Preparing taxes can be stressful, especially when you’re handling multiple clients, strict deadlines, and constantly changing tax rules. This is where TaxWise Software becomes a reliable partner for tax professionals. Designed to simplify tax preparation, TaxWise helps accountants, CPAs, and tax preparers file accurate returns quickly and efficiently.
In this complete guide, we’ll explain what TaxWise Software is, how it works, its key features, benefits, and why many professionals choose to use it along with TaxWise Hosting or even compare it with Drake Hosting all in simple, easy-to-understand language.
What Is TaxWise Software?
TaxWise Software is a professional tax preparation solution used by tax preparers, accounting firms, and financial professionals to prepare and file federal and state tax returns. It is well known for its user-friendly interface, accuracy, and ability to handle both simple and complex tax situations.
TaxWise is suitable for:
- Independent tax preparers
- Small to mid-sized accounting firms
- CPAs and enrolled agents
- Firms handling individual and business tax returns
Whether you prepare a few returns or hundreds during tax season, TaxWise provides tools to manage workloads efficiently.
How Does TaxWise Software Work?
TaxWise works by guiding tax professionals step by step through the tax preparation process. Instead of manually calculating everything, the software automatically performs calculations, checks for errors, and ensures compliance with the latest tax laws.
Here’s how it generally works:
- Enter client information (personal, income, deductions, credits)
- The software calculates taxes automatically
- Built-in error checks catch mistakes before filing
- Returns can be e-filed directly to the IRS and state agencies
This process saves time, reduces errors, and helps professionals stay organized throughout tax season.
Key Features of TaxWise Software
1. Easy-to-Use Interface
TaxWise is designed for both beginners and experienced tax professionals. The screen layout is clean and simple, making it easy to navigate through forms without confusion.
2. Accurate Calculations
One of the biggest advantages of TaxWise Software is accuracy. The software automatically applies the latest tax laws and performs calculations instantly, reducing the risk of costly mistakes.
3. Built-In Error Checking
TaxWise highlights missing information and potential errors before filing. This feature helps avoid rejected returns and saves valuable time.
4. Federal and State E-Filing
The software supports both federal and state electronic filing, allowing faster submissions and quicker refunds for clients.
5. Support for Individual and Business Returns
TaxWise can handle a wide range of tax returns, including:
- Individual (1040)
- Small business returns
- Self-employed individual
- Partnerships and other business entities
6. Client Data Management
TaxWise allows tax professionals to store and manage client data securely, making it easier to access past returns and information year after year.
Benefits of Using TaxWise Software
Saves Time During Tax Season
Automation reduces manual work, allowing tax professionals to prepare more returns in less time.
Reduces Errors
With built-in checks and automatic calculations, the chances of filing incorrect returns are much lower.
Increases Productivity
TaxWise helps professionals handle more clients without feeling overwhelmed.
Improves Client Satisfaction
Faster filing and accurate returns lead to happier clients and more referrals.
What Is TaxWise Hosting?
While TaxWise Software works great on a local computer, many professionals now prefer TaxWise Hosting for added flexibility and security.
TaxWise Hosting means running TaxWise Software on a cloud server instead of a local desktop. You access it through the internet from anywhere.
Benefits of TaxWise Hosting
- Work from anywhere: Access TaxWise from home, office, or while traveling
- Multi-user access: Team members can work together in real time
- Data security: Hosted environments usually include encryption, backups, and firewalls
- Automatic backups: No worry about losing data due to system failure
- Scalability: Easily add users during peak tax season
For firms with remote teams or multiple locations, TaxWise Hosting is a smart and practical solution.
TaxWise Hosting vs Desktop Installation
|
Feature |
Desktop TaxWise |
TaxWise Hosting |
|
Access |
Single computer |
Anywhere, anytime |
|
Collaboration |
Limited |
Real-time multi-user |
|
Security |
Depends on local system |
Enterprise-level security |
|
Backup |
Manual |
Automatic |
|
Maintenance |
User responsibility |
Managed by hosting provider |
How Is TaxWise Different from Other Tax Software?
TaxWise is often compared with other tax preparation tools like Drake Software. While both are powerful, they serve slightly different needs.
Many tax professionals evaluate Drake Hosting alongside TaxWise Hosting to decide which software and hosting environment best fits their workflow.
TaxWise vs Drake Software
- TaxWise is known for its flexible form-based entry and strong diagnostic tools
- Drake Software is popular for speed, simplicity, and cost-effectiveness
Both software options become even more powerful when hosted in the cloud through TaxWise Hosting or Drake Hosting, offering similar benefits like remote access and enhanced security.
What Is Drake Hosting and Why Is It Mentioned?
Drake Hosting refers to hosting Drake Tax Software on a cloud platform. Just like TaxWise Hosting, it allows users to access Drake Software from anywhere with an internet connection.
Many accounting firms compare:
- TaxWise Software + TaxWise Hosting
- Drake Software + Drake Hosting
The choice usually depends on firm size, budget, and personal preference.
Who Should Use TaxWise Software?
TaxWise Software is ideal for:
- Solo tax preparers
- Small and mid-sized tax firms
- Professionals looking for accurate, reliable tax preparation
- Firms considering cloud solutions like TaxWise Hosting
If your firm values accuracy, flexibility, and scalability, TaxWise is worth serious consideration.
Is TaxWise Software Secure?
Yes. TaxWise Software, especially when used with TaxWise Hosting, offers strong security measures such as:
- Encrypted data transmission
- Secure user authentication
- Regular backups
- Controlled access permissions
These features help protect sensitive client data and maintain compliance with industry standards.
Final Thoughts
TaxWise Software is a trusted and efficient tax preparation solution designed to make life easier for tax professionals. Its easy-to-use interface, accurate calculations, and powerful error-checking features make it a reliable choice during busy tax seasons.
When combined with TaxWise Hosting, the software becomes even more flexible, secure, and accessible. And for firms comparing alternatives, solutions like Drake Hosting also provide similar cloud benefits, making it easier to choose the best setup for your business.
