2022 Professional Tax Software Review & Comparison Chart (2024)

Drake Tax Software

Price Range: $330 – $1,695 (desktop) / $99 per mo. + software license (online)
UltimateDR price: $999-$1,099

Summary: Drake offers packages that bundle together tax preparation software, office management tools, and (optionally) Drake accounting software. Note that in addition to each package, a subscriber still needs to purchase a Drake Tax 2020 software license to be able to e-file 2020 tax returns.

2022 Professional Tax Software Review & Comparison Chart (1)Focuses on speedy tax preparation via automatic form filling and offers multiple tax-year analysis. Plays well with Drake Accounting software.

This year, Drake Tax offers several software packages that include Drake Tax 2012-2019, Drake Tax Planner, Drake Documents, Drake Scheduler, a collection of various tax forms, all State returns, and Drake Accounting Pro 2022 (Power Bundle only).

When you purchase one of these packages, you have the option to add Drake Tax 2020 for an additional software license payment of $300 ($330 for the Pay-Per-Return version). Drake Tax 2020 adds the functionality to e-file and print 2020 tax returns.

Drake Tax Packages

In total, there are four Drake Tax software packages. Three packages offer versions of Drake on the Desktop, which has to be installed on your computer. One package is available for Drake in the Cloud, which is an online application.

Here’s a breakdown of the Drake Tax price/package options:

Power BundleUnlimitedPay-Per-ReturnCloud-Hosted
Drake on the Desktop + Drake Accounting Pro 2022$2,045---
Drake on the Desktop-$1,925$675 ($23 per return)-
Drake in the Cloud---$99/month per use (plus $300 for software license)

To simplify the price breakdown, the cost of the Drake Tax 2020 software license is included in the price shown for each package. The price breakdown shown on the Drake Software website looks different because the Drake Tax 2020 license fee is listed separately there.

Drake Accounting Add-On Option

Drake Accounting Pro 2022 can be purchased as an add-on for Drake on the Desktop Unlimited or Drake on the Desktop Pay-Per-Return (PPR). The cost of the add-on is $395 for Unlimited and $495 for the PPR version.

Drake in the Cloud supports hosting for the Drake Accounting application. But take note that Drake Accounting Pro is not included in this particular package. It will need to be purchased separately at the full price of $795.

Clearly, the Power Bundle is the best-value Drake Tax package—assuming that the subscriber wants to get both Drake Tax and Drake Accounting Pro. If you only want to purchase the tax preparation software, then the other packages may appear more attractive.

Drake on the Desktop

Whatever package you choose, Drake on the Desktop will equip you with a set of various software tools. These include a digital filing cabinet for documents, a tax planner app, and a scheduler. Basically, the package includes a few office management software applications.

Drake on the Desktop also provides e-filing functionality. The software supports the following tax forms and schedules: 1040, 1040 NR, 1065, 1120, 1120S, 1120H, 706, 709, 990, 1041. All standard State returns are included as well.

Drake Tax also offers 12 tax forms in the Spanish language. The supported tax forms in Spanish include W-4, W-7, 2350, and 13844.

Tax Prep Features and Tools

Drake Tax is your basic tax preparation software. It is designed to make the process of completing a return more efficient and streamlined. The software can automatically calculate a return as you fill out the data fields. You can set up shortcut keys and macros to speed up tax return data entry tasks.

One Drake Tax feature, Look Back, lets you view the prior year’s tax return data. You can easily compare it with the current year’s return. With a keyboard shortcut, you can toggle between Look Back and the current view.

DoubleCheck is the name of Drake Tax’s diagnostic tool. It can track any changes that affect verified data entry items. If DoubleCheck detects such changes, it will automatically flag the entry for review.

You can further speed up tax preparation using optional hardware add-ons. These include an e-signature pad and a 2D barcode scanner. The signature pad can simplify electronic tax filing by letting clients digitally sign returns. The barcode scanner enables importing data from W-2s or K-1s with 2D barcodes.

Drake in the Cloud

The online software package includes cloud-based hosting on the Right Networks accounting platform. Every user account receives 40 GB of cloud storage.

Using Right Networks, Drake in the Cloud can be accessed on any computer with a broadband Internet connection (1.5Mbps speed or better). Drake promises 99.95% availability of their cloud-based tax prep solution.

Drake in the Cloud supports Microsoft 365, but you must provide your own Microsoft 365 license. For an additional fee (unstated), you can add the Foxit PhantomPDF application. It is used to edit PDF files. You can also purchase and add applications that are compatible with the Right Networks accounting platform.

Customer Support and UltimateDR

If a subscriber has issues using the tax preparation software, they can get support via phone or email. The Drake web site also hosts a knowledge base of troubleshooting information.

Bank product integration does not appear to be a feature of Drake Tax at this time.

Drake Tax Software is purchasable through the official Drake Tax site. You can also purchase Drake through UltimateTax for a much lower price.

Drake is offered under the UltimateDR package at $999. This package supports unlimited e-filing of individual income tax returns. For an additional $100, you can add support for corporate returns and other features to help your tax preparation business serve corporate clients.

2022 Professional Tax Software Review & Comparison Chart (2024)
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