Drake tax is among the most commonly used tax software tools by the U.S. Tax attorneys and preparers. In fact, it helps thousands of CPA companies and small businesses nationwide complete their federal and state tax returns. In case you are just starting out, setting it up for the first time may seem a little overwhelming, but not to worry. This article will give you the Step-by-Step Guide to Setting Up Drake Tax for the First Time.
So, whether you are starting your own personal tax business or you want more control over your filing, this article is perfect for you. And in case you ever become stuck and need an accountant, you can always employ a personal accountant.
How to Set Up Drake Tax for the First Time
Below are the 9 steps to set up this tax software for the first time:
1. Prepare Before Installation
Before you begin, ensure you have the following :
- Your Drake Software account credentials.
- Account number & serial number.
- A computer which can support the system requirements.
In case you have any doubts regarding any of these, consult an individual accountant or IT specialist.
2. Downloading Drake Tax Software
For downloading Drake Tax follow the below instruction:
- Go to Drake Software Support.
- Login with credentials.
- Navigate to Downloads > Drake Tax.
- Select the appropriate tax year and click Download.
In the event you experience any issues with this process, Drake's support staff can assist you.
3. Installing the Software
After downloading the Software follow these instructions :
- Follow the prompts to accept the license agreement on screen.
- Select an installation location. The default location works for nearly all users.
- When asked, enter your account number & serial number.
- Finish installation & launch Drake Tax.
4. Initial Setup and Configuration
On first launch :
- Set Administrator Password: Make a strong password which has special numbers, lowercase and uppercase characters.
- Security Questions: Select and answer security questions for account recovery.
- Multi-Factor Authentication (MFA): Drake Tax asks for MFA setting up. It's optional, but enabling it improves security. You can hire an accountant or an expert to explain these safeguards for you.
5. Registering Your EFIN
To e-file returns, you must register your Electronic Filing Identification Number (EFIN) with Drake:
- Obtain your IRS e-File Application Summary.
- Submit it to Drake Software via the support site.
6. Setting Up Users and Preparers
If more than one person will utilize Drake Tax than :
- Navigate to setup > preparers and users.
- Click Add to create a brand new user.
- Enter the user details including PTIN in case applicable.
- Assign proper security levels.
7. Customizing Software Options
Tailor Drake Tax to fit your workflow:
- Just click Setup > Options.
- Change settings like data entry preferences, default directories and print options.
Customization saves you time when you have several clients.
8. Converting Data from Other software
Switching from another tax software? Drake Tax supports data conversion from various programs:
- Download the correct conversion tool.
- Import your data with the on-screen directions.
9. Training & Resources
Improve your proficiency with Drake Tax by doing the following :
- Watch Getting Started with Drake Tax webcast.
- Watch on-demand webinars on different subjects.
- Find out much more details from the Drake Tax Manual.
Investing time in training can decrease errors and enhance client satisfaction.
Also Read: Step-by-Step Guide to Setting Up Drake Tax for the First Time
Conclusion
Setting up Drake Tax for the first time is a fairly simple process if approached step by step. With over 50,000 tax professionals utilizing Drake Software, you join a community committed to accurate tax preparation.
And whenever you begin feeling overwhelmed or even challenged, you can always get help. Whether you hire an accountant or consult a personal accountant, having expert advice can make all the difference in your tax preparation process. Using the steps in this article and utilizing offered resources can help you prepare for this coming tax season.
