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Will the 2024 Proseries Tax Planning Tool be upgraded with the changes from the recent bill, so when we use it to forecast 2025 tax plans, the correct application of the 2025 tax law will be reflected?
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https://accountants.intuit.com/community/proseries-tax-discussions/discussion/new-tax-act/00/331894
The more I know the more I don’t know.
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Interestingly, I heard Drake has their planner updated.
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But is it accurate? 🤔
Slava Ukraini!
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@IRonMaN wrote:
But is it accurate? 🤔
It's a work in progress. They have the standard deduction and senior exemption but they don't have any of the non-itemized deductions in there yet. It's expected by the end of the month. Here's their kb info if anyone is curious:
https://kb.drakesoftware.com/kb/Drake-Tax/18837.htm
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In an attempt at an actual guess.
(Based on (possibly faulty) memory of 2016/2017 major tax bill rollout)
Current tax program - If updated at all it will likely be in the fall, around the time of the early release of 2025 Program. I don't do a lot of tax planning anymore, but will likely use both the new program, and the old planner with my own tax information for a comparison, and just out of curiosity.
I know that many here don't like to download the new year program that early, but I like to get it and start poking around - usually just with my own return. I don't transfer all tax payer files at that point - I do them as their information comes in, after tax season actually begins.
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The "2016/2017 major tax bill" was signed December 22, 2017. Can't really compare laws enacted in July, with those enacted in December. TMJ (or whatever they called it) had few, if any provisions that affected 2017.
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Thanks - as I said - possibly faulty memory was in play...