Your company’s success is dependent on the use of reliable tax preparation software. You want tax software that won’t break the bank, won’t require a tax preparation expert to master, and will help you submit individual and business tax returns faster.
We compared UltimateTax and Drake Tax, two popular options for professional tax preparation software, for your convenience. The sections that follow will contrast and compare these two tax preparation packages to assist you in deciding which one is best for you.
So, let’s get started.
The Ultimate Tax vs. the Drake Tax
Ultimate Tax is an affordable way for tax preparers to streamline their clients’ 1040 e-filing experience. This program is available in four editions: Ultimate Tax Pay-Per-Return, Ultimate Tax Online 1040, Ultimate Tax Desktop 1040, and Ultimate Tax 1040 + Corporate. The existence of such software is due to the fact that there are numerous tax preparation businesses with varying needs. Ultimate Tax provides extra features such as electronic signatures, client notes, up-to-date reports, and more. It also works with prestigious financial institutions such as Refund Advantage, Santa Barbara TPG, and EPS Financial.
Drake Tax has been a tax software industry leader since the 1970s. It’s designed for tax preparers who handle complicated returns for middle-market and small-business clients. It’s loaded with features that can help tax preparers speed up and improve the quality of their client’s returns. Drake Tax is an excellent choice for desktop tax software. Unfortunately, many of these high-end extras are absent from Ultimate Tax.
Use of Drake Tax and Ultimate Tax
Every year, over 50,000 people use Ultimate Tax, and the software has received high praise for its user-friendly design. This tax preparation tool is currently available on both a desktop and a web-based version. Furthermore, it provides two options for dealing with tax forms. The following is a list of all of them:
Data Form Entry Mode
In this case, an accountant would fill out an existing tax form with the necessary information.
Indicators and prompts will assist the tax preparer in filling out this form.
The user-friendly design of Drake Tax makes it easier to identify and correct errors in tax returns. The error messages, on the other hand, have a flaw in that they do not provide enough information about what went wrong. Furthermore, switching between windows is more difficult than it should be.
Features of Drake Tax and Ultimate Tax
- You can monitor how your electronic filings are progressing through the system.
- With automatic backups, you can rest assured that your customer’s data is safe.
- Electronic signatures are legally binding.
- As they complete their work, tax filers, for example, can receive assistance tailored to their specific situation.
- Banking services for your product are available from Refund Advantage, Santa Barbara TPG, and EPS Financial.
Ultimate Tax customers’ previously processed tax returns can be reviewed using the service’s intelligent diagnostics. Intelligent diagnostics can be used to ensure that tax returns are free of errors before they are submitted.
Drake Tax assists clients with:
- Forms such as 1040, 1040-NR, 1120, 1065, 1120-H, 1120-S, 709, 706, 990, and 1041.
- With SecureFilePro, you can now send files digitally.
- Drake Tax does not have many third-party app integrations for planning and reviewing previously created files.
Drake and Ultimate Tax Pricing Models
Ultimate Tax is significantly higher than Drake Tax. Filing ten tax returns with Drake Tax Pay-per-Return costs $345 (or $34.5 per return), but Ultimate Tax Pay-per-Return costs only $15 each time. In comparison to Drake Tax’s annual fee of $1,880 for their unlimited package, Ultimate Tax’s premium plan of $1,625 is a steal.
As a final thought
Ultimate Tax is a newer option for corporate tax software, but despite its youth, it is a top pick. In terms of efficiency and compatibility, it outperforms Drake Tax. Please don’t put off trying Ultimate Tax!