Tax analysis software

Software. Marketing. Training. Running your business.
#21
Posts:
51
Joined:
2-Mar-2021 3:38pm
Location:
DC Metro Area
Thanks for the input! This has really been helpful for me. I've been exploring some of the software that has been shared; including learning more about Drake's tax planner too.
 

#22
Posts:
2887
Joined:
21-May-2018 7:50am
Location:
Northern MI and Coastal SC
I'm reviving this thread. Lacerte does an analysis of tax returns and gives me some basic information I can work with for planning purposes, but there are a lot of times I want to be able to do tax projections for different entity types, perhaps pension or other retirement plans, etc., but also help identify tax benefits I may not have thought of or simply overlooked. The Lacerte tax planning tool is really just a tool for projecting based on the information entered, which is a slightly clunkier way of my current method: copying the tax return, making changes, and comparing results.

Corvee costs too much, Tax Tools looks too archaic. Has anyone used Tax Planner Pro? It looks appealing but when I watch the videos, they're all from 2018 or earlier. I am looking for something that can generate decent reports that clients can understand so decisions may be made about proposed strategies, different scenarios, etc.
 

#23
Posts:
6036
Joined:
22-Apr-2014 3:06pm
Location:
WA State
For years, I've used an excel spreadsheet with a large formula to break out ORD and LTCG to determine bottom line liability. I can crank out a rather solid estimate in about 25 minutes and have done so with the client on the phone as we discuss all the variables going into the estimate.
This doesn't address any of the deliverable aspect of this type of service, though. I have a word document with a number of common scenarios that may influence a tax liability...retirement contributions, equipment purchases, charitable contributions, etc.... and I copy/paste those into an email to the client, if they want something to reference. More often than not, that email is a follow up to the meeting (phone/video/in-person) where we discussed all these possibilities.
I don't find much value in the uber polished reports offered by some software. Most of the time, the client has difficulty interpreting those documents anyway, IME.
~Captcook
 

#24
hester  
Posts:
21
Joined:
22-Sep-2015 2:54pm
Location:
New Engalnd
Hello All,

I sat through a presentation with Corvee. They have an interesting business model. fees are 30% of tax savings. Software seems very expensive. Although, I can see how it would pay for itself quickly if you save clients lots of money.

Does anyone know of any excel spreadsheets living out in the internet that perform analysis for LLC convert to S corp, 1040 deduction ideas, s & c corp deduction options?

I use Intuit proconnect and while they have some suggestions, it would be nice to have analysis calculations done for you.

Not sure if I really need a full blown tax analysis software program. Maybe I do and just dont realize it.

Thanks in advance for any ideas !
 

#25
Spiral  
Posts:
17
Joined:
23-Apr-2014 9:45pm
Location:
US
I just sat through the initial Corvee intro, and tomorrow going through a demo. Could be interesting if it can provide results. The price I was quoted was $1,000 a month for full federal access unlimited clients.

I have used tools like Holistiplan, and found it interesting. The tax analysis was fairly light, however, I liked some of their projection tools and the price seemed right.
 

#26
Posts:
728
Joined:
28-May-2014 12:04pm
Location:
Arkansas
Spiral wrote:I just sat through the initial Corvee intro, and tomorrow going through a demo. Could be interesting if it can provide results. The price I was quoted was $1,000 a month for full federal access unlimited clients.

I have used tools like Holistiplan, and found it interesting. The tax analysis was fairly light, however, I liked some of their projection tools and the price seemed right.


When you say $1,000 per month, do you really mean $1,000 per month?
 

#27
Posts:
2887
Joined:
21-May-2018 7:50am
Location:
Northern MI and Coastal SC
Has anyone done a demo of Intuit's new tax planner being released? I kept having to cancel my demo because of conflicts, but I am not keen on adopting a brand new software, particularly concerning tax matters.
 

#28
sjrcpa  
Posts:
6471
Joined:
23-Apr-2014 5:27pm
Location:
Maryland
I have not, but looking here:
https://proconnect.intuit.com/community ... ax-advisor
(I think you can read these even if you're not a member.)
It appears it is not yet ready for prime time. And when it is, I don't think it will be very robust.
 

#29
Spiral  
Posts:
17
Joined:
23-Apr-2014 9:45pm
Location:
US
RazorbackCPA wrote:
Spiral wrote:I just sat through the initial Corvee intro, and tomorrow going through a demo. Could be interesting if it can provide results. The price I was quoted was $1,000 a month for full federal access unlimited clients.

I have used tools like Holistiplan, and found it interesting. The tax analysis was fairly light, however, I liked some of their projection tools and the price seemed right.


When you say $1,000 per month, do you really mean $1,000 per month?



Yes, it was very expensive.

However, the main issue for me is the marketing. Something seems suspect. They are basically suggesting to drop tax prep and focus on "tax plans" for 10x the profit. In addition, they seem to suggest no tax experience needed to be a successful "tax planner" with their tool.
 

Previous

Return to Business Operations and Development



Who is online

Users browsing this forum: No registered users and 27 guests