Tax Year 2013 Deskreferenceguide (1)

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TAX YEAR 2013 DESK REFERENCE How you prepare for tax season can have a lot to do with how smoothly your season goes. A well-organized office that has prepared for the upcoming months can make the sailing much smoother during a fast-paced time. Here are some other important steps you can take to ensure your office is prepared. this information. Online research, the IRS website, and state tax departments are great tools as well. >  Begin Preseason Scheduling. This will help you get a jump-start on tax season. It will also help those clients who are eager to file see you as soon as possible. >  Train Your Staff. Make sure everyone understands their duties and is familiar with the software. Once tax season hits, you may not have time to review. >  Update Filing System. If you’re considering going paperless, make sure you’re familiar with the steps you will need to take in order to be successful. If you prefer the paper route, make sure you shred any unnecessary paperwork to free up additional space. >  Establish Billing Amounts. Setting up your billable amounts in your software now will save you a lot of time later. >  Determine Incentives or Rebates. If you plan to offer rebates or incentives, make sure the process is well thought out. This will eliminate kinks in the midst of your busy season. >  Sign Up with a Bank If You Plan to Offer Bank Products. Signing up now will help you avoid delays when it’s time to process that first bank product. You may need to complete an application with your software vendor, too. >  Execute Your Marketing Plan. Consider running radio spots, hanging posters or banners, and encouraging word-of-mouth marketing. Drake Software offers marketing ideas online at DrakeSoftware.com/marketing. Offices with a well-prepared staff develop confidence in themselves, but more importantly, the client develops this confidence as well. Following these steps will help your office run smoothly and more efficiently. In turn, your clients will be happy to come back year after year. Preseason Checklist >  Ensure you have all the CE needed to renew your professional license and understand tax law changes prior to the tax season. >  Register for or Renew Your PTIN. A PTIN is required for all return preparers who are compensated for preparing or assisting in preparation of a tax return. Visit IRS.gov to register, renew and learn more. >  Order Tax Preparation Software. Look for a software package that includes everything you need and has experience you can trust. Consider Drake Software. >  Verify Your Office Equipment Meets System Requirements. Does your hard drive have enough available space? Is your network operational? Are your printers compatible? >  Install and Test Your Tax Software Package. Hopefully you’ve chosen software that’s delivered early. Over 34,000 Drake Software customers have already installed their federal shipment and are using test returns to become familiar with new enhancements. >  Purchase Office Supplies. Don’t forget toner, paper, pens, and folders. >  Test Printers. Test any new setup features included in your software. Make sure barcodes print correctly and you understand how to choose which forms print and how to print sets. >  Send Organizers or Letters. These are great tools to help ensure clients have the right information ready for when it comes time for their appointments. This year, sending organizers is easier than ever thanks to the SecureFilePro portal option! >  Educate Yourself on Tax Law Changes. This Desk Reference is a great way to start learning This 2013 Desk Reference is our gift to you. We hope you find it helpful as you gear up for tax season. You may print as many copies as you like. Should you ever need help from your friends at Drake Software, please give us a call. We’ll be happy to serve you. Compliments of Drake Software 800.890.9500 • DrakeSoftware.com • [email protected] Tax Preparers’ Due Diligence Requirements for EITC Paid preparers who file EITC returns or claims for refunds for clients must meet four due diligence requirements. Those who fail to do so can be assessed a $500 penalty for each failure. 1) Complete and file with taxpayer’s return Form 8867, Paid Preparer’s Earned Income Credit Checklist. 2) Fill out the appropriate EIC worksheet found in the Form 1040, 1040A, or 1040EZ instructions or in Publication 596, or your own equivalent form. 3) You must have no knowledge that any of the information used to determine the taxpayer’s eligibility for the credit and the credit amount is incorrect. 4) Retain Form 8867 and the EIC worksheets (or your own equivalents of each), and a record of how, when, and from whom the information used to prepare the form and worksheet(s) was obtained. You must keep these documents for three years from June 30 following the date the return or claim for refund was presented to the taxpayer for signature. Standard Deductions IF Your Filing Status Is… Base Amount Additional Amount for Blindness or Over Age 65 Single Married Filing jointly Married Filing Separate Head of Household Qualifying Widow(er) with Dependent Child $ 6,100 $ 12,200 $ 6,100 $ 8,950 $ 12,200 $ 1,500 $ 1,200 $ 1,200 $ 1,500 $ 1,200 $1,200 or $1,500 if single or HOH Dependent of Another $1,000 or Earned Income + $350 MACRS Recovery Periods Type of Property Computers and their peripheral equipment Office machinery, such as: Typewriters Calculators Copiers Automobiles Light trucks Appliances, such as: Stoves Refrigerators Carpets Furniture used in rental property Office furniture and equipment, such as: Desks Files Any property that does not have a class life and that has not been designated by law as being in any other class Roads Shrubbery Fences Residential rental property (buildings or structures) and structural components such as furnaces, water pipes, venting, etc. Nonresidential real property Additions and improvements, such as a new roof MACRS RECOVERY PERIOD General Alternative Depreciation Depreciation System System 5 years 5 years 5 years 5 years 5 years 6 years 5 years 5 years 2013 Medical Savings Accounts (MSA) 2013 Premium for High Deductible Self Coverage $ 2,150 - $ Family Coverage $ 4,300 - $ Maximum Out of Pocket Self Coverage $ Family Coverage $ 3,200 6,450 4,300 7,850 5 years 5 years 5 years 9 years 9 years 9 years 7 years 10 years 7 years 15 years 15 years 15 years 12 years 20 years 20 years 20 years Health Savings Account (HSA) 2013 Maximum Annual Contribution Limits Self-Only Coverage $ 3,250 Family Coverage $ 6,450 2013 Minimum Deductible Self Coverage Family Coverage 2013 Maximum Out of Pocket Self Coverage Family Coverage Additional Over Age 55 2013 and after $ 1,250 $ 2,500 $ 6,250 $ 12,500 $ 1,000 27.5 years 39 years 40 years 40 years The same recovery period as that of the property to which the addition or improvement is made, determined as if the property were placed in service at the same time as the addition or improvement. Compliments of Drake Software 800.890.9500 • DrakeSoftware.com • [email protected] 2013 Filing Requirements for Most Taxpayers IF your filing status is . . . Single Married filing jointly Married filing separately Head of household Qualifying widow(er) with dependent child AND at the end of 2013 you were . . . Under 65 65 or older Under 65 (both spouses) 65 or older (one spouse) 65 or older (both spouses) Any age Under 65 65 or older Under 65 65 or older THEN file a return if your gross income was at least . . . $ 10,000 $ 11,500 $ 20,000 $ 21,200 $ 22,400 $ 3,900 $ 12,850 $ 14,350 $ 16,100 $ 17,300 2013 Filing Requirements for Dependents If your parent (or someone else) can claim you as a dependent, use this chart to see if you must file a return. In this chart, unearned income includes taxable interest, ordinary dividends, and capital gain distributions. Earned income includes wages, tips, and taxable scholarship and fellowship grants. Gross income is the total of your unearned and earned income. Single dependents. Were you either age 65 or older or blind? o No. You must file a return if any of the following apply. • Your unearned income was over $1,000. • Your earned income was over $6,100. • Your gross income was more than the larger of — • $1,000, or • Your earned income (up to $5,750) plus $350. o Yes. You must file a return if any of the following apply. • Your unearned income was over $2,500 ($4,000 if 65 or older and blind). • Your earned income was over $7,600 ($9,100 if 65 or older and blind). • Your gross income was more than – The larger of: • $ 2,500 ($4,000 if 65 or older and blind), or • Your earned income (up to $5,750) plus $1,850 ($3,350 if 65 or older and blind). Married dependents. Were you either age 65 or older or blind? o No. You must file a return if any of the following apply. • Your unearned income was over $1,000. • Your earned income was over $6,100. • Your gross income was at least $5 and your spouse files a separate return and itemizes deductions. • Your gross income was more than the larger of — • $1,000, or • Your earned income (up to $5,750) plus $350. o Yes. You must file a return if any of the following apply. • Your unearned income was over $2,200 ($3,400 if 65 or older and blind). • Your earned income was over $7,300 ($8,500 if 65 or older and blind). • Your gross income was at least $5 and your spouse files a separate return and itemizes deductions. • Your gross income was more than — The larger of: • $2,200, or $3,400 if 65 or older and blind. • Your earned income (up to $5,750) plus $1,550 ($2,750 if 65 or older and blind). Other Situations When You Must File A 2013 Return You must file a return if any of the three conditions below apply for 2013. 1. You owe any special taxes, including any of the following. a. Alternative minimum tax. b.  Additional tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax-favored account. But if you are filing a return only because you owe this tax, you can file Form 5329 by itself. c. Household employment taxes. But if you are filing a return only because you owe this tax, you can file Schedule H by itself. d.  Social security and Medicare tax on tips you did not report to your employer or on wages you received from an employer who did not withhold these taxes. e.  Write-in taxes, including uncollected social security and Medicare or RRTA tax on tips you reported to your employer or on group-term life insurance and additional tax on health savings account distributions. See the instructions for line 63 on page 42. f. Recapture taxes. See the instructions for line 44, that begin on page 33, and line 63, on page 42. g. Additional tax on a health savings account from Form 8889, Part III. 2. You had net earnings from self-employment of at least $400. 3.  You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes. Adoption Credit Maximum credit for a child with special needs $ 12,970 Other adoptions, qualified expenses Up to $ 12,970 Phaseout range, modified adjusted gross income $194,580 - $234,580 Dependent Care Credit Limitations  o determine the amount of your credit, multiply your work-related expenses (after applying the earned income and T dollar limits) by a percentage. This percentage depends on your adjusted gross income shown on Form 1040, line 37, or Form 1040A, line 21. The following table shows the percentage to use based on adjusted gross income. The maximum eligible to be multiplied by these percentages is $3,000 per child, maximum of $6,000 per return. IF your adjusted gross income is: Over But not over $15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 31,000 33,000 35,000 37,000 39,000 41,000 43,000 No limit Section 179 Expense Expense Limit Phaseout Threshold $ 500,000 $ 2,000,000 Then the percentage is: 35% 34% 33% 32% 3 1% 30% 29% 28% 27% 26% 25% 24% 23% 22% 2 1% 20% FICA (SS & Medicare) Wage Base Social Security Wage Base Maximum Social Security Tax Medicare Wage Base Maximum Medicare Wage Tax $ 113,700 $ 7,049 No ceiling No ceiling Student Loan Interest Deduction Maximum interest deduction $ 2,500 Modified Adjusted Gross Income Phaseout: Married Filing Jointly $125,000 to $155,000 Single/HOH $ 60,000 to $ 75,000 $ 0 15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 31,000 33,000 35,000 37,000 39,000 41,000 43,000 Comparison of Education Credits Lifetime Learning Credit Up to $2,000 Maximum lifetime learning rate is 20% Available for all years of post-secondary education and for courses to acquire or improve job skills Available for an unlimited number of years Student does not need to be pursuing a degree or other recognized educational credential Available for one or more courses Felony drug conviction rule does not apply American Opportunity Up to $2,500 / Up to 40% is refundable 100% of first $2,000 plus 25% of next $2,000 Available for four years of college Qualifying Child A qualifying child for purposes of the child tax credit must be all of the following: 1. Claimed as your dependent on line 6c of Form 1040 or Form 1040A. 2. Under age 17 at the end of 2013. 3. Your: a. Son, daughter, adopted child, stepchild, or a descendant of any of them (for example, your grandchild), or b. Brother, sister, stepbrother, stepsister, or a descendant of any of them (for example, your niece or nephew) whom you cared for as you would your own child, or c. Foster child (any child placed with you by an authorized placement agency whom you cared for as you would your own child). 4. A U.S. citizen or resident alien. Adopted child. An adopted child is always treated as your own child. An adopted child includes a child placed with you by an authorized placement agency for legal adoption even if the adoption is not final. Kidnapped child. A kidnapped child is treated as a qualifying child for the child tax credit if both of the following statements are true: 1. The child is presumed by law enforcement authorities to have been kidnapped by someone who is not a member of your family or the child’s family. 2. The child qualified as your dependent for the part of the year before the kidnapping. This treatment applies for all years until the child is returned. However, the last year this treatment can apply is the earlier of: 1. The year there is a determination that the child is dead, or 2. The year the child would have reached age 16. Only available for 2009 through 2013 AGI Phase Out between $80,000 $90,0000 (160K – 180K) Student must be enrolled at least half time for at least one academic period beginning during the year. As of the end of 2013, the student had not been convicted of a felony for possession or distributing a controlled substance. Lifetime Learning Credits Phaseout Modified adjusted gross income phaseout : Married Filing Jointly All other Filing Statuses $107,000 to $127,000 $ 53,000 to $ 63,000 Refundable American Opportunity $160,000 to $180,000 $ 80,000 to $ 90,000 Social Security Payback At full retirement age or older Under full retirement age In the year you reach full retirement age * For 2013, full retirement age is 66 years. No limit on earnings $1 in benefits will be deducted for each $2 you earn above $15,120. Your benefits will be reduced $1 for every $3 you earn above $40,080. Earned Income Credit Single, Head of Household, and Qualifying Widow(er) With No Children With One Child With Two Children With Three Children Earned Income Ranges to Receive the Maximum EIC AT LEAST BUT LESS THAN Maximum EIC Amount $ 487 $ 3,250 $ 5,372 $ 6,044 Maximum Earnings Before EIC Eliminated $ 14,340 $ 37,870 $ 43,038 $ 46,227 $ 6,350 $ 9,550 $ 13,400 $ 13,400 $ 8,000 $ 17,550 $ 17,550 $ 17,550 Married Filing Jointly With No Children With One Child With Two Children With Three Children Earned Income Ranges to Receive the Maximum EIC AT LEAST BUT LESS THAN Maximum EIC Amount $ 487 $ 3,250 $ 5,372 $ 6,044 Maximum Earnings Before EIC Eliminated $ 19,680 $ 43,210 $ 48,378 $ 51,567 $ 6,350 $ 9,550 $ 13,400 $ 13,400 $ 13,350 $ 22,900 $ 22,900 $ 22,900 The maximum amount of investment income you can have and still receive EIC has increased to $3,300. Earned Income Credit in a Nutshell First, you must meet all the rules in this column. Part A Rules for Everyone 1. Your adjusted gross income (AGI) must be less than $46,227 ($51,567 for married filing joint) if you have three qualifying children. $43,058 ($48,378 for married filing joint) if you have two qualifying children. $37,870 ($43,210 for married filing joint) if you have one qualifying child. $14,340 ($19,680 for married filing joint) if you do not have a qualifying child. 2. You must have a valid social security number. 3. Your filing status cannot be “married filing separate.” 4. You must be a U.S. citizen or resident alien all year. 5. You cannot file Form 2555 or Form 2555-EZ (relating to foreign earned income). Second, you must meet the rule in one of these columns, whichever applies. Part B Rules if You Have a Qualifying Child 8. Your child must meet the relationship, age, and residency tests. 9. Your qualifying child cannot be used by more than one person to claim the EIC. 10. You cannot be a qualifying child of another person. Third, you must meet the rule in this column. Part D Figuring and Claiming the EIC 15. Your earned income must be less than $46,227 ($51,567 for married filing joint) if you have three qualifying children. $43,038 ($48,378 for married filing joint) if you have two qualifying children. $37,870 ($43,210 for married filing joint) if you have one qualifying child. $14,340 ($19,680 for married filing joint) if you do not have a qualifying child. Part C Rules if You Do Not Have a Qualifying Child 11. You must be at least 25 but under age 65. 12. You cannot be the dependent of another person. 13. You cannot be a qualifying child of another person. 14. You must have lived in the United States more than half of the year. 7. You must have earned income. 6. Your investment income must be $3,300 or less. Exemption Amounts Personal and Dependent Estate Amount Simple Trust * Complex Trust * * Exemption Not Allowed in Final Year. $ 3,900 $ 600 $ 300 $ 100 Compliments of Drake Software • 800.890.9500 • DrakeSoftware.com • [email protected] Domestic Production Activities Deduction The deduction rate for 2013 is 9% Deduction reduced by 3% if the taxpayer has any oil related qualified production activities income Alternative Minimum Tax First $179,500 ($89,750 married, separate) of Alternative Minimum Taxable Income Over $179,500 of Alternative Minimum Taxable Income Exemptions: Married Filing Jointly or Qualifying Widow(er) Married Filing Separate Single or Head of Household Exemption Phaseout : 25% of amount AMTI exceeds: Filing Status MFJ/Surviving Spouse Married Filing Separate Single/HOH 26% 28% $ 80,800 $ 40,400 $ 51,900 Kiddie Tax 2013 Age Limit up to 18, and certain under 2013 Unearned Income Limitation 24 $2,000 Foreign Earned Income 2013 Maximum Exclusion $97,600 AGI Begin Phaseout $ 153,900 $ 76,950 $ 115,400 AGI Fully Phaseout $ 477,100 $ 238,500 $ 323,000 Gift Tax 2013 Exclusion 2013 Exclusion for gift to spouse who is not a U.S. Citizen $ 14,000 $ 143,000 Where to Deduct Your Interest Expense IF you have... THEN deduct it on... Deductible student loan interest Form 1040, line 33 or Form 1040A, line 18 Deductible home mortgage interest Schedule A (Form 1040), and points reported on Form 1098 line 10 Deductible home mortgage interest Schedule A (Form 1040), not reported on Form 1098 line 11 Deductible points not reported Schedule A (Form 1040), on Form 1098 line 12 Deductible investment interest Schedule A (Form 1040), (other than interest incurred to line 14 produce rents or royalties) Deductible business interest Schedule C or C-EZ (non-farm) (Form 1040) Deductible farm business interest Schedule F (Form 1040) Deductible interest incurred Schedule E (Form 1040) to produce rents or royalties Personal interest Not Deductible AND for more information go to... Publication 970 Publication 936 Publication 936 Publication 936 Publication 550 Publication 535 Publications 225 and 535 Publications 527 and 535 401(K) Contribution Limits 2013 Maximum Deferral 2013 Catch Up Contributions for taxpayers 50 and over $ 17,500 $ 23,000 Long-Term Capital Gains and Qualifying Dividends Single up to $ 36,250 0% Single $ 36,250 - $ 400K 15% Single Over $ 400K 20% Married up to $ 72,500 0% Married $ 72,500 - $ 450K 15% Married Over $ 450K 20% HOH up to $ 48,600 0% HOH $ 48,600 - $ 425K 15% HOH Over $ 425K 20% Tax on unrecaptured Sec. 1250 gain 25% Capital gain rate on collectibles 28% Savings Bond/Higher Education Expense Exclusion Modified adjusted gross income phaseout range: Married Filing Joint $ 112,050 - $ 142,050 All other filing status $ 74,700 - $ 89,700 2013 Standard Mileage Rates Business Mileage Charitable Mileage Medical/Moving Mileage 56.5 cents / mile 14 cents / mile 24 cents / mile Qualified Transportation Fringe Benefit Exclusion Commuter highway vehicle and transit pass $245 Qualified parking $245 Estate Exemption Long-Term Care Premiums Maximum premium (per person) Age 40 or under Age 41 to 50 Age 51 to 60 Age 61 to 70 Age 71 or over $ 360 $ 680 $ 1,360 $ 3,640 $ 4,550 *2010 5,000,000 (or N/A if elected to file 8939) Tax Rate Schedules - Single TAXABLE INCOME: TAX: Over But not over Tax +% On amount over $ 0 $ 8,925 $ .00 10% $ 0 8,925 36,250 892.50 15% 8,925 36,250 87,850 4,991.25 25% 36,250 87,850 183,250 17,891.25 28% 87,850 183,250 398,350 44,603.25 33% 183,250 398,350 400,000 115,586.25 35% 398,350 400,000 ................ 116,163.75 39.6% 400,000 Traditional IRA Limits IRA Contribution Limits Regular Contributions: 2013 Maximum Contribution “Catch Up” Contributions for Taxpayers 50 and over: 2013 Catch up $5,500 $6,500 Tax Rate Schedules - Head of Household TAXABLE INCOME: TAX: Over But not over Tax $ 0 $ 12,750 $ .00 12,750 48,600 1,275.00 48,600 125,450 6,652.50 125,450 203,150 25,865.00 203,150 398,350 47,621.00 398,350 425,000 112,037.00 425,000 …........ 121,364.50 +% On amount over 10% $ 0 15% 12,750 25% 48,600 28% 125,450 33% 203,150 35% 398,350 39.6% 425,000 Phaseout of IRA Deductions Filing Status Single (or Married Filing Separate and lived apart from spouse for all of 2012) AGI Begin Phaseout $59,000 $95,000 AGI Fully Phased out $ 69,000 $115,000 ($188,000 if spouse is not covered by a pension plan) Married Filing Jointly Tax Rate Schedules - Married Filing Separate TAXABLE INCOME: TAX: Over But not over Tax +% On amount over $ 0 $ 8,925 $ .00 10% $ 0 8,925 6,250 892.50 15% 8,925 36,250 73,200 4,991.25 25% 36,250 73,200 111,525 14,228.75 28% 73,200 111,525 199,175 24,959.75 33% 111,525 199,175 225,000 53,884.25 35% 199,175 225,000 .…....... 62,923.00 39.6% 225,000 ($178,000 if spouse is not covered by a pension plan) Married Filing Separate $ Head of Household Qualifying Widow(er) 0 $ 10,000 $ 69,000 $115,000 $59,000 $95,000 Tax Rate Schedules - Married Filing Jointly or Qualifying Widow(er) Taxable income: Tax: Over But not over Tax +% On amount over $ 0 $ 17,850 $ .00 10% $ 0 17,850 72,500 1,785.00 15% 17,850 72,500 146,400 9,982.50 25% 72,500 146,400 223,050 28,457.50 28% 146,400 223,050 398,350 49,919.50 33% 223,050 398,350 450,000 107,768.50 35% 398,350 450,000 …........ 128,846.00 39.6% 450,000 2013 Corporate Tax Rates TAXABLE INCOME: TAX: Over But not over Tax $ 0 $ 50,000 $ 0 50,000 75,000 7,500 75,000 100,000 13,750 100,000 335,000 22,250 335,000 10,000,000 113,900 10,000,000 15,000,000 3,400,000 15,000,000 18,333,333 5,150,000 18,333,333 ............ ............ +% On amount over 15% $ 0 25% 50,000 34% 75,000 39% 100,000 34% 335,000 35% 10,000,000 38% 15,000,000 35% 0 A qualified personal service corporation is taxed at a flat rate of 35% on taxable income. 2013 Estate and Trust Tax Rates $ TAXABLE INCOME: Over But not over 0 $ 2,450 2,450 5,700 5,700 8,750 8,750 11,950 11,950 …........ TAX: Tax .00 367.50 1,180.00 2,034.00 3,090.00 $ +% On amount over 15.0% $ 0 25.0% 2,450 28.0% 5,700 33.0% 8,750 39.6% 11,950 Compliments of Drake Software 800.890.9500 DrakeSoftware.com [email protected] Compliments of Drake Software 800.890.9500 • DrakeSoftware.com [email protected] Drake Software Support Website Drake’s Support website (Support.DrakeSoftware.com) offers you a wealth of resources available 24 hours a day. Sign in to your Drake Support account by entering your EFIN and Drake password. Some of these resources are available by scrolling down the Resources Overview page and others by choosing from the following sidebar menu options: Resources - Download Drake Tax Software, Client Write-Up Software, and conversion software, order supplemental resources and Drake-compatible supplies, look up federal and state facts, access the Drake Broadcast Center, learn about SecureFilePro, participate in Drake forums, and find answers to your questions in the Drake Knowledge Bases. My Account - Change your Drake password, look up your Drake account and serial numbers, submit bank applications, access your online EF database and Drake e-mail account, set up a 1040.com affiliated website account, learn about GruntWorx, renew your Drake Software, and track your shipments from Drake. Training Tools - Download Drake User’s Manuals, watch tax software video tutorials, access practice returns (and their solutions), register for summer Classroom Training and fall Update Schools, and jump to Drake’s e-Training Center (DrakeETC.com). Use the Passport to Success to help get you ready for a great tax season with Drake Software. Client Write-Up - Learn about the Client Write-Up (CWU) payroll and accounting software, get started with CWU portals, and watch CWU video tutorials. Partner Programs - Learn about Drake’s bank partners and Business Planning Group affiliate, pay taxes with a credit (or debit) card. Drake e-Training Center Website Drake’s e-Training Center (Drake ETC) website (Drake ETC.com) is a convenient resource for training your office staff on Drake software and tax topics while earning continuing professional education (CPE) credits. This is accomplished through the use of: > > > > > Interactive tax courses Live and recorded webinars Video tutorials Practice returns Self-study courses Drake ETC also provides tracking tools and interactive testing so individuals and group administrators can monitor their personal and collective progress. Print CPE certificates for the credits you earn while Drake reports your credits to the IRS. If you haven’t already done so, start taking advantage of Drake ETC today by going to DrakeETC.com and creating an Admin account. First, enter your master EFIN and Drake Password and click Submit. Complete the required information, including Username and Password for logging in to Drake ETC as administrator. Click Save Information. After saving your new Admin account information, click the Administration tab to begin creating student accounts. It’s so easy and it costs nothing to create accounts!