How Much Does Drake Tax Software Cost
Tags: beginners, techtalks
Published: 2024-06-25 11:41:03

Cost, expenditures, and maintenance costs are significant concerns for tax firms, CPAs, or accountants when opting for tax software to streamline and speed up their work. This is true in the case of Drake Tax Software, a popular software known for its wide array of features in terms of the tax system, accuracy, reliability of the program, and efficiency with which it can work. 

Every business aims to make a profit, so the critical question is how much it costs to install and use Drake Tax Software. Let's explore the pricing structure of Drake Tax Software and determine what it breaks down to, what features are available, and what extra costs may be associated.

What is Drake Tax Software?

Drake Tax Software is an application specially developed for tax professionals to prepare federal and state taxes for individuals, businesses, and other entities. 

It is known for its

E-filing: E-file returns and pay taxes electronically with the IRS and state taxing authorities within a short period.

Data Import: Drake can import the previous year's data into the current year to avoid mistakes and save time gathering data. 

Client Management: It allows you to record clients' data, update return status, and communicate with customers.

Reporting and Analytics: Create daily and monthly reports and charts where you quantify business activities.
Pricing Options
Pay-Per-Return (PPR)
Drake Software is known for Pay-Per-Return. A client must pay an initial price for the software, besides a price for every return filed. This is ideal for tax firms or CPAs who expect to prepare only a few returns.
The Drake Software Pricing is divided into two parts
1. Multi-user
2. Single user
1. Multi-user Drake Pricing has three options that cover almost all the essential features. 
The options are:
Drake Tax Pro: This is suitable for those professionals seeking complete solutions for their full-service tax practice. You get a lot from free data conversion to unlimited 1040, 1040-NR, and 1040-SS Returns. The best part is unlimited users can work on it. 
Fee: $2,345
Drake Tax 1040: This one caters to CPAs or professional accountants who handle individual tax returns. In addition to unlimited users and free data conversion, it offers unlimited states per return, a document manager, and more.
Fee: $1,875
Additional Fee: $59.99 for each 1120, 1120-S, 1120-H, 1065, 1041, 990, 706 returns 
Pay-Per-Return: You get a wide range of features and forms of its flagship packages with the added advantage of pay-per-return.
Fee: $349.99
Additional Fee: $59.99 for each 1120, 1120-S, 1120-H, 1065, 1041, 990, 706 returns 
If you opt for cloud hosting, you must bear the additional $99 per user per month for all three options.
2. Single user: This segment also has three options for tax professionals. The options include all the options provided under the multi-user plan with a slightly lower price, which will only affect the buyers slightly.
The options, along with their prices:
Drake Tax Pro 
Fee: $2,045
Drake Tax 1040: 
Fee: $1,675
Additional Fee: $59.99 for each 1120, 1120-S, 1120-H, 1065, 1041, 990, 706 returns 
Pay-Per-Return: 
Fee: $349.99
The fee includes 10 returns for forms 1120, 1120-S, 1120-H, 1065, 1041, 990, and 706 Returns. For additional returns, there is a fee of 39.99 for each.
Additional Fee: $59.99 for each 1120, 1120-S, 1120-H, 1065, 1041, 990, 706 returns. 
The fee and terms and conditions for cloud hosting are the same as for multi-users.
Key features of the Single user and multi-user plans are as follows:
For those who facilitate many returns, Drake packages can be considered a basic kit for many tax practitioners. 
It includes:
Unlimited Federal and State Returns: It covers all the State Programs and State e-files, as well as 1120, 1120-S, 1120-H, 1065, 1041, 990, and 706 Returns.
E-filing: All six options include e-filing of the federal and state income tax returns
Data Import: You may import information from prior years or transfer data from other software applications to avoid delay and prevent mistakes.
Client Management: Ensure proper documentation of clients, monitoring of return status, and timely communication with the clients.
Reporting and Analytics: To keep track of your business progress, ensure that you create detailed reports and conduct analysis on your business.
Drake Documents
Drake Documents helps manage clients' documents and keep them safe. This tool is especially useful for those who prefer a paperless working environment. 
Support and Training
Drake Software also offers multiple ways to assist you in terms of customer support and training services. 
Basic Support: Continuing with the special offers, the next bonus option that is free with all the packages is the following:
Training Webinars: Free webinars are available to help clients manage data entry, customize the software, and more.  
Discounts and Promotions
It is important to note that Drake Software occasionally offers discounts. This is something worth exploring by visiting their site or speaking with a sales representative.
Conclusion
Drake Tax Software was designed to offer affordable and flexible pricing strategies to different categories of tax professionals, such as individual tax practitioners and small and large tax companies. Whether with the Pay-Per-Return model or with one of the Unlimited Packages, you will receive powerful tools designed to help you optimize your taxes.
For detailed and reliable pricing information, it is advisable to visit Drake Software's official website or contact their sales department.
Identifying the appropriate software is critical in enhancing your efficiency and effectiveness as a tax professional. Drake Tax Software provides a stable platform for many at an affordable cost.