Your business will revolve around the tax software you use. You should look for tax preparation software that fits your budget, is easy to use, and can help you file both personal and business tax returns.
To help you decide, here is a comparison of the professional tax preparation software UltimateTax and Drake Tax. In the following sections, we’ll compare the features, usability, and prices of these two tax software options to see which one is better.
Let’s get right to it.
Ultimate Tax and Drake Tax: Overview
Ultimate Tax is easy-to-use, accurate, and reasonably priced software for tax preparers who want to make e-filing 1040s easier for their clients. Ultimate Tax Pay-Per-Return, Ultimate Tax Online 1040, Ultimate Tax Desktop 1040, and Ultimate Tax 1040 + Corporate are the four different versions of this application. Each of these software packages is tailored to a particular type of tax preparation business. Ultimate Tax offers several extra features to its users, such as e-signatures, client notes, real-time progress reports, and more. It also works with excellent bank products like Refund Advantage, Santa Barbara TPG, and EPS Financial.
Drake Tax is a well-known name in the tax software industry. This practice dates back to the 1970s. It is intended for tax preparers who work with clients in the middle and small business sectors who have complex tax situations. It has useful features that can help tax professionals prepare and process client returns. Drake Tax is an excellent option for desktop software. It does not, however, have as many advanced integrations as Ultimate Tax.
How Easy Is It to Use Ultimate Tax and Drake Tax?
Ultimate Tax is used by over 50,000 people each year and has received high praise for its ease of use. This tax software has a plethora of features and can be accessed both online and on your computer. It also includes two methods for dealing with tax forms.
- Data Form Entry Mode: This method involves the tax preparer filling out a tax form with the information provided.
- Interview Mode: Prompts and indicators guide the tax preparer through completing a tax form in this mode.
Drake Tax also has an easy-to-use interface that helps tax preparers identify and correct errors. The error messages, on the other hand, have a flaw in that they do not adequately explain why an error occurred. Furthermore, moving from one screen to the next is more difficult than it should be.
Features of Drake Tax and Ultimate Tax
Ultimate Tax has many features–
- Paperless tax filing.
- Updates on the status of electronic filings in real-time.
- Automatic backups ensure the safety of your client’s data.
- Support for electronic signatures.
- It’s included assistance for those who file their taxes, among other things.
- Integrations with Santa Barbara TPG, Refund Advantage, and EPS Financial bank products.
Ultimate Tax can also be used to run intelligent diagnostics that help you review previously processed client returns. Smart diagnostics can also help you detect errors before you file your taxes.
Drake Tax also has a lot of useful features –
- Paperless filing with SecureFilePro
- Tax filing support for 1040, 1040-NR, 1120, 1065, 1120-H, 1120-S, 709, 706, 990, 1041.
- Planning and review tools
- Import data option
Drake Tax does not have enough tools for planning and reviewing integrations.
Ultimate Tax and Drake Tax: Pricing
Drake Tax is significantly more expensive than Ultimate Tax. Drake Tax Pay-per-Return costs $345, or $34.5 per return. On the other hand, the Ultimate Tax Pay-per-Return package costs only $15 per return. Drake Tax’s unlimited package costs $1,625 per year, which is significantly more than Ultimate Tax’s top-tier plan, which costs $888 per year.
Conclusion: Our Expert Opinion
Even though Ultimate Tax is a newcomer to the corporate tax software market, it is clear that it is an excellent choice. It outperforms Drake Tax in terms of usability and cost. Try Ultimate Tax out for yourself right now!