Business Strategy

  • 2025 Drake Tax® Planner: One Big Beautiful Bill Act Updates Unpacked

    As we gear up for the 2025 tax season, the Drake Tax Planner has been updated to reflect important provisions from the One Big Beautiful Bill Act, helping tax professionals quickly adapt and accurately model client scenarios. Here’s a breakdown of what’s new: 1. 100% Bonus Depreciation For assets placed in service after January 19,…

  • It’s Back-to-School Season: Help Clients with Tax Tips and Education Credits

    Two of the most widely used credits — the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC) — may offer significant opportunities to reduce a client’s federal income tax liability. This article provides an overview of these credits, including qualified expenses, income limits, institutional reporting requirements, and common filing issues — so…

  • Beware of Unauthorized Drake Software Offers: How to Stay Protected

    Recently, one of our valued customers reported receiving a suspicious call from an unfamiliar number offering a “discounted” version of Drake Software. We want to make it absolutely clear: this offer was not legitimate. Here is how to stay informed and protected: Avoid Third-Party Software Offers If you receive unsolicited emails, calls, or messages offering…

  • The Smart Tax Pro’s Guide to Building and Marketing a Thriving Practice

    Get your copy of The Smart Tax Pro’s Guide to Building and Marketing a Thriving Practice Are you a tax professional looking to grow your client base, retain loyal customers, and make your firm stand out—without sacrificing time with your clients? We’ve got the perfect resource for you. Introducing The Smart Tax Pro’s Guide to…

  • EIC Eligibility Updates: What Do Tax Professionals Need to Know

    As tax professionals prepare for the 2025 filing season, staying up to date on changes to the Earned Income Credit (EIC) is essential—not just for compliance, but for maximizing client refunds and minimizing audit risk. The IRS has issued several adjustments for tax year 2024 (filed in 2025), affecting income thresholds, credit amounts, and due…

  • 5 FAQs on Cryptocurrency Taxes in 2025

    Cryptocurrency continues to raise questions for tax preparation clients, and 2025 brings even more complexity with new IRS guidance and reporting forms. In fact, about one-third of tax professionals report ongoing client confusion about crypto, according to Drake Software’s 2025 IRS Trends report.   To help ease concerns and increase accuracy in your professional tax…

  • Vacation Rental Tax Tips for Tax Professionals

    As summer travel heats up, many taxpayers turn their second homes into short-term rentals. While the extra income can be lucrative, it also introduces a complex mix of tax rules that require attention from seasoned tax professionals. If your clients own or are considering listing a vacation rental, here are key tax tips to keep…

  • Compare Professional Tax Software

    How do you know which professional tax software is right for you? Get the resources you need to choose the right professional tax preparation software. Finding the ideal professional tax software is essential for growing and managing an efficient tax preparation business. With so many options on the market, it’s important to understand what to…

  • Is Drake Software Right for Your Tax Practice?

    Whether you’re launching your first tax practice or looking to switch software, finding the right fit is critical. With many tax software solutions available, it’s easy to get overwhelmed by flashy features or confusing pricing models. So how do you know if Drake Software® is the right solution for your firm?   All-inclusive pricing: flat…

  • IRS Late Filing and Payment Penalties

    It’s still vital for tax professionals to be aware of the updated IRS penalties for late filing and payment. Understanding these penalties can help in advising clients effectively and mitigating potential financial repercussions.  Failure-to-File Penalty If a taxpayer doesn’t file their federal tax return by the due date (typically April 15), the IRS can impose…