Drake Tax Software is a highly regarded tax preparation tool designed for tax professionals, CPAs, and accounting firms. Its feature-rich platform simplifies tax filing, streamlines workflows, and ensures compliance with federal and state regulations. Below are the standout features that make Drake a preferred choice for tax preparers:
1. Comprehensive Tax Preparation Tools
Drake Tax Software supports a wide range of federal, state, and local tax forms, making it suitable for individual returns (1040), business filings (1120, 1065), non-profits (990), estates (706), trusts (1041), and more. This versatility allows tax professionals to cater to diverse client needs, from individuals to corporations.
2. Drake Tax Planner
One of its most powerful tools, the Drake Tax Planner, helps preparers simulate various scenarios like income changes, marriage, or asset purchases. It enables users to compare multiple tax years and optimize filing strategies. This feature is particularly useful for forward-looking tax planning and advising clients on minimizing liabilities.
3. E-Filing and E-Signature Integration
Drake Tax Software features offers seamless e-filing capabilities for federal and state returns, including support for all 51 states’ tax forms. Additionally, its integrated e-signature feature eliminates the need for manual signatures, allowing taxpayers and preparers to digitally sign forms securely and efficiently.
4. Document Management with Drake Documents
Drake Documents simplifies the organization of tax-related files by storing them digitally in PDF format. Features like multi-year data storage and customizable organization make it easy to manage client records while reducing paperwork.
5. Scheduler for Workflow Management
The Drake Scheduler helps tax professionals manage appointments efficiently by sending batch email reminders to clients. This feature ensures better time management during busy seasons and improves client communication.
6. Automatic Data Flow
Drake’s automated data flow reduces manual entry errors by transferring data seamlessly across forms and schedules. This feature speeds up the preparation process while enhancing accuracy.
7. Audit Assistance and Compliance Tools
Drake includes diagnostic tools like DoubleCheck and LookBack to identify discrepancies between prior-year and current-year returns. These features help ensure compliance with IRS regulations while simplifying audit preparation.
8. Secure Client Portals
The SecureFilePro portal allows clients to upload documents safely, ensuring secure file exchange between preparers and their clients. This feature enhances collaboration while maintaining data privacy46.
9. Backup and Data Recovery
Drake’s backup system provides both manual and automatic options to protect sensitive client data from unexpected losses due to hardware failures or system malfunctions. This ensures business continuity during critical periods.
10. Add-Ons and Integrations
Drake supports integrations with tools like Grunt Worx for document automation, The TaxBook Web Library Plus for research, and payment platforms like EPS E-Pay for credit card processing. These add-ons enhance functionality and streamline operations further.
11. User-Friendly Interface
Drake’s intuitive interface ensures a short learning curve, making it easy for new users to adapt quickly. Its design focuses on efficiency, enabling preparers to handle even complex returns without unnecessary complications.
12. Cloud Hosting Compatibility
Hosting Drake on the cloud adds scalability, remote access, enhanced security measures like SOC 2 compliance, and automatic backups—making it an even more robust solution for modern tax practices.
These Drake Tax Software features collectively make it a reliable choice for tax professionals looking to streamline their workflows while ensuring accuracy and compliance in their operations. Contact OneUp Networks today for experiencing the environment with Free Trial!
