Drake Software Features

Tax Preparation & Filing

Direct Deposit Options for direct deposit of tax refunds into bank accounts.
Federal & State Tax Filing Preparation and electronic submission of federal and state tax returns.
Automated Form Filling Auto-population of tax forms using imported data to minimize manual entry.
Multi-Year Filing Capability to file returns for multiple tax years, including prior periods.
Real-Time Calculations Instant updates on tax liabilities or refunds as data is entered.
Return Preview & Validation Review and validation of tax returns before submission to check for errors or omissions.
Tax Extension Filing Assistance in filing for extensions when additional time is required.
e-File Support Direct electronic submission to tax authorities.

Income & Deductions Management

W-2 & 1099 Import Importation of income data from W-2 and 1099 forms.
Rental Income Management Handling of income and deductions related to rental properties.
Charitable Contributions Tracking and application of deductions for eligible charitable donations.
Medical & Educational Expenses Management of deductions related to medical costs and educational expenses.
Dependent Credits Calculation of credits and deductions for dependents.
Retirement Income & Contributions Handling of taxation on retirement income and contributions to retirement accounts.
Self-Employment Support Management of income and expenses for freelancers and independent contractors.
Investment & Capital Gains Reporting Calculation of taxes on investment income, including stocks and bonds.

Compliance & Audit Support

Automatic Updates Incorporation of the latest tax law changes automatically.
Error Checking Identification of errors with accuracy guarantees.
Audit Risk Assessment Evaluation of the likelihood of an audit based on return data.
Audit Assistance Provision of support and guidance in the event of an audit.
ID Validation Verification of taxpayer identification numbers.
Nonprofit Support Features tailored for non-profit organizations.
Franchise Tax Compliance Assistance with state franchise tax requirements.
Tax Law Compliance Ensuring adherence to current federal and state tax regulations.
Self-Employed & Gig Worker Compliance Ensuring proper reporting for self-employed individuals and gig workers.

Business & Enterprise Features

Business Tax Filing Preparation and filing for various business structures (C-Corp, S-Corp, LLC, Partnerships).
Asset Depreciation Calculation of asset depreciation and tracking of fixed assets.
Payroll Tax Management Calculation and reporting of payroll taxes.
Sales Tax Management Calculation and tracking of sales and use taxes.
Multi-State Support Handling of tax filings for businesses operating in multiple states.
International Reporting Management of reporting requirements for international transactions.
Nexus Management Identification of tax obligations based on business presence in various jurisdictions.

Integration & Automation

API Integration Customization and integration capabilities with other software systems.
Third Party Integration Connections with additional third-party applications for extended functionality.
E-Signature Integration Support for electronic signatures on tax documents.
Accounting Software Integration Seamless integration with accounting platforms like QuickBooks.
Estimated Tax Automation Calculation and scheduling of estimated tax payments.
Financial Data Import Importation of financial data directly from banks and brokerage firms.

Security & Data Protection

Data Encryption Protection of sensitive information through encryption.
Two-Factor Authentication (2FA) Enhanced security with an additional verification step.
Role-Based Access Control (RBAC) Role-based access to prevent unauthorized modifications.
Fraud Protection Implementation of multiple measures to prevent fraudulent activities.
Data Backup Automatic backups and data recovery options.
IRS Security Standards Compliance with IRS regulations for secure electronic filing.
GDPR and CCPA Compliance Adherence to data protection laws like GDPR and CCPA.

Analytics & Reporting

Customizable Reports Generation and export of detailed tax reports tailored to specific needs.
Tax Planning & Forecasting Provision of future tax projections to assist in planning.
Cryptocurrency Reporting Calculation of taxes on cryptocurrency transactions.

Others

Document Management Organization and storage of tax-related documents with cloud storage options.
Paper Filing Option to print and file paper tax returns for users who prefer manual filing.
Multi-Language Support Support for tax filing in multiple languages to accommodate diverse users.

Drake Software Reviews

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Overall Score

4.5/5

Based on 2 Reviews

Features 4.2/5

Value for Money 4.2/5

Ease of Use 5/5

Customer Support 4.7/5

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“Drake Tax Software Review Usage Experience”

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Brand Name	Drake Software LLC
Information	Drake Software, a private company founded in 1977, provides software solutions to over 70,000 tax and accounting firms that file more than 40 million tax returns every year. Known for its award-winning customer service team, Drake is also consistently recognized for excellence in quality, value, and
Founded Year	1977
Director/Founders	Phil Drake
Company Size	501-1000 Employees