2020 Review of MyTAXPrepOffice

From the 2020 reviews of professional tax preparation systems.

MyTAXPrepOffice from Advanced Tax Solutions is an excellent option for high-volume tax preparation firms. Designed more from a preparation standpoint, and less as a complete practice management tool, MyTAXPrepOffice is better suited to straightforward returns, and does not offer tax planning, what-if scenarios, or extensive client management capability, but instead concentrates on preparing returns quickly.

Accessible via the cloud, MyTAXPrepOffice works with all common Internet browsers, and users are able to access the application from any smart phone or tablet. The application also includes an off-line mode so users can continue to utilize the application even if not currently online, with information entered offline later synched with the online application. My TAXPrepOffice is also a good fit for tax preparers with multiple locations; MyTAXPrepOffice is optimally designed for on-site tax preparation services, where the client is present during the process.  

What’s New

My TAXPrepOffice has added a series of new features in the 2019 tax year release including the Instant Form View which displays the actual tax form as data is entered, allowing both users and clients a real time view of the form. The navigational menu has also been updated, with a new menu added to the left side of the user dashboard that provides quick access to all necessary functions including user preferences, bank enrollments, report printing options, the e-file center, and access to the client portal. The login screen has also been updated, with tips, alerts, and tax news displayed for viewing before logging in. In addition, the dashboard is now fully customizable, with users able to customize the layout and color scheme, while hiding tasks and icons that are not needed.

System Features

The My TAXPrepOffice dashboard is attractive, displaying a variety of widgets that offer detailed information on including Recent Returns, an E-File Summary, a News Summary, and an Appointment List. Users can choose to display or hide any or all of the widgets on the newly customizable dashboard.

To start entering a return, users can click on the Returns option on the menu. Options are available for preparing a return for an existing client or a new client, with the option to choose the Interview option, which leads preparers through a series of interview questions to assist with preparing the return. If users need additional help during the preparation process, they can choose to use the Guide Me feature, which provides detailed information for that particular form section.

MyTAXPrepOffice supports unlimited tax preparation and e-filing for all federal 1040 forms and corresponding schedules, including all states that allow or require e-filing.  Business forms such as 1120, 1120s, 1065, 1041, and 990 forms and schedules are supported as well.  Users can easily manage their e-filed returns from the E-File Center, which displays status updates and alerts for all Federal and state transmitted returns. Another great feature is the Toolbox, which provides quick access to firm setup details, user preferences, portal settings, and templates.

MyTAXPrepOffice is designed to process a high number of returns in a short amount of time. For firms that desire portal functionality, MyTAXPortal allows firms and clients to easily share documents securely, including the ability to obtain electronic signatures on documents. In addition, the Signature Pad app allows those using a mobile device to easily capture signatures via a smart phone or tablet.

MyTAXPrepOffice offers excellent integration capability with a variety of banking products including TPG from Santa Barbara Tax Products Group, Refund Advantage, and EPS Navigator. All banking products are included in the application. My TAXPrepOffice is designed as a stand-alone tax preparation application and does not offer integration with any tax, accounting, or practice management applications.

MyTAXPrepWizard includes integrated training videos which can be watched while actively using the application. The FAQ page offers access to a variety of questions, and MyTAXPrepWizard offers daily webinars, a video library that features on-demand training, and customized onboarding sessions for all new users. Product support is available during regular business hours, via telephone, email, and 24/7 chat . Extended support options, have all been extended through July 31 due to the change in the tax deadline.

MyTAXPrepOffice currently offers three plans: Individual Pro, which costs $495 per year, processes only individual returns; Essential, which costs $795 per year, offers both individual and business returns; and Unlimited, which costs $1,095 per year, supports unlimited users and includes unlimited storage capacity. Users can set up a demo account without a credit card to try out MyTAXPrepOffice prior to buying.  

2020 Rating – 4.5

Strengths:

• Extremely easy to use
• Designed for rapid tax preparation
• Portal and e-signature capability offered in all plans

Potential Limitations:

• No option for tax planning or client management
• No integration with other accounting, tax, or practice management applications