to tranquil beaches, life in El Salvador is a captivating journey.