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Growing Your Tax Preparation Business with Professional Tax Software

As a tax professional, you know you live in an ever evolving world. If you want to catch up with the changes and grow your business, you also know that manual processing makes you lose billable time and thus barely helps. This is where tax software for professionals comes in. These are basically computer programs that allow you to work with greater efficiency, ease and value for your clients.

The following are the biggest benefits you get from professional tax software for preparers:

Flexibility

Most software or applications for tax professionals offer a multiple window feature which enables you to view more than one set of data (Input, Prior Year Input, Forms, etc.) in one screen. Forms will also usually be synced with one another, so if you want to, say, view Itemized Deduction, you will also be automatically shown Schedule A and last year’s Itemized Deductions.

Straightforward Labeling and Quick Data Extraction

Good tax preparer software comes with a feature that lets you automatically label and organize the source documents of your clients, which means you’ll find it much easier to find and identify them in your e-files.
You can also move data from the processed source documents directly into the software, reducing data entry considerably.

eSignature Convenience

Professional tax software generally comes with eSignature, which allows you to save time and cash, avoid IRS issues and more. You and your clients can make use of this efficient and secure digital method of signing tax documents.

Quick and Trouble-free Error Correction

We all know that accuracy of returns is crucial to reducing IRS rejections. Using good professional tax software, you can easily find possible inconsistencies in tax information, check your returns with a list of overriden entries, and find e-filing errors with a direct link to the specific erroneous form. Additionally, these programs usually let you go through a summary of the return easily, including forms for filing, tax refund, balance due, and AGI.

Maximized Refunds

Lastly, if you pick the right tax preparer software, you can have a feature that lets you check out a myriad of tax scenarios for your clients and then save them for reference in the future, add new data or replace existing data in the current return. Efficiency is vital to the tax preparation business – it not only retains old customers but it attracts new ones too.

As you might expect, professional tax software can vary widely on many aspects, from features to pricing to customer service and more. Before you choose one, do your research. And remember, it’s better to consider several products instead of just one. If you have options, you have points of reference that can help you decide whether a specific solution is indeed the one you’re looking for.