TaxWise Review - why 4.6 stars?

TaxWise Review
ITQlick Score: 85/100
ITQlick Rating: (4.6/5)
Pricing: 5.4/10 - average cost
Category: Business tax -> TaxWise
Ranking:Ranked 7 out of 65 Business tax systems
Company: CCH Small Firm Services.
Pricing: starts at $1,195 per license
Typical customers: Small, medium and large size businesses
Platforms: Desktop
Links: TaxWise pricing, TaxWise alternatives
Shlomi LaviShlomi Lavi / updated: Jun 23, 2021

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What is TaxWise?

Tax needs and complexity vary for every company. TaxWise is designed to streamline the tax filing process, and save the company time and costs by boasting a fully customizable package that caters attend to your every need.

CCH Small Firm Services, the company that developed TaxWise, was founded in 2006 and established in Georgia, US. The head of the company, Jeff Gramlich has extensive experience in accounting and taxes.

What is TaxWise rating? ()

The rating of TaxWise is 4.6 stars out of 5 and the total score is 85 out of 100. The ratings are based on our unbiased experts. Learn more in our rating methodology page

Who are TaxWise's typical customers?

Taxwise is suitable both for companies with complex taxing processes, mainly multi-branch enterprises, as well as smaller scale companies that need a fast accounting solution that addresses their needs.

Many companies have employed TaxWise, mainly for its accounting functionality. Small but moderately successful businesses such asTurner Tax and Veracity Financial benefited from supported customization.

Is TaxWise the best Business tax?

TaxWise is ranked 7 out of 65 software in their category (Business tax systems).

What are their main features and functionalities?

Smaller companies that need a tax solution that replaces the need of an accounting expert will mostly benefit from this compact application. It deals with minor costs as well as major investments, and accurately handles all these numbers with ease.

Your feature package is based specifically on an in-depth assessment of your company needs, which is cost-effective in terms of purchasing only required functinlaity. TaxWise also keeps an extensive database of almost all required tax forms.

What are TaxWise's pros? (5 Pros)

  • A dedicated solution and databases with rich tax information will surely come in handy when it comes to tax returns
  • Focus on small-scale companies and individuals includes clsoe customer support
  • Most of the tax forms fill out is automated
  • Individual users will quickly learn how to use the program, and will be able to do their taxes within the first few hours after installation
  • A single package accommodates all users

What are TaxWise's cons? (2 cons)

  • TaxWise will not work well with large-scale companies as it does not support the required paperwork for this business type
  • While the annual fee is much cheaper than other solutions, the initial fee is very hefty and might intimidate smaller companies

Who are their main alternatives?

The main competitors for Taxwise are Taxslayer Pro and ATX.

Taxslayer Pro provides solutions for tax professionals to help them in the process of tax return preparation for clients. It supports unlimited e-filing of returns for both federal and state requirements, and can manage & track tax refunds with an online portal for clients to check status. Taxslayer Pro also supports mobile device access to allow remote filing & management of returns while at clients’ sites.

Taxwise also provides a professional tax software for tax professionals & firms. In addition to the core features of updating returns and e-filing, it includes an option for automated error checking of returns to ensure greater accuracy. There is also support for fixed asset management with several preset depreciation methods to ensure correct calculations. Taxwise also enables the review & comparison of previous years returns to better update the current returns, and supports the automatic generation of preparation fees based on pre configured rules in the system.

In comparison ATX supports federal, state and municipal tax filing requirements as well as payroll compliance reporting for various jurisdictions. There is an integrated document management system to handle all related tax documents, and companies have access to extensive current tax research repositories online which can be utilized in the tax return preparation process.

While Taxwise does not support all of these features currently, it provides an Easy Interview option for support personnel to obtain basic client information to populate the tax return, leaving the tax professional to focus on tax compliance issues.

What is the cost of TaxWise?

The cost of license starts at $1,195 per license. On top of the total cost of licenses which is easy to calculate - what is the REAL total cost of implementation? You need to add the cost of training, customization, data migration, and other "hidden cost". ITQlick pricing score is 5.4 out of 10 (10 is most expensive). Find here the REAL total cost breakdown for TaxWise

What should you ask CCH Small Firm Services. during a demo session? (65 questions)

Schedule a demo with TaxWise and access 65 must ask questions for the vendor while watching TaxWise in action. Visit the vendor's website here.

List of categories

Accounting & Finance
Business tax

List of features

Estate/Trust/Retirement
Income Tax Prep
Investment and Rental Property
Limited Liability Company (LLC)
Partnership
Payroll/1099
Property Tax

TaxWise Vs. Alternatives

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TaxWise
ITQlick rating
4.6/5
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85/100
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5.4/10
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$1,195 per license
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TurboTax
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GainsKeeper
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ezTaxReturn
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3.8/5
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6.6/10
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$19.95 per license
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10
TurboTax
ITQlick rating
3.9/5
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91/100
Pricing
5.6/10
License pricing
$29 per user/month
Functionality
4
Author

Shlomi Lavi

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Shlomi holds a Bachelor of Science (B.Sc.) in Information System Engineering from Ben Gurion University in Israel. Shlomi brings 15 years of global IT and IS management experience as a consultant, and implementation expert for small, medium and large size (global) companies.