2024's Top Tax Planning Software for Accountants and CPA Firms - Feedbackwrench

Discover the leading tax planning software of 2024. Perfect for accountants and tax professionals, this guide by Feedbackwrench offers insights into the best tools for efficient tax strategy and planning.

Table Of Contents:

Here's a List of Tax Planning Software for Accountants in 2024

So you want to provide tax reduction planning or tax strategy services, but you need the right software.

We do websites & marketing for accounting firms & bookkeepers, so we did this roundup of the best tax planning software available in 2024.

If you're an accountant trying to find the best tax planning software so that you can provide tax strategy planning, tax reduction planning, or

What are the best tax planners in 2024?

What tools exist to provide tax reduction planning or tax strategy?

What accounting software allows for tax strategy & tax planning?

My name is Rob, and I help accountants, bookkeepers, tax professionals and Certified Public Accountants with their marketing, advertising, web design and SEO.

We're a web design & marketing agency, and we've built hundreds of high converting websites & ads for accountants.

To build a highly profitable accounting firm, you should be helping business clients, you should be providing pro-active tax planning, and you should focus hard on developing the strongest value proposition possible.

You don't need lots of clients to build a multi-million dollar firm, you just need the right stack of services geared towards the right clients, and an understanding of what's valuable to them.

Business owners value tax reduction planning services.

But if you want to provide tax reduction planning services, you'll also want a tax reduction planning software.

Now, to be clear, I'm not an accountant and I have to just proivde perspective here, but I wanted to create a list of tax reduction software so that you can do your own research.

The key to a profitable accounting firm isn't lots of fancy software, it's developing the right value proposition, getting in front of the right clients, and then seeing if you can help them solve their problems.

Learn how to market, sell and position high retainer accounting services from The Best Accountant & Bookkeeping Online Course.

Bloomberg BNI Tax Planner

The Bloomberg BNI Tax Planner is a comprehensive tool designed for complex, value-added tax planning services. It allows professionals to create and compare multiple scenarios, minimize clients' tax liabilities, and present the most advantageous strategies. Key features include:

  • Multiyear Outlook: Run year-end, quarterly, and multiyear tax projections for up to 20 years.
  • Rock-solid Calculations: Quickly calculate federal, state, and nonresident income taxes for alternative minimum tax, capital gains, and more with up-to-date calculations.
  • What-if Scenario Planning: Create multiple scenarios and compare side-by-side views to determine the best tax-saving strategies.
  • Integrated Intel: Expert analysis and the latest tax law updates are automatically applied to help minimize clients’ tax liabilities.
  • Easy Data Import: Tools to import data from multiple sources, saving time and reducing errors.
  • Insightful Presentations: Ready-to-use letters, graphs, and reports to show clients their income tax options.
  • Built-in Tax Expertise: Backed by leading federal and state individual tax planning software.
  • Up-to-date Tax Laws: Always current with the latest tax law updates.
  • Secure Access: Web version available for secure, anywhere, anytime access.

Learn more about Bloomberg BNI Tax Planner.

Tax Plan IQ Tax Planner

Tax Plan IQ Tax Planner is an innovative platform built for accountants, by accountants, focusing on simplifying and enhancing the tax planning process. It's designed to manage tax advisory operations efficiently, offering features such as:

  • Automated Solutions: Streamlines the entire tax advisory engagement from proposal creation to implementation, integrating easily with billing and practice management software.
  • ROI Visualization: Demonstrates the monetary benefits of tax planning strategies, helping clients and team members visualize the return on investment.
  • Live Collaboration: Provides a shared workspace for cooperative efforts on tax plans among team members and clients.
  • Education & Resources: Offers a wealth of guides, templates, and webinars with CPE to enhance proficiency in tax planning.
  • jAIne AI-Powered Tax Planning: Utilizes advanced AI (powered by ChatGPT 4) for navigating complex tax queries and providing insights for effective tax strategies.
  • Community & Coaching: Supports tax advisors in offering advanced tax advisory services, automating tedious tasks, and enabling value pricing.

Tax Plan IQ boasts an average tax savings of $16,532 per client and has saved over $250M in taxes, making it a valuable tool for tax professionals seeking to enhance their advisory services.

Learn more about Tax Plan IQ Tax Planner.

Tax Planner Pro

Tax Planner Pro is specifically designed for small business tax planning. It automates the process of saving on taxes, offering a user-friendly interface and professional tools that simplify tax projections and planning. Key features include:

  • Simplified Tax Projections: Overcomes the traditional challenges of time-consuming manual tax projections, offering a more efficient approach.
  • Easy-to-Understand Guides: Provides guides that are straightforward and accessible, making tax planning more understandable for small business owners.
  • Professional Tools: Equipped with tools that save time and enhance the effectiveness of tax planning for small businesses.
  • Customized Tax Planning Tips: Offers tailored advice to dramatically reduce income tax bills year after year for small businesses.

Tax Planner Pro positions itself as a solution that changes the landscape of tax projections and planning for small businesses, making it a valuable asset for accountants and business owners alike.

Learn more about Tax Planner Pro.

Holistiplan Tax Planner

Holistiplan Tax Planner is a cutting-edge tax planning tool used by over 26,000 advisors. It leverages advanced OCR technology to provide rapid and efficient tax planning services. Key features include:

  • Rapid Tax Return Analysis: Utilizes OCR technology to read a tax return and create a customized, white-labeled tax report with relevant observations in seconds.
  • Client Deliverable Generation: Produces clean and easy-to-read client deliverables, complete with the firm’s logo and disclaimer, which can be saved as a PDF for email or print.
  • Instant Scenario Analysis: The OCR technology also pre-fills a scenario analysis screen, allowing advisors to immediately identify key income breakpoints for tax planning opportunities like ROTH conversions, tax-efficient withdrawals, charitable giving, and more.
  • User-Friendly Process: The process involves uploading a client's Form 1040 tax return, receiving a report with key metrics and planning opportunities, and then digging deeper with scenario analysis tools.

Holistiplan positions itself as an indispensable tool for modern tax planning, bringing efficiency and depth to the advisory process.

Learn more about Holistiplan Tax Planner.

Intuit Accountants Proconnect Tax Planner

Intuit Accountants Proconnect Tax Planner is a sophisticated tool designed for professional tax preparers, enabling them to create personalized tax strategies and custom reports. Its key features include:

  • Custom Tax Plans Creation: Allows for the quick creation of custom tax plans, showcasing valuable savings to clients.
  • Automated Tax Strategies: Generates tax strategies automatically from ProConnect Tax or Lacerte returns.
  • Efficient Process: Builds custom tax plans in minutes, not hours, without the need for scanning or manual data entry.
  • Client-Friendly Reports: Produces reports that quantify tax savings in a format easy for clients to understand.
  • Access to Tax Strategy Library: Offers a library of tax strategies or the option to create your own.
  • Additional Revenue Stream: Helps in maximizing an additional revenue stream through tax advisory services.

Intuit Tax Advisor, part of this suite, is particularly noted for increasing the value provided to clients, with an average fee for tax advisory services being significantly higher than tax preparation fees.

Learn more about Intuit Accountants Proconnect Tax Planner.

Corvee Tax Planning Software

Corvee Tax Planning Software is a pioneering solution for tax advisors, accountants, financial advisors, and tax attorneys. It stands out for its unique approach to multi-entity planning, offering strategies at both federal and state levels. Key features include:

  • Multi-Entity Planning: First of its kind to offer tax planning for multiple entities, providing comprehensive strategies at federal and state levels.
  • Comprehensive Solution: Designed to cater to various professionals in the tax planning field, including accountants, financial advisors, and tax attorneys.
  • Diverse Tax Planning Strategies: The software includes a wide range of strategies for maximizing deductions, legal entity structures, retirement planning, insurance and asset protection, and more.
  • Up-to-Date with Tax Laws: Covers strategies related to the Tax Cuts and Jobs Act (TCJA), Families First Coronavirus Response Act (FFCRA), and Coronavirus Aid, Relief, and Economic Security Act (CARES).
  • Niche-Specific and Advanced Strategies: Offers specialized strategies for different niches and advanced tax planning needs, including international asset and gift freeze, tax-advantaged wealth management, and exit and capital gains strategies.

Corvee Tax Planning Software is positioned as a comprehensive and versatile tool for effective tax planning, helping professionals save their clients money through well-researched and effective strategies.

Learn more about Corvee Tax Planning Software.

CCH® ProSystem fx® Planning by Wolters Kluwer

CCH ProSystem fx Planning is a comprehensive tax planning software designed to streamline tax planning engagements, allowing for quick review of multiple tax scenarios. It simplifies the tax planning process, enhancing productivity for CPA firms. This software is particularly useful in demonstrating to clients how recent legislative changes might affect them and in creating what-if scenarios to leverage new tax planning opportunities.

Key Features:

  1. Federal Tax Calculations: Includes calculations for regular tax, alternative minimum tax, capital gains tax, penalties for underpayment of estimated tax, and more.
  2. Integrated State Tax Computations: Offers integrated state tax computations with pre-configured or user-defined data, including state tax rates, deductions, exemptions, and credits.
  3. Comprehensive Tax Capabilities: Features extensive calculations covering various aspects like filing status, limitation and carryforward calculations, deductibility of IRA contributions, and phase-out calculations for high-income taxpayers.

CCH ProSystem fx Planning is designed to save hours of valuable time with its comprehensive features, making it an ideal choice for CPA firms looking to expand their services and provide customized reports. The software also includes resources for existing customers, product training, and consulting to ensure efficient use of the tool.

For more information or to see a demo, CPA firms can contact a solution consultant.

Planner CS by Thomson Reuters

Planner CS is a dynamic tax planning software from Thomson Reuters, designed to add significant value to the services offered by tax professionals. It is continuously updated throughout the year to reflect new laws and regulations, ensuring that clients are fully prepared for the impact of changing tax laws.

Key Features of Planner CS:

  1. Comprehensive Tax Planning: Provides in-depth tax planning insights at both federal and state levels for multiple years forward.
  2. Watch Window for Tax Alternatives: Features a watch window to view the implications of different tax alternatives as data is entered.
  3. W-4 Calculations: Calculates the W-4 for employee withholding based on the tax plan, aligning with client expectations.
  4. Expanded Business Credit Calculations: Includes calculations for general business credits, such as the credit for small employer health insurance premiums.
  5. Result Finder Feature: Allows setting a target amount for a specific calculated field, with Planner CS automatically calculating other required amounts.
  6. Multiple "What If" Scenarios: Assists clients in deciding between up to 50 tax planning alternatives per client.
  7. Family Plan Analysis: Helps analyze how children’s investment income affects the parents’ and the entire family’s tax liability.
  8. Married Filing Jointly vs. Married Filing Separate Analysis: Provides analysis for any plan alternative.
  9. Customizable Reports and Graphs: Offers predefined reports and graphs, along with the ability to create custom reports and graphs.
  10. Data Import: Imports client data directly from UltraTax CS® and GoSystem® Tax RS.

Planner CS extends beyond the basics provided by the Tax Projection Worksheet in UltraTax CS, offering more detailed and longer-term analysis essential for client success. It includes dynamic tax planning letter templates, detailed tax calculations, and planning across multiple activity units.

For more information about Planner CS or to schedule a demonstration, contact Thomson Reuters at 800.968.8900 or visit Planner CS website.

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