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TaxWise in 2025: Is This Legacy Tax Software Still Worth Your Investment?
December 12, 2024
There are tons of options when it comes to choosing the right tax software for your practice. Today, we’ll discuss TaxWise, the long-standing player in the professional tax preparation world that seems to inspire either fierce loyalty or frustrated sighs, depending on who you ask.
The TaxWise Story: Old Reliable or Outdated Relic?
TaxWise has been around for generations. Developed by Wolters Kluwer, this software has established itself as a familiar name in many tax offices. But is familiarity enough in today's tech-forward world?
The software comes in two flavors - the traditional Desktop version and the more modern Online version. Both aim to simplify your e-filing process and help manage client documents digitally.
What TaxWise Gets Right
Let's be honest - TaxWise wouldn't have survived this long if it didn't do some things well:
It's surprisingly approachable. If you've ever onboarded a new preparer mid-season (and who hasn't?), you know the value of intuitive software. TaxWise keeps things simple without overwhelming new users.
The diagnostic tools are actually helpful. Nobody wants to deal with rejected e-files, and TaxWise's error diagnostic system does a decent job spotting issues before they become IRS problems.
Spanish speakers? Covered. With over 60 bilingual forms and schedules, TaxWise might be your go-to if you serve a significant Spanish-speaking clientele. This isn't just about the forms - they offer bilingual product support too.
The "What If?" feature is pretty neat. Being able to model different tax scenarios can make you look like a wizard to clients weighing financial decisions.
Where TaxWise Falls Short
Now for the tough love:
Technology seems stuck in yesterday. While other software companies are rolling out sleek, integrated solutions, TaxWise appears to be trailing in the innovation department. One reviewer put it bluntly: it's not delivering "the advanced time-saving and convenient technology that professionals should expect in this day and age."
Hardware integration? Limited. If you were hoping for signature pad integration (like Drake and CrossLink offer) or handheld scanner capabilities (like CrossLink), you might be disappointed. These time-savers can make a huge difference during the chaos of tax season.
Mobile limitations are real. TaxWise has finally introduced a mobile app for clients to enter information and upload documents from home - but plot twist: it's only available if you're using the online version. Desktop users are left in the digital dust.
Customer service concerns are mounting. Recent reviews suggest this might be TaxWise's Achilles' heel. One user from January 2024 described it as the "worst customer service" with "system glitches" and "careless responses." Ouch
The Word on the Street
TaxWise currently sits at a rather tepid 2.7 out of 5 stars based on verified reviews. User experiences tell an interesting story:
Some loyal users have stuck with TaxWise since the early '90s and swear by its reliability. As one satisfied customer put it: "Using this product since 1993. Just seems to get better and better."
Others tell a different tale. One long-term user who's jumping ship explained: "After 20+ years, I have decided to change vendors and look elsewhere for a tax preparation software. A great way to overcome inertia and move on."
The complaints often center around limited reporting capabilities ("cannot get a report of hours spent on returns"), inability to handle certain specialized returns ("cannot do FBAR reporting, cannot do foreign company reporting"), and rising costs (one mentioned a 20% price increase for 2025).
How Does It Stack Up Against the Competition?
Against Drake? Drake typically offers better value, a more modern interface, and consistently higher-rated customer support.
Versus CrossLink? CrossLink is winning the mobile and hardware integration race with more comprehensive solutions.
Compared to UltraTax CS or Lacerte? These premium options offer more bells and whistles at higher price points, with stronger reporting features and better handling of complex returns.
So, Is TaxWise Your Tax Season Soulmate?
TaxWise might be your software soulmate if:
- You value simplicity above all and don't need fancy features
- You work with many Spanish-speaking clients
- You're switching from another software and dread the conversion process
- Your practice mostly handles straightforward returns
But you might want to swipe left if:
- You need robust reporting features
- You deal with complex scenarios like foreign accounts
- You're a tech enthusiast who wants cutting-edge solutions
- You value responsive customer service above all else
The Bottom Line
Is TaxWise perfect? Not by a long shot. But is it serviceable for certain types of practices? Absolutely.
One reviewer inadvertently highlighted why TaxWise still exists in the marketplace: "I got them as a vendor as a result of an acquisition of my then vendor UTS or Universal Tax Systems." This speaks volumes about one of TaxWise's survival strategies - institutional inertia. Many users stay with TaxWise not because it's the best but because switching seems daunting.
Before you commit your practice to TaxWise for another season, grab that free demo and put it through its paces. Better yet, compare it side-by-side with competitors to see which truly meets your specific needs.
Remember, tax software is a relationship - and you deserve one that makes your professional life easier, not harder.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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