Tax Software Features in Detail
Flexibility

  • Prepare returns without a mouse by using quick keyboard shortcuts or use the mouse to take advantage of toolbar buttons and right-click pop-up menus.
  • "Link" to supporting forms using the QuickLink feature OR open forms directly from the "Find a Form" screen.
  • Easily adjust the size of on-screen form text
  • Open multiple instances of TaxWise, allowing you to view more than one return at a time
  • Pre-load the most commonly used forms and preferences so you only have to do it once.
  • E-file one return at a time OR multiple returns of all types together: federal, state, and requests for extensions.
  • Create returns without having the SSN or ITIN, add this information once obtained.

Instant Error Checking — software checks for errors in three ways:

  • Keystroke-by-keystroke
  • Entry-by-entry
  • Entire return

Automatic Fill-Ins

  • ZIP Codes: Enter a ZIP code and TaxWise automatically fills in the city and state.
  • EINs: Enter an Employer Identification Number (EIN) once and TaxWise stores that information and automatically completes the name and address every type you enter that EIN.
  • "Official" Entries: Drop-down lists show the IRS-acceptable entries where applicable. Type the first letter of the desired entry and TaxWise does the rest.

Color Coding — optional color coding identifies information required for electronic filing.

  • Required entries, incomplete forms and incomplete returns are highlighted with red.
  • Entries calculated by TaxWise are highlighted with yellow. You can't type directly in a calculated entry or delete the calculated value unless you override the calculation.

Real-time Calculations

  • Calculations are made instantly with every entry.
  • There are no extra buttons to push, no need to wait for a lengthy "re-calc" process. You enter data only once.
  • Data flows automatically from supporting forms to the primary form and from federal forms to state forms.

Forms-based Data Entry

  • Our on-screen forms are instantly familiar because they are replicas of the paper IRS forms.
  • It's easy to see what the form will look like when printed and a cinch to teach your staff how to use the program.

K-1 Pass-Throughs

  • K-1 data is carried automatically from business returns to the appropriate 1040 return, assuring accuracy while saving time and keystrokes.

Intelligent Fixed Asset Manager

  • Easy entry of fixed asset information with built-in tax intelligence
  • Program automatically selects recommended depreciation methods based on an asset type
  • 19 depreciation methods pre-calculated

Customized Forms List

  • Simplify tax prep by removing seldom or never-used forms from the forms list.
  • "Use Private Forms" enables you to customize the Find a Form screen to suit your tax practice.

Comprehensive Diagnostics

  • Warnings of possible inconsistencies in tax information.
  • A list of overridden entries.
  • Electronic filing errors - The red text is a hyperlink to the form that needs correction.
  • A summary of the return, including forms to be filed, AGI, tax, refund or balance due
  • Large IRAL communications dialog.

Online Help

  • Context-sensitive help is available for each line as you move through the forms
  • Help is just a hotkey away!
  • Press F1 for TaxWise program help.
  • Press Shift-F1 for IRS instructions.

Built-In Data

  • There's lots of valuable data built into TaxWise, including:
  • Business codes
  • Amortization codes
  • W2 codes
  • 1099 codes
  • Sales Tax deduction lookup table

Management Reports

  • Use one of our standard reports or create your own.
  • Our open database compliant (ODBC) format allows you to track returns and analyze data using spreadsheets and reports you create with software such as:
  • Crystal Reports™
  • Microsoft® Access
  • Microsoft® Excel

Database Features

  • Track Return Status —You can quickly check the status of any return without leaving the return you are currently working on.
  • Automatic Updates — Your database is updated every time you connect to our Electronic Filing Center.
  • ODBC Compliant — Database information can be used directly by database, spreadsheet, and report writing applications.

Security Manager

  • Restrict access to critical tasks such as transmitting returns and check printing with Security Manager.
  • Control which actions each person in your office can perform including the restriction of pricing sheet editing.
  • In addition, each preparer's returns can be password-protected for security. The administrator has access to all passwords in case a password is forgotten.

Conversion Software
Don't worry about losing all your client data when you switch to TaxWise. Conversion software is available for most tax packages.
Click here for a list of available software conversions.

3-year Summary

  • Compiles data from the client's current return and two previous returns for comparison.
  • Includes gross income, AGI, itemized deductions (with comparison to national averages), exemptions, credits, tax paid and refunds.
  • A 'get organized' tool for your client and a direct-mail promotion for your tax office.

W-4 Planner

  • Help your clients avoid a balance due by estimating next year's tax and adjusting withholding.
  • Print a W-4 form your clients may submit to employers to change withholding status, amounts and exemptions.

Carry Forward of Prior Year Data

  • Copy relevant client data from last year's return into the current return, saving time and keystrokes.
  • Bring forward taxpayer name, address, dependents, Depreciation Worksheets, capital loss carryovers, and other amounts.
  • Tax form defaults can also be carried forward from year to year so you don't have to re-type information such as your name, firm name, address, and phone.

Custom Client Letters

  • Print a letter containing data from your client's return.
  • Choose a standard letter from the templates provided, or customize the text and create your own template.
  • Create custom organizers to mail to clients prior to the tax season. Or convert the organizer to a PDF file and e-mail it to the client.

Automatic Billing — Calculate your fees on the basis of:

  • Time working in the return, or
  • Number and type of forms and worksheets, or
  • Both time and forms.
  • Easily adjust the amount billed by a dollar amount or percentage of the total.
  • Print the invoice with the return

"What if" Mode

  • Test any number of hypothetical tax scenarios for your clients.
  • Save test scenarios for future reference or replace data in the current return with the new information.
  • Useful as a planning and advisory tool for clients who can accelerate and delay income, deductions or capital expenditures.

Married Filing Separate / Married Filing Joint status tax optimization

  • For married taxpayers, TaxWise computes federal tax liability using both joint and separate filing statuses.
  • The filing status scenario with the lowest tax is presented.
  • Preparers have the option to automatically generate separate tax returns for each spouse, as desired.

Other features:

  • Software supports the preparation of the Partnership Income Tax Return (Form 480.10) and Corporation Income Tax Return (Form 480.20) in both English and Spanish formats.
  • Software supports electronic filing for the Minnesota M1PR form for property taxes.
  • As part of the IRS Modernized e-file program, electronically files Forms 1120, 1120S, and 1065 can be transmitted with certain PDF attachments. This option is available for Alabama, Georgia, and Kansas returns.