Use the comparison tool below to compare the top Tax Planning software on the market. You can filter results by user reviews, pricing, features, platform, region, support options, integrations, and more.
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Corvee Tax Planning
Corvee
2 RatingsCorvee provides tax, accounting, and financial advising firms the ability to make better tax decisions for clients while optimizing their business. Corvee Tax Planning software is the company's flagship product. It provides firms with a simple but sophisticated tool to quickly calculate tax savings, create proactive tax plans, and streamline client collaboration. Corvee has received numerous honors this past year, including being named Accounting Today's Top New Product of 2021; being selected as a Finalist for the 2021 CPA Practice Advisors Technology Innovation Awards; and most recently, being included on the 2021 Inc. 5000 List of the fastest-growing companies in America. -
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Intuit ProSeries Tax
Intuit
$340 per year 1 RatingThe software is easy to use and provides error-spotting diagnostics so you can prepare returns quickly and confidently. ProSeries is the #1 professional tax software. Over 60,000 professionals choose it year after year. With timesavers integrated into your workflow, you can save more time on every return. To quickly find the right forms and data entry fields, simply describe what you are looking for. With the ability to quickly identify any fields that require data, you can save 23 minutes per return and send an email request to your client in just a click. With comprehensive diagnostics that pinpoint errors and point you to the right solution, your returns will be done correctly. You can create a solution that is right for you and only pay for what you use. For significant savings on each return, consider purchasing packaged bundles. -
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You feel trapped because you are overworked and undervalued. Clients need a trusted financial partner. TaxPlanIQ is here to simplify your life and show the immense value you can offer. Jackie Meyer, our founder, overcame the many challenges that frustrate most firm owners. The result? The result? A thriving business that earned hard-earned money for her clients. These business-building best-practices are now used to coach thousands of accountants, transforming their businesses in the process. Together, we'll walk you through your first tax plan so that you and your clients can see the return on investment. This platform is designed to increase your value and give your business control. Every accountant firm owner should have the tools to make their work easier and show clients their true value.
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Tax Planner Pro
Tax Planner Pro
$499 per year 1 RatingTax planning was difficult for small business owners until now. Complex IRS codes, complicated projections models, and no professional assistance. Tax Planner Pro makes all this possible with an easy-to-understand interface and professional guidance. Once you connect your financial data to Tax Planner Pro, our tax strategy tool called IVAN will analyze and create a custom tax plan for your company and you. We will show how to reduce your tax bill by just $1.00. It may take five planning ideas, or it may take thirty, but we will reduce your taxes! Tax Planner Pro automatically syncs to QuickBooks Online every week. It takes only a few minutes to set up and is very easy. -
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Vertex software allows tax determination, compliance and reporting, tax data and management, as well as document management. It also integrates with core business applications to provide powerful integrations. Vertex combines the best of technology innovation, tax process expertise, and industry partnerships to create a global indirect tax solution. This reduces audit exposure and allows tax departments to add more value to their companies.
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Drake Tax has many features that will help you prepare and process customer returns quickly and efficiently. So you can focus on the important things -- working with clients and building your company. Drake Tax makes it easier to do everything faster and speeds up the process of preparing a tax return. Just a click away, you can view the full return and calculate results. You can mark items in any text box, checkbox, or amount on a tax return as verified, flagged to be reviewed, or noted for review. DoubleCheck will flag an item for review if the information for a verified item is changed. Shortcut keys and macros make data entry easier and reduce keystrokes. Data flow automatically from federal return to state or city returns with override options. As needed, state and city returns are generated. Automatic credit for taxes paid in other jurisdictions Drake Tax also auto-fills ZIP Code and EIN entries.
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TaxWise simplifies the entire E-filing and fee collection process. You can manage your clients' documents digitally and offer the best selection of low-priced banking products. Both beginners and experts can quickly and easily process returns. The interface includes error diagnostic tools that will save you time. Navigate efiling errors by linking to the forms that need to be corrected. With the "What if?" mode, you can test a variety tax scenarios for your clients. Save test scenarios for future reference. Use planning and advisory tools to help clients with capital expenditures and deductions. TaxWise's extensive Spanish features will diversify your clientele and staff. You can access over 60 forms and schedules in Spanish on-screen, in print, and in Spanish. To ensure that your team has the support it needs, you can get bilingual product support.
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Bloomberg Income Tax Planner
Bloomberg Tax & Accounting
1 RatingProject accurately estimated tax payments, capital gains, as well as taxes for residents and nonresidents. Income Tax Planner allows you to plan for tax consequences resulting from stock sales, Roth conversions, marriage, and other events throughout the year. We are a proven leader in being first to market, so you can be sure that the most current tax law has been implemented. With in-depth analysis and comparisons of side-by sides, clients can be shown accurately and efficiently what their tax situation looks. Your clients will benefit from accurate, professional, and efficient plans that help them reduce their tax liabilities and make smart decisions. Easy modeling and navigation of complex tax situations. Bloomberg Tax & Accounting's tax expertise, in-depth analysis, projections, and other tools will help you plan the best course for your clients' retirement, tax, and investment planning. -
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Bonsai
Bonsai
$17 per monthBonsai is an all-in-one business management solution for small businesses and self-employed professionals. One of the most commonly used functions is financial management. It covers everything business owners need to manage their finances efficiently and achieve profitability goals: invoicing & payments, accounting, taxes, and even banking. With an intuitive and user-friendly dashboard, it is easy to use. Using Bonsai, SMBs can easily track income and automatically categorize expenses to maximize write-offs. It enables small business owners to get paid faster by creating professional invoices in seconds with global payments and automatic reminders. In addition to financial management, Bonsai offers a complete client and project management solution. It includes contracts & e-signing, proposals, CRM, client forms, scheduling, time tracking, and many other features for running and growing a business successfully. Business owners can generate custom contracts and proposals from 1000+ templates in Bonsai’s library. All of Bonsai’s features are integrated and automated, making it an all-in-one business process management platform that saves time and money. Grow your business in no time while Bonsai takes care of the rest. -
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Holistiplan
Holistiplan
$449 per yearHolistiplan uses advanced OCR technology to read tax returns and create a custom, white-labeled tax report with all relevant observations in seconds. Yes, it takes seconds. Holistiplan creates a clear and easy-to-read client deliverable. It includes your logo at the top, and your disclaimer at bottom. It can be saved to PDF and emailed, or printed out for review with your client in person. It can be used in any way you choose, it is a valuable and unique touchpoint. OCR technology can also be used to pre-fill a scenario analysis screen, allowing advisors immediately to identify key income breakpoints for tax planning opportunities such as ROTH conversions and tax-efficient withdrawals. Advisors can also use this screen to identify charitable giving opportunities, ROTH conversions, ROTH conversions, and tax-efficient withdrawals. Holistiplan provides tax planning to every advisor so that they can bring it every client. -
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Lacerte
Intuit
$400 per yearYou can tackle even the most complex returns with confidence and efficiency. Multistate, K-1s, consolidated companies, and other support options allow you to serve a wide range of clients. Modules include 1040, 1041 and 1065. 1120, 1120S. 706, 709, 909, 990, 5500. Automated calculations for depreciation and amortization, as well as debt forgiveness, can increase accuracy and efficiency. You can access relevant guidance at any time you need it, in context, and without interrupting your workflow. You can speed up data entry by having direct access to all forms and a flat, worksheet-based design. You can easily track missing client data and send online requests with just a click. This saves you an average of 23 minutes. Save an average of 29 minutes by automatically importing partnership, S-Corp and fiduciary tax data between individual returns and business returns. Advanced diagnostics automatically detect errors and omissions, giving you more peace of head. -
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CFS TaxTools
CFS Tax Software
$84.50 per yearCFS TaxToolsTM is the most popular program in the tax industry. Print worksheets with your firm name and the client's name in professional quality format. These can be attached to the tax return, or presented to the client along with an invoice. TaxTools can also generate them. There are hundreds of tax forms included, many of which are not available in tax preparation software. The form can be mapped with client information. Clients may save multiple versions of a form. The printed form will print exactly as it appears on screen. Many forms can be emailed as a PDF. You can use these financial calculators to calculate the average cost of mutual funds and for calculating loan and investment options. Flowcharts let you answer a series questions to determine your filing status, inherited IRA options, and whether the taxpayer falls within the "Kiddie Tax". You can update from the internet if forms or laws are changed. Data backup and restore. -
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OIC Tax Planner
iConcepts
$45 per monthThe OIC Tax Planner software is interactive desktop software that can be downloaded and installed directly to your computer. Your client data never leaves your premises. The OIC Tax Planner combines required tax representation forms with current IRS Offer in Compromise regulations into a single product. It is tax resolution software that handles Offer in Compromise and Installment Agreement, Currently Not-Collectible Spousal Defense, CDP, and other IRS collection cases. The OIC Tax Planner is designed for tax professionals with intermediate knowledge of the intricacies and tax representation. Our software has helped thousands of clients, just like you, to get the IRS acceptance of an OIC or Installment agreement for their clients. Automatic updates for data tables and forms are made available whenever IRS revises them. Calculation wizards and form calculations based on IRS financial standards are also provided. -
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UltraTax CS
Thomson Reuters
$2500 per yearThomson Reuters UltraTax CS professional software can automate your entire business and professional tax preparation. Access to a wide range of federal, state and local tax programs, including 1040 individual, 1120 corporation, 1065 partnership and 1041 estates & trusts as well as multi-state returns. UltraTax CS seamlessly integrates to other Thomson Reuters solutions such as CS Professional Suite or Onvio cloud software. This means that you don't lose any billing hours for manual processing. A customized, end-to–end solution that uses cloud computing, advanced data sharing, paperless processing, and custom software to meet all your tax workflow requirements. You can view input, forms, previous year input, diagnostics, etc. on up to four monitors simultaneously. A checklist is used to start each year. It instantly pulls in data from the client's last year's return. Automatically link returns using Tax ID numbers. -
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CCH ProSystem fx
Wolters Kluwer
CCH®, ProSystem fx® suite - Get integrated tax, accounting, audit, and workflow software tools all in one award-winning product. Integrated tax and accounting tools can increase productivity and profit. CCH®, ProSystem fx® was developed by experts in tax and accounting research and is used by most of the top accounting firms and businesses in the country. CCH®, ProSystem fx® is a comprehensive tax, accounting, workflow solution. It allows you to increase accuracy and efficiency, security, and enhance client relationships. Increase revenue opportunities.CCH®, ProSystem fx® Tax can handle all types of federal returns and state returns. It also offers extensive electronic filing services and automates computations and report generation. A suite of integrated solutions, including document management, firm management and knowledge management, can improve workflow. Standardization of processes and workflows can help mid-sized firms improve efficiency. -
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Bloomberg Corporate Tax Auditing & Planning
Bloomberg Tax & Accounting
You can track, calculate, and analyze federal and corporate income tax attributes over multiple years to achieve new efficiency. This includes net operating losses, carryforwards and carrybacks. The most accurate state tax analysis software automatically unifies and shares tax data to simplify provision, compliance, audit, and audit. This software allows you to create multistate tax strategies that are the best. -
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Thomson Reuters Planner CS
Thomson Reuters
Your clients can easily fall behind as tax legislation changes rapidly. You can help your clients stay ahead of the tax filings for the next few years by intelligently designing strategies. Thomson Reuters Planner CS tax planning software is updated throughout the year to reflect new regulations. This makes it easy to give clients detailed insights. You can run analyses that consider multiple scenarios, such comparing married filing separately vs. joint filing separately. Then, you can compile your projections into easy-to-read, sleek presentations. Planner CS offers powerful tools that can help you save time and ensure accuracy. It will also help you present a professional tax analysis to help your clients make the best tax planning decisions. You can develop strategies to reduce tax liabilities for your clients, track carry-forward items for the future, calculate payments, or any combination thereof. Simple navigation and time-saving templates allow you to quickly and easily analyze complex tax planning requirements for your clients. -
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Wolters Kluwer Digital Tax Workflow
Wolters Kluwer
Firms that aren't fully committed to a digital tax workflow solution for their clients can waste time and leave clients unhappy. It is inefficient to have steps that can be automated but others that require you to shuffle papers. Technology can work against you, not for, if every step of your tax preparation process isn't working together. Automated tax preparation workflow software saves time and makes it easier to track your progress. This allows you to satisfy clients while also satisfying staff. From obtaining client source documentation to reviewing and approvals, every step is faster, even the last step, which is getting paid. Digital tax preparation allows clients to be imported digitally, reviews can be done on-screen, and returns can be signed and filed electronically. Tax workflow automation makes it possible for your firm to do more with less effort by eliminating manual data entry and inefficient manual processes. -
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ProConnect Tax
Intuit
$47.18 per returnWith professional tax software that you can access from your web browser, you can tap into the strength of Intuit. Discover why Intuit ProConnect Tax has been voted the best cloud-based professional tax software. Get the best productivity tools and powerful diagnostics that have been developed over the past 40 years, and then move them to the cloud for maximum convenience. Software that integrates with your existing process, connects to QuickBooks and supports your practice as it grows. You can rest assured that your data is safe and sound, protected by Intuit's security team, advanced security tools, monitoring, and other security features. Access over 5,700 forms for 1040 and 1041, 1065, 1065, 1065, 1065, 1120S 1120S, 709 and 990 tax returns. With more than 20,000 automated calculations, you can handle the most complicated tax situations. With more than 21,000 diagnostics and suggestions, you can prevent e-file rejections or missed deductions. -
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Taxx Savage
Taxx Savage
TAXX SAVAGE comes with a low start-up fee, a cloud-based platform that is intuitive and user-friendly, as well as a complete series of training videos. This makes it easy to use our tax preparation software. Our software is powerful with all the features you could want, despite being a small price. Our software is free and you don't need to pay any EFIN. Our team will inspire, motivate, and empower you to achieve the financial freedom that you desire. We offer the tools you need to start and grow your tax practice, as well as assistance with marketing strategies. You have access to all the tools that you need to manage and scale your business like big franchises. Even if you don’t purchase the optional marketing package, our video course on how to use tax preparation software includes a course in marketing basics.
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Tax Planning Software Overview
Tax planning software is software designed to help businesses and individuals automate their tax preparation, filing and payment processes. This software can be used to calculate taxes, complete required forms, store documents, and provide guidance on applicable deductions or exemptions. With the right tax planning software, users are able to maximize the potential for savings, improve accuracy in filing taxes, and streamline the entire tax process.
The benefit of using tax planning software is two-fold. First, it takes away a lot of the guesswork that comes with manually preparing taxes. Because these programs can quickly and accurately input information from multiple sources - such as W2 forms or 1099s - into pre-formulated calculations that are tailored to each individual’s unique situation. The end result is that you get more accurate calculations while spending significantly less time completing them than with manual methods.
Second, tax planning software provides users with valuable insights into how various deductions and credits impact their overall financial results. In turn, this helps them make more informed decisions around various aspects of their business operations - such as capital investments or other strategic moves - in order to maximize their tax savings over the long term.
Because of its ability to quickly crunch data from a variety of sources while providing users with an easy way to visualize key elements such as taxable income or projected return amounts under different scenarios; many businesses (and individuals) find that investing in a good quality tax planning program pays off over time by helping them meet filing deadlines faster and reduce their overall cost for compliance purposes. Additionally, the majority of these tools include features such as automatic updates so that users can rest assured they have access to the latest versions at all times without having to worry about downloading patches or new releases themselves.
Overall, tax planning software provides numerous advantages when it comes to saving time and money on taxes as well as mitigating risk by ensuring accuracy throughout the process. By automating tedious tasks associated with preparing taxes such as data entry and manual calculation errors; these programs help free up resources which can then be devoted towards other areas within a business's operations (like growth initiatives).
Reasons To Use Tax Planning Software
Tax planning software is a valuable tool that can help individuals and businesses save money by minimizing their tax liabilities. Here are some key reasons to use it:
- Automate filing: Tax planning software automates the filing process, so there’s no need to spend hours completing paper forms or inputting data into spreadsheets. This not only saves time, but it also helps reduce the risk of errors due to incorrect information being submitted on official documents.
- Reduce costs and maximize deductions: With tax planning software, users can identify potential tax deductions they might not have been aware of before, allowing them to reduce the amount of taxes they owe and maximize their return. It also enables users to quickly review their past year’s returns to determine if any changes need to be made going forward in order to minimize taxes owed in subsequent years.
- Up-to-date advice: Most tax planning software contains “expert systems” which provide tailored advice based on user-entered data and the latest tax laws; this ensures that users always receive up-to-date information with regards to how best manage their finances for optimal tax savings.
- Improved accuracy: Tax preparation software eliminates human error by performing precise calculations and automatically generating accurate summaries of transactions, so users don't miss anything when filing taxes each year. Furthermore, many programs also include tools for identifying any irregularities or inconsistencies in entered data as well as providing checks for ensuring all relevant documents have been filed correctly with the appropriate agency or institution.
The Importance of Tax Planning Software
Tax planning software is an important tool that helps individuals and businesses stay organized and on top of their taxes. By streamlining the process, it can help to ensure that tax returns are completed accurately and efficiently while reducing the amount of time spent on filing.
For individuals, tax planning software can be an invaluable asset in ensuring that all forms and paperwork are filled out properly before submitting them to the Internal Revenue Service (IRS). It can also help individuals keep track of which deductions they qualify for, as well as any credits or other incentives available to them. This can greatly reduce the chances of making errors or missing deductions when filing a return.
By utilizing automated features within most tax planning softwares, such as data import from banks or payroll companies, users minimize manual effort spent completing forms such as W-2s and 1099s; instead their financial information is automatically pulled from other sources, eliminating potential errors due to manual input. Moreover, users may select rules-based automation-driven digital processes for generating federal income tax schedules like Form 1065 without needing support from a CPA firm or additional research.
For small business owners in particular, having access to tax planning tools can save considerably both in terms of money - by avoiding costly mistakes -and resources - helping business owners maximize their time and allowing them to focus attention elsewhere within their business operations. Tax planning software helps companies plan ahead so they don’t end up owing too much come April 15th; after considering estimated payments year round based on projections made with the aid of this software they should have better insights into how taxes will impact cash flow throughout the coming year thus enabling more informed decisions regarding major purchases or expansion plans.
In conclusion, tax planning software provides numerous advantages for both individuals and businesses alike by providing automated calculations as well as insight into potential deductions prior to filing returns; overall this results in more accurate returns filed correctly within deadlines leading to savings in both time & money.
Features Provided by Tax Planning Software
- Tax Planning Portfolio: Tax planning software typically provides the ability to track and view tax information in an easy-to-read portfolio format. This gives users a convenient method of tracking their income, deductions, credits, and more all in one place.
- Tax Estimator: This feature will help you estimate your potential tax liability before filing your return with actual figures. It also helps to calculate future taxes due when making decisions on investments.
- Optimization Strategies: The optimization strategies feature allows users to develop strategies for their finances to maximize their tax savings and reduce their overall taxes owed by utilizing advantageous deductions like IRAs and 401(k)s Plans or other eligible credits or adjustments to income like student loan interest or health care costs.
- Audit Support Tools: No one likes dealing with an audit but with the audit support tools in most tax planning softwares, it can make the process much easier as it helps prepare documents and responses requested from the IRS if users get selected for an audit review process.
- Visual Reports & Graphs: Many applications offer advanced visual reports & graphs which allow users to clearly view summaries of their financial data while getting a better sense of the changes they can make to lower their taxable liabilities (or maximize their refund). By viewing these reports & graphs on user friendly dashboards, users are able to easily understand what changes are needed (if any) in order to improve results related to taxes paid or returned funds received from refunds when filing returns at year end with different scenarios included within the analysis report such as marital status, dependents claimed etc.
Who Can Benefit From Tax Planning Software?
- Small Business Owners: Tax planning software offers a range of features for small businesses to help them keep track of all their income, expenses, and investments. They can use the software to plan out tax payments over time and save money by taking advantage of deductions, credits, and other tax strategies.
- Financial Planners: Tax planning software provides financial planners with an efficient way to organize client data for more effective tax planning. They can easily analyze investment portfolios, compare different options for future tax years, and develop tailored strategies to optimize each client’s individual situation.
- Self-employed Persons: Over the past few years, self-employed individuals have had access to increasingly powerful tax preparation products that are designed specifically for their needs. These products provide a fast and accurate method for preparing taxes quickly while helping identify overlooked deductions that could lead to significant savings.
- Nonprofits & Charities: Tax planning software is invaluable for nonprofits and charities as it enables them to quickly generate detailed reports on donations received throughout the year so they can properly comply with relevant laws regarding deductions or depending on local legislation ensure they don't pay unnecessary taxes.
- Estate Planners & Trustees: Having accurate figures at hand allows estate planners and trustees to determine liabilities more accurately in the event of death or transfer of assets between family members or other entities such as charities or governmental organizations. With up-to-date information available through tax planning software these processes will become much faster saving hours worth of work when dealing with large estates in particular.
How Much Does Tax Planning Software Cost?
The cost of tax planning software can vary greatly, depending on the specific type and feature set you're looking for. Generally speaking, basic software packages may cost anywhere from $50-$100 USD per year, while more advanced options could cost up to several hundred dollars per year. Some services even offer subscription-based pricing models with varying levels of access to support, advanced features, and so on. Therefore, it's important to assess your needs before choosing a tax planning software package in order to get the best value.
Additionally, many software providers also offer free trial periods that can give users the opportunity to test out all available features without any financial commitment. This is an excellent way for businesses and individuals alike to explore different options find the right service at an affordable price point.
Risks To Be Aware of Regarding Tax Planning Software
- Tax planning software may not have the most recent tax laws embedded, which could lead to mistakes in filing or an incorrect return.
- The user of the software may not understand how to properly use the program, resulting in inaccurate computations or data entry errors.
- Because of the complexity of tax-related transactions and provisions for deductions, there is a risk that users will miss out on available tax breaks if they are unfamiliar with the system.
- Tax planning software may be vulnerable to malicious software such as viruses or malware that can corrupt files and cause errors.
- If a bug or glitch exists within the program, it can result in incorrect calculations and erroneous outputs.
- Software updates can sometimes bring unexpected changes; therefore users must make sure they regularly check for updates to ensure that their programs contain the latest information.
What Software Does Tax Planning Software Integrate With?
Tax planning software can be integrated with a variety of different types of software, including bookkeeping and accounting software, business intelligence tools, analytics technologies, customer relationship management (CRM) systems, and payroll solutions. Bookkeeping and accounting software can be used to manage invoices, track payments, reconcile bank accounts, generate financial statements such as balance sheets and income statements, and create custom reports that can be used in the tax planning process. Business intelligence tools provide an overarching view of an organization's performance using various metrics like profitability or overhead costs which are helpful when developing a tax strategy. Analytics technologies enable organizations to convert large amounts of data into insights for more informed decision-making related to tax planning. CRM systems help companies build relationships with their clients which might include providing them with information about their taxes or filing requirements. Finally, payroll solutions make it easier to accurately calculate employee wages as well as any applicable deductions associated with payroll taxes.
Questions To Ask When Considering Tax Planning Software
- How user-friendly is the interface? Is it intuitive and easy to learn, or is there a steep learning curve?
- What features are included in the software, and what specialized functions might be necessary for my particular tax plans?
- Will I be able to access the program on multiple devices (desktop, laptop, tablet)?
- Does the software integrate easily with other accounting systems and databases?
- Does the software offer automatic updating to keep up with changes to tax laws and regulations?
- Can I create customized reports with data from within the software or from other external sources?
- Are there any support options available (phone/email/live chat) if I have questions or need assistance using the program?
- Are there any additional fees associated with using this software (monthly subscription, installation costs, etc.)?