Best Tax Planning Software
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What is Tax Planning Software?
Tax planning software enables tax professionals and businesses to conduct tax planning in order to save clients or businesses money on taxes. Tax planning software streamlines the review, planning, and management of the tax planning process. Compare and read user reviews of the best Tax Planning software currently available using the table below. This list is updated regularly.
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1
Vertex
Vertex Inc.
Vertex software enables tax determination, compliance, and reporting, tax data management, and document management with powerful pre-built integrations to core business applications. Vertex brings together the tax process acumen, technology innovation, and trusted industry partnerships to create an end-to-end global indirect tax solution, reducing audit exposure and freeing up tax departments to bring more value to their company. -
2
Drake Tax
Drake Software
Drake Tax is loaded with features to help you quickly and efficiently prepare and process your customers’ returns. So you can stay focused on the important stuff — working with clients and building your business. Drake Tax helps you do everything quicker, and speeds you through every step of preparing a return. Calculation results and full return view just a click away. Mark items in any text box, check box, or amount on a tax form as verified, flagged for review, or noted for review. If information for a verified item changes, DoubleCheck will automatically flag the item it for review. Shortcut keys and macros simplify data entry and reduce keystrokes. Automatic data flow from federal return to state and city returns, with override options. State and city returns generated as needed. Automatic credit for taxes paid to other jurisdictions. Drake Tax also auto-fills from ZIP Code and EIN entries.Starting Price: $330.00 -
3
Corvee Tax Planning
Corvee
Corvee provides tax, accounting and financial advising firms with the ability to make smarter tax decisions for their clients while growing and optimizing their firm. The company’s flagship product, Corvee Tax Planning software, quickly and efficiently provides firms a sophisticated but simple tool to formulate a tax savings calculation, develop a proactive and strategic tax plan and streamline client collaboration. Corvee has been the recipient of numerous honors this year, including being named one of Accounting Today's Top New Products of 2021; being chosen as a Finalist in the 2021 CPA Practice Advisor's Technology Innovation Awards; and, most recently, making it onto the 2021 Inc. 5000 list of the fastest growing companies in America. -
4
Intuit ProSeries Tax
Intuit
Prepare returns quickly and confidently with the software known for its ease of use and error-spotting diagnostics. See why no other professional tax software has been #1 for as long as ProSeries, and why over 60,000 pros like you choose it year after year. Get more time back on every return with timesavers built into your workflow. Simply describe what you're looking for to quickly find the right forms or data entry fields. Save 23 minutes per return with the ability to quickly spot any fields that need data, and then send an email request to the client with a click. Rest assured that your returns are done right with comprehensive diagnostics that instantly pinpoint errors and show you exactly where to go to fix them with a click. Customize a solution that’s the right fit for your practice and pay for only what you need. Choose packaged bundles for significant savings on every individual return.Starting Price: $340 per year -
5
TaxPlanIQ
TaxPlanIQ
The problem is you are overworked, under-valued, and stuck in a daily grind that leaves you feeling trapped. Clients need a strategic financial partner they can count on. TaxPlanIQ exists to simplify your world and showcase the tremendous value you offer. Our founder–Jackie Meyer–overcame the challenges frustrating most firm owners. The result? A thriving business that returned hard-earned money to her clients. She now uses those business-building best practices to coach thousands of accountants just like you–transforming their firms in the process. We’ll walk through your first tax plan together so you and your clients can see the ROI. This is the platform designed to elevate your value and give you control back over your business. Every accounting firm owner deserves to have the right tools in place to make work smooth and clearly demonstrate their value to each and every client.Starting Price: $300 per month -
6
Tax Planner Pro
Tax Planner Pro
Until now, tax planning has been nearly impossible for the small business owner. Complicated IRS codes, difficult projections models, and no professional help. Tax Planner Pro changes all that, with a simple interface, easy to understand guides, and professionals to walk you through every strategy and tax saving tip. Once you connect your financial information to Tax Planner Pro, our tax strategy engine called IVAN will analyze your current financial position and prepare a customized tax plan for you and your business. We will show you how to reduce your tax bill to just $1.00 dollar guaranteed. It may take 5 planning ideas, it may take 30 of them, but we will get your taxes down! Tax Planner Pro automatically stays up to date every week with automatic syncs to QuickBooks Online and Xero. Setup is easy and only takes a few minutes.Starting Price: $499 per year -
7
Bloomberg Income Tax Planner
Bloomberg Tax & Accounting
Accurately project estimated tax payments, capital gains, and taxes for resident and nonresident states. Plan for tax implications all year resulting from marriage, Roth conversions, stock sales, and other events using Income Tax Planner. We have a proven track record of being first-to-market – you can rest assured that the latest tax law has been incorporated. Accurately and efficiently show clients what their tax situation looks like with in-depth analysis and comparison of side-by-side scenarios. Create accurate, professional, and effective plans that help your clients reduce tax liabilities and make wise decisions. Easily model and navigate complex tax scenarios. Use Bloomberg Tax & Accounting’s renowned tax expertise, up-to-date calculations, in-depth analytics, projections, and more to plan the best course of action for your clients’ tax, investment, and retirement planning. -
8
TaxWise
Wolters Kluwer
TaxWise streamlines your E-filing and fee collection process from start to finish. Manage your clients’ documents digitally, and offer largest variety of low-priced bank products. Process returns quickly and easily for beginners and experts alike. Save time with error diagnostic tools built into the interface. Navigate e-filing errors with links to forms needing correction. Test a variety of tax scenarios for your clients with the “What if?” mode. Save test scenarios for future reference. Advise your clients on deductions or capital expenditures with planning and advisory tools. Diversify your staff and clientele with TaxWise’s comprehensive Spanish features. Leverage over 60 forms and schedules in Spanish, on-screen and in print. Get bilingual product support to ensure your team always has the help it needs. -
9
Bonsai
Bonsai
What if you could run your entire business in one place? Bonsai is the only business management tool that combines CRM, invoicing, accounting & banking. No more "Managing my projects, contracts, and invoices is a time-consuming hassle." Generate custom contracts by picking from 1000+ templates in Bonsai’s library, and get paid faster by creating professional invoices in seconds with global payments and automatic reminders. No more "Tracking my expenses stresses me out." Track your income and automatically categorize your expenses to maximize write-offs. Say goodbye to spreadsheets & tax stress and hello to a bigger tax return. No more "Managing my clients’ expectations is hard." Use Bonsai's simple CRM to manage your clients and projects, and keep track of what matters. Turn new leads into clients, and clients into recurring business. Grow your business in no time while Bonsai takes care of the rest.Starting Price: $17 per month -
10
Holistiplan
Holistiplan
Using advanced OCR technology, Holistiplan can read a tax return and creates a customized, white labeled tax report complete with relevant observations in just seconds. Yes, seconds. Holistiplan provides a clean and easy to read client deliverable complete with your firm’s logo at the top and your firm’s disclaimer at the bottom. It can be saved as a PDF and emailed or printed out to review with your client in person. Either way--a turnkey positive touchpoint and differentiator. The same OCR technology also pre-fills a scenario analysis screen allowing advisors to immediately identify key income break points for tax planning opportunities like ROTH conversions, tax-efficient withdrawals, charitable giving, and much more. Holistiplan brings tax planning to every advisor so they can bring it to every client.Starting Price: $449 per year -
11
Lacerte
Intuit
Tackle even your most complex returns, with complete confidence and efficiency. Serve the widest range of clients with support for multistate, K-1s, consolidated corporations, and more. Form modules include 1040, 1041, 1065, 1120, 1120S, 706, 709, 990, and 5500. Increase accuracy and efficiency with automated calculations for depreciation, amortization, debt forgiveness, and more. Get relevant guidance at any point that you need it with just a click, in context, without interrupting your workflow. Speed through data entry with direct access to all forms and a flat worksheet-based design. Easily keep track of any missing client data and send requests online with a click, and save 23 minutes, on average. Automatically import partnership, S-Corp, and fiduciary tax data into individual returns or between business returns, and save an average of 29 minutes. Lean on advanced diagnostics that automatically catch errors or omissions to bring you more peace of mind.Starting Price: $400 per year -
12
CFS TaxTools
CFS Tax Software
CFS TaxTools ™ is the most widely used program of its kind in the tax profession! Worksheets print with the client's name and your firm name in a professional quality format. Include them as attachments to the tax return or present to the client with an invoice, which can also be generated by TaxTools. Hundreds of tax forms included (many not found in tax preparation software), such as SS-4, Power of Attorney and Offer in Compromise. Client information is mapped directly onto the form. Multiple versions of a form may be saved for a client. Forms print exactly as they appear on screen. Most forms can be e-mailed as a PDF. Handy financial calculators, including Mutual Fund Average Cost Basis and several Loan and Investment modules. Flowcharts allow you to answer a series of questions to determine filing status, inherited IRA options, whether the taxpayer falls under the "Kiddie Tax" rules, etc. Update from the internet when forms or laws change. Data backup and restore.Starting Price: $84.50 per year -
13
OIC Tax Planner
iConcepts
The OIC Tax Planner application is interactive desktop software downloaded and installed directly on your computer. Your client data never leaves your premises. The OIC Tax Planner bundles required tax representation forms and current IRS Offer in Compromise regulations in a single product. It is tax resolution software for handling Offer in Compromise, Installment Agreement, Currently Non-Collectible, Spousal Defense, CDP and other IRS collection cases. The OIC Tax Planner is for the tax pro having an intermediate level of understanding of the intricacies of tax representation. Our software has helped thousands of our clients just like you to secure that elusive IRS acceptance of an OIC, Installment agreement, or Uncollectable status for their clients. Automatic updates for forms and data tables are released whenever IRS revises them Automatic form calculations and computation wizards based on the IRS Financial standards are provided.Starting Price: $45 per month -
14
UltraTax CS
Thomson Reuters
Automate your entire business or professional tax preparation using the powerful, timesaving tools included with Thomson Reuters UltraTax CS professional tax software. You'll access a full line of federal, state, and local tax programs including 1040 individual, 1120 corporate, 1065 partnership, 1041 estates and trusts, and multi-state returns. UltraTax CS seamlessly integrates with other Thomson Reuters solutions, including CS Professional Suite and Onvio cloud software, so you never lose any billable hours to manual processing. Meet all of your tax workflow needs with a customized, end-to-end solution built on cloud computing, advanced data sharing, and paperless processing. View input, forms, prior year input, diagnostics, and more on up to 4 separate monitors — all at once. Start each year with a checklist that instantly pulls in a list of fields with your client’s data from last year’s return.Automatically link returns using Tax ID numbers.Starting Price: $2500 per year -
15
CCH ProSystem fx
Wolters Kluwer
CCH® ProSystem fx® suite, get integrated tax, accounting and audit, and workflow software tools in one award-winning solution. Maximize productivity and profits with integrated tax and accounting tools. Designed by the leaders in tax and accounting research, CCH® ProSystem fx® is used by the majority of the nation’s top accounting firms and business. An integrated tax, accounting, and workflow solution, CCH® ProSystem fx® enables you to increase accuracy, efficiency, and security, enhance client relationships. Build opportunities for additional revenue.CCH® ProSystem fx® Tax handles all types of federal and state returns, offers extensive electronic filing services, and automates computation and report generation. Improve workflow with a suite of integrated solutions including document management, firm management, knowledge management, and client collaboration. Help Mid-Large sized firms increase efficiency through the standardization of processes and workflows across their firm. -
16
Bloomberg Corporate Tax Auditing & Planning
Bloomberg Tax & Accounting
Achieve new efficiencies by calculating, tracking, and analyzing federal and corporate income tax attributes automatically over multiple years – including net operating losses, carryforwards, and carrybacks. Formulate the best multistate tax strategies using the most accurate state tax analysis software, which automatically unifies and shares tax data, simplifying provision, compliance, planning, and audit. -
17
Thomson Reuters Planner CS
Thomson Reuters
Tax legislation changes quickly and it’s easy for your clients to fall behind. Intelligently devise strategies to help them get ahead of the next few years’ tax filings. Updated throughout the year with new regulations, Thomson Reuters Planner CS tax planning software makes it easy for you to provide thorough insights to your clients. Run analyses that take into account multiple scenarios, such as comparing joint vs. married filing separately, and compile your projections into sleek, easy-to-read presentations. See how Planner CS provides powerful tools to help you save time, ensure accuracy, and present a professional tax analysis that will help your clients make the right tax planning decisions. Develop strategies to reduce your clients' tax liabilities, track carry-forward items for future years, calculate payments, and more. Simple navigation and timesaving templates let you quickly and easily analyze complex tax planning needs for your clients. -
18
Wolters Kluwer Digital Tax Workflow
Wolters Kluwer
Firms that don’t fully commit to an integrated digital tax workflow solution can find themselves wasting time and leaving clients less than satisfied. It’s inefficient to have some steps that are automated and others that still require shuffling papers. If every part of your tax prep process doesn’t work together, technology can be working against you, not for you. Automated tax prep workflow software creates faster, trackable, end-to-end processes, which save your staff time while also satisfying busy clients. Every step, from obtaining client source documents to reviews and approvals is faster, including the final step—you getting paid! In digital tax preparation, client data is digitally imported, reviews are handled on- screen and returns are signed and filed electronically. By eliminating tedious data entry and other inefficient manual processes, tax workflow automation allows your firm to do more work with less resources. -
19
ProConnect Tax
Intuit
Tap into the strength and security of Intuit with professional tax software that's ready to use on your web browser. Find out why Intuit ProConnect Tax is the #1 professional tax software on the cloud. Take advantage of proven productivity tools and powerful diagnostics honed for the last 40 years and elevated to the cloud for ultimate convenience. Get software that fits into your current process, connects to QuickBooks, and supports you even as your practice grows. Enjoy peace of mind that your data is still here just the way you left it, safeguarded by Intuit's team of security experts, advanced security tools, and monitoring. Access more than 5,700 forms for 1040, 1041, 1065, 1120, 1120S, 709, and 990 tax returns. Handle the most complex tax scenarios with more than 20,000 automated calculations. Prevent e-file rejections and missed deductions with more than 21,000 critical diagnostics and suggestions.Starting Price: $47.18 per return -
20
Taxx Savage
Taxx Savage
TAXX SAVAGE has a moderate start-up cost with an intuitive, cloud-based software platform, and complete series of training videos that makes using our tax preparation software a breeze. And don’t be fooled, our price may be small but our software is mighty with all the features you could ask for! Even better, we do not revenue share and NO EFIN needed to use our software. Our team encourages, inspires, and empowers you to create the financial freedom you deserve. We provide the tools to start and grow your tax business, including assisting you with marketing strategies. We give you access to all the tools you can use to run and scale your business just like those big franchises. Even if you don’t purchase our optional marketing package, our video training course for learning how to use the tax preparation software includes a course on marketing basics.
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Tax Planning Software Guide
Tax planning software is an easy and efficient way to help minimize your tax liabilities, maximize deductions, and plan for the future. It can be used by individuals, small businesses, or large corporations alike.
The software helps guide you through the various complexities of taxation laws and regulations to provide timely advice and strategies that are tailored to your specific situation. Depending on the type of software you choose, it may include features like retirement calculators, portfolio management tools, asset allocation tools, tax bracket analysis tools, charitable donation tracking tools, auditing assistance features, and more.
Tax planning software usually provides access to federal and state tax codes so users can get a better understanding of how taxes work. It typically offers clear explanations of commonly used tax terms such as deductions and credits so users don’t have to waste time searching online for answers. The built-in calculator allows you to estimate the amount of taxes owed (or potentially saved) depending on certain factors like income level or investment decisions.
Some products even offer specialized guidance for retirement planning via Roth IRA accounts and other options within the same platform. With this feature set you can easily track contributions over time as well as manage withdrawals if needed during retirement years. This ensures that everything is in order when it comes time for filing taxes after retiring from work altogether.
Using tax planning software also offers several advantages in comparison with traditional accounting methods such as having correct math calculations automatically made for all inputted figures (such as expenses). Additionally, many programs provide budgeting capabilities that allow users to more accurately forecast how much money they will owe in taxes each year based on their estimated income levels throughout the year—allowing them to make adjustments accordingly if necessary prior to filing returns.
Overall there are many benefits associated with using tax planning software; these include increased accuracy when filing returns (which minimizes potential mistakes), having up-to-date information about current regulations/laws affecting taxation practices so that one can make informed decisions before committing anything into law legally binding documents—and most importantly it saves users time by allowing them to keep track of their finances without having to manually perform tedious calculations themselves or hire costly outside accountants!
What Features Does Tax Planning Software Provide?
- Tax Research: Tax planning software provides access to tax research databases, allowing users to look up tax laws and regulations related to their business. This is often done through an intuitive search engine that quickly returns reliable results.
- Risk assessment: Risk assessment tools are available in some tax planning software packages. These tools provide insights into potential risk areas for businesses and can help create more effective strategies for managing taxes.
- Automated calculations: Most modern tax planning software offers automated calculations of taxes due, allowing users to quickly get a full picture of the financial impact of their taxation decisions. The calculations are designed to be accurate and simplify the process of preparing taxes.
- Data integration: Tax planning software also typically offers data integration with other systems, such as accounting or payroll software, making it easier for users to keep track of their finances and ensure accuracy when filing taxes.
- Document storage: Some tax planning software packages offer document storage capabilities, enabling users to store important documents related to their finances in a secure location that can be accessed from anywhere.
- Reporting features: Finally, many tax planning solutions provide advanced reporting features that enable users to quickly generate reports on their taxable income, expenses, profits, losses, deductions and credits - all vital information for developing sound taxation strategies.
Types of Tax Planning Software
- Tax Preparation Software: This type of software is designed to help individuals and businesses prepare their tax returns. It typically includes features such as automatic calculations, tax form completion, and support for complicated filing processes.
- Tax Planning Software: This type of software helps users plan their taxes more effectively by providing them with insights into available deductions, credits, and other opportunities to reduce their overall tax burden.
- Tax Optimization Software: This type of software aims to optimize the user's tax situation in order to maximize savings. It provides information on different strategies, such as taking advantage of loopholes or utilizing foreign investments.
- Tax Research Software: This type of software helps users conduct research on the latest IRS regulations, changes in laws, or other topics related to taxation so that they can make informed decisions about their taxes.
- Tax Investment Planning Software: This type of software assists users with making sound investment decisions from a tax perspective by providing guidance on which investments will bring the most benefits after taxes are applied.
- Estate Planning Software: This type of software helps users plan and manage assets in order to minimize estate taxes upon death and maximize inheritance benefits for heirs.
Advantages of Tax Planning Software
- Automated Calculations: Tax planning software allows for automated calculations of deductions, credits, and other tax liabilities. This eliminates the need for manual calculations and helps to ensure accuracy.
- Accurate Records Keeping: Tax planning software keeps accurate records of all your tax returns, important documents, and financial statements. This makes it easier to track your progress and prepare reports whenever needed.
- Easier Filing: With tax preparation software, you can easily fill out the necessary forms without having to worry about making mistakes in your calculations. It also provides guidance on how to file correctly with the IRS.
- Streamlined Processes: Tax planning software simplifies many tedious processes that would otherwise require considerable time and effort if done manually. This includes filling out forms correctly, tracking changes in laws or regulations, and preparing reports quickly.
- Comprehensive Reports: Tax planning software can generate comprehensive reports with detailed information about your income, deductions, exemptions, credits, etc., so you can easily understand where you stand financially.
- Cost Savings: By using tax preparation software instead of relying on manual processes or professional help from an accountant or lawyer, you can save substantially on costs associated with filing taxes.
Types of Users that Use Tax Planning Software
- Individual Taxpayers: People who file their own taxes and need help navigating complex tax situations.
- Tax Professionals: Certified accountants and tax preparers who use the software to ease their workload and provide more accurate solutions for clients.
- Businesses: Companies of all sizes can benefit from the features that sophisticated tax planning software provides, such as budgeting tools, advanced analytics, and integrated document management systems.
- Government Agencies: Federal and state governments may use tax planning software to manage collections, compliance efforts, or other fiscal responsibilities.
- Educational Institutions: Universities and colleges rely on tax planning software to help them file correctly for endowments, scholarships, research grants, and other fund management activities.
- Nonprofit Organizations: Charities and nonprofits must abide by rigorous financial regulations; they may be especially keen to invest in a specialized solution that meets these needs with accuracy.
How Much Does Tax Planning Software Cost?
Tax planning software can range in cost from free to hundreds or even thousands of dollars depending on your needs. If you are an individual taxpayer with a relatively simple tax situation, there are many free online options that provide basic tax planning services. If you have a more complex financial situation or require more Advanced features, some of the pricier paid programs may be right for you. Additionally, businesses typically need to invest in more expensive software as they often require access to detailed data and analytics tools. In any case, it is important to carefully evaluate all your options before deciding which tax planning software is best suited for your particular requirements.
What Does Tax Planning Software Integrate With?
Tax planning software can integrate with a range of other types of software. This includes accounting software such as Quickbooks, Xero and Freshbook that are used to manage financial information. Additionally, some tax planning solutions integrate with CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) software, which businesses use to track customer data and manage their operations, respectively. Some tax planning solutions even offer integrations with payroll services such as ADP or employee benefits providers like Benefitfocus. These integrations allow businesses to efficiently sync tax-related data across multiple platforms for a comprehensive view.
Trends Related to Tax Planning Software
- Increased Automation: Tax planning software is becoming increasingly automated, allowing users to quickly and easily calculate their taxes. This automation helps reduce the amount of time and effort needed for tax preparation.
- Cloud-Based Solutions: Cloud-based software solutions are becoming more popular among tax planners. These solutions offer improved scalability and accessibility, allowing users to access their data from any device with an internet connection.
- More User-Friendly Interfaces: Tax planning software is becoming more user-friendly with intuitive interfaces that make it easier to use and understand.
- Enhanced Security Features: In response to the rise in cybercrime, tax planning software is being equipped with enhanced security features to protect user data. These measures include encryption, multi-factor authentication, and more.
- Improved Data Visualization: Tax planning software is now integrating powerful data visualization tools that allow users to quickly and easily visualize their financial information in a variety of formats, such as graphs, charts, and maps.
- Time-Saving Features: Tax planning software is now equipped with features that help users save time when preparing their taxes, such as automated calculations and document uploading capabilities.
How to Select the Best Tax Planning Software
When selecting the right tax planning software for your business, there are a few key factors to consider.
First, evaluate what type of taxes you need to plan for. Typically, income and payroll taxes should be the primary focus, but sales tax and estate or gift taxes may also come into play depending on the size and scope of your business. Make sure that your chosen software can accommodate all applicable taxes that you will need to plan for.
Next, review the features offered by the software to ensure they meet your needs. Look for programs with powerful budgeting tools that are easy to use, as well as integrated reporting capabilities so that you can properly track projected changes in cash flow over time. Additionally, check if the software integrates with other financial systems such as your accounting program or other third-party applications used by your business.
Finally, compare different tax planning software solutions in terms of cost and ease of use before making a decision. Choosing the least expensive option isn’t always the best; make sure it has all of the features you need at a price point that fits within your budget. The more intuitive and user-friendly it is, the easier it will be for everyone in your organization to work with it effectively.
On this page you will find available tools to compare tax planning software prices, features, integrations and more for you to choose the best software.