Looking for an affordable option for your next tax filing? TaxSlayer provides online tax preparation software that you can use at a low cost or even for free. But the question is, can it effectively handle your specific tax situation?
This review will delve into TaxSlayer's online software, discussing its ideal user base, pricing details, and usability.
What Is TaxSlayer?
TaxSlayer is an organization that provides tax preparation software and financial services. They offer online solutions for filing taxes for individuals, businesses, and tax professionals. TaxSlayer equips users with various tools to efficiently prepare, file, and manage their taxes.
TaxSlayer offers several packages with different features to cater to diverse tax scenarios. For those with straightforward tax returns, there are free filing options available. More complex situations can benefit from the comprehensive packages offered by TaxSlayer.
Users can conveniently input their tax information into the platform provided by TaxSlayer and use it to calculate their tax liability or refund amount.
Once all calculations are complete, they can electronically submit their completed tax returns through the same platform. Throughout this process, TaxSlayer also extends customer support and assistance for any queries or concerns that may arise during filing.
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Who Is TaxSlayer For?
TaxSlayer simplifies the tax return process for individuals who prefer a hands-off approach. If you're familiar with the income categories to report, deductions to claim, and credits available, you can bypass unnecessary interview screens and go straight to the relevant sections.
For those requiring more help, the software offers guided questions tailored to your tax situation. You can upgrade to a higher-priced package for support from a professional tax advisor.
This range of choices makes TaxSlayer an ideal tool for independent filers who may occasionally require guidance or encounter difficulties.
Other people who might benefit from using TaxSlayer include:
- Students: They’re often eligible for free filing due to financial circumstances.
- Self-employed individuals: TaxSlayer's Classic edition covers all tax forms, such as Schedule C for business or freelance income, Schedule E for rental income or pass-through entities, and Schedule F for farming. Unlike many other software options that require users to upgrade to a pricier package to file Schedule C, TaxSlayer offers the option to upgrade to the Self-Employed version with additional guidance and support from tax experts.
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TaxSlayer Pros and Cons
TaxSlayer Pros
- It ranks among the most budget-friendly options for tax filing
- It offers great value, especially for self-employed individuals seeking an economic choice
- Active-duty military personnel can file their federal return for free, regardless of their tax situation
- The free version permits claiming education credits and deductions for student loan interest
TaxSlayer Cons
- Expert support is exclusively provided with premium packages
- The interface needs to have the intuitiveness found in pricier services like H&R Block or TurboTax
- The free version doesn’t permit uploading or importing tax documents
- No provision for a tax expert to prepare or review your return
How Much Does TaxSlayer Cost?
TaxSlayer offers a more affordable solution than other tax preparation services. It’s particularly suitable for individuals with straightforward tax situations or those who are confident in handling their own taxes.
Please note that tax preparation companies often provide early-season discounts, and prices may vary. To stay updated on current offers, please visit the company's official website.
Simply Free: Available at no cost for eligible customers. Suitable for simple returns, covering W-2 income, unemployment income, tuition and fees deduction, and student loan interest deduction. Includes one free state return. Digital W-2 import isn’t supported. Manual entry or an upgrade to the Classic plan is required. Active duty military members can file federal and state returns for free in any tax situation without restrictions.
Classic: Priced at $32.95. TaxSlayer's most popular plan is suitable for nearly all tax situations. Ideal for those comfortable filing taxes with minimal guidance. Includes W-2 import or PDF upload.
Premium: Priced at $52.95. Includes all features of the Classic plan, with additional access to advanced customer support features such as live chat technical support, priority email and phone support with tax professionals, and three years of IRS audit support. Beneficial for individuals with complex situations requiring assistance.
Self-Employed: Priced at $62.95. While self-employed filers can use either the Classic or Premium plans, this plan is tailored for self-employment taxes. It offers a more affordable option than similar products from other tax preparation companies and includes personalized assistance from a tax professional.
>> Check Out the Best Pricing for TaxSlayer >>
TaxSlayer Features
TaxSlayer offers high-quality tax filing software at reduced rates. Let's take a closer glance at the features it provides:
Guided Navigation
TaxSlayer provides a user-friendly interface that effortlessly guides users through every aspect of its software. This seamless experience includes assistance with recent tax law changes and IRS limits adjustments. The updates in navigation bring TaxSlayer on par with the offerings of more expensive options like TurboTax, H&R Block, and TaxAct.
Specific Examples of Legitimate Deductible Expenses
TaxSlayer provides informative articles titled "How this works" that explain deductible expenses, making it simpler for individuals to grasp their eligible deductions. Alongside other premium features such as "Ask a Pro," filers can make informed decisions about whether they qualify for a credit or deduction.
Unlike many companies that offer software with generic "knowledge articles," TaxSlayer stands out due to the high quality and relevance of their articles.
All Forms Supported at Classic Level
TaxSlayer Classic offers full support for all major schedules and forms, making it suitable for individuals with self-employment or rental income. Opting for the Classic option is a cost-effective choice, especially when compared to other premium software options that charge approximately five times more for the same tax filing capabilities.
Pro Support Included With Premium
TaxSlayer Premium offers limitless personalized assistance from a tax expert. You can access this support through phone conversations or live chat sessions. The overall price of Premium, which includes support, is lower than what you would typically pay for standalone software at leading competitors.
IRS Inquiry And Audit Support
TaxSlayer's Classic level provides one year of support for IRS inquiries. For those who opt for TaxSlayer Premium, certified tax professionals offer assistance with IRS audits for up to 3 years.
Self-employed individuals can expect complete defense and legal representation from a tax pro in the event of an IRS audit, which is available for up to 3 years after their return is accepted. This valuable service sets TaxSlayer apart from its competitors, as it would typically come at a high cost elsewhere.
>> TaxSlayer: Get the Tax Help You Deserve >>
How Does TaxSlayer Work?
TaxSlayer, a company owned by Rhodes-Murphy & Co., is a long-standing participant in the computerized tax preparation services industry.
Getting started with TaxSlayer is a breeze. Once you create an account using your email and personal details, you'll be prompted to answer a series of inquiries regarding your financial situation for the relevant tax year.
It's important to have documents like W-2s, 1099s, 1098-Ts, and any other income or expense receipts that may qualify for deductions. While TaxSlayer offers a document upload feature, please note that it only supports a limited range of forms.
Once all questions are answered, TaxSlayer will calculate either your refund amount or the taxes you owe.
TaxSlayer’s Human Tax Help
TaxSlayer's paid packages differ based on the level of support they offer rather than their functionality. It’s important to note that while phone and email technical support is provided for free, the more valuable form of help, tax help, is only available for free to Premium and Self-Employed users.
This service, known as Ask a Tax Pro, requires users to submit their questions through their TaxSlayer accounts and doesn’t provide an on-screen experience as some other providers do. Within one business day, a tax pro from TaxSlayer will contact them either via phone or email.
The tax professionals at TaxSlayer are either IRS-enrolled agents or IRS-certified individuals. Some competitors in the tax software industry also employ certified public accountants. Users who opt for the Self-Employed package will have access to tax professionals who specialize in self-employment matters.
If You’re Audited
Facing an audit can be a daunting experience, so it's crucial to understand the level of help provided by your tax software. It's essential to distinguish between "support" and "defense."
Audit support refers to guidance on what to anticipate and how to prepare for an audit. However, if you opt for audit defense, you'll receive comprehensive representation from a tax professional when dealing with the IRS.
In the Classic tier, customers receive help with IRS inquiries for one year after their return is accepted. For an additional fee of $29, Classic tier users can also purchase audit assistance as an add-on service. Their Premium and Self-Employed packages include free audit assistance for three years.
They’re here to provide expert guidance throughout the auditing process and ensure you have peace of mind during this stressful time.
Self-Employed also offers audit defense, providing clients with legal assistance from a tax professional if they face an IRS audit within a three-year period.
Customers who choose the lower-tier services can purchase audit defense as an extra service. This can be bundled with SecurelyID, a partner service focusing on identity protection. The additional cost for this add-on is $44.
If You’re Getting a Refund
Regardless of your chosen method of filing, there are several ways to receive your refund:
The quickest option is to deposit the refund directly into your bank account. TaxSlayer allows you to divide the refund among multiple bank accounts if desired. Alternatively, you can opt for a Visa Green Dot Bank prepaid debit card (check if your state offers this option for state tax refunds) or receive it as a paper check.
Additional choices are available, such as applying the refund to next year's taxes or instructing the IRS to purchase U.S. savings bonds with your refund.
If preferred, you can also use a portion of your refund to pay for the software. However, please note that there will be an additional charge of $39.95 for this service.
Is It Safe And Secure?
TaxSlayer has implemented standard security measures to ensure the safety of user data. To log in, users are required to go through multi-factor authentication, and all data is encrypted on the servers.
However, TaxSlayer's security policies have sometimes been less robust. Back in 2015, there was a data breach that impacted 8,800 customers and resulted in improvements being made to their security protocols. One of these enhancements was the introduction of multi-factor authentication.
For the most part, users can have confidence in TaxSlayer's safety and security measures. It's important to remember that there are still some inherent risks when using online services for financial matters.
To mitigate these risks as much as possible, use unique passwords for each website you use and adhere to other best practices for cybersecurity.
TaxSlayer continuously strives to maintain a secure environment for its users while also reminding them about personal responsibility for online safety practices.
How Do I Contact TaxSlayer Support?
TaxSlayer offers a range of support choices, with the most comprehensive assistance available to Premium and Self-Employed tier users. However, all customers can access their support email form and live chat feature or call their helpline at 706-922-6741.
TaxSlayer has established a strong reputation for providing online customer service. Trustpilot rates the company at 4.3/5 based on over 24,000 customer reviews. Feedback primarily revolves around problems resulting from filing mistakes, suggesting that some users experience confusion during the filing process.
TaxSlayer Alternatives
Larson Tax Relief
With a diverse range of services in business tax, Larson Tax Relief is an exceptional option for resolving issues such as payroll and federal tax problems, conflicts with revenue officers, and worker classification concerns.
Larson Tax Relief provides comprehensive assistance for various types of tax debt relief. Whether it's personal IRS tax debt or corporate tax support, they’re well-equipped to help. They also specialize in helping clients with bank levies by delaying or preventing them.
Apart from receiving numerous positive reviews on customer review websites, Larson stands out due to its expertise in business tax services. The company handles all aspects of business tax preparation, including paperwork related to payroll taxes and corporate income taxes. Their proficiency ensures businesses can rely on them to handle their taxation matters.
Read our complete article on the best tax relief companies.
>> File Your Taxes Online With Larson Tax Relief >>
Anthem Tax Services
Anthem Tax Services provides various services, including IRS tax debt relief and corporate tax preparation. They assist clients in applying for various IRS tax debt relief programs, such as Offers in Compromise (OIC), innocent spouse relief, and achieving "currently not collectible" status.
Anthem's additional support with wage garnishment filing and tax levy release sets it apart from its competitors. Other companies in the industry only occasionally provide these services.
One notable aspect of Anthem's service is its exceptional money-back guarantee. If they achieve no form of resolution with the IRS whether it be a reduction in payment amounts or complete debt forgiveness, they will refund all of your money.
However, this guarantee doesn’t cover the initial investigation fee, which typically starts at $350, depending on the specifics of your case.
>> File Your Taxes Online With Anthem Tax Services >>
Community Tax Relief
Community Tax provides complimentary consultations and budget-friendly investigation fees ranging from $295 to $500.
Community Tax Relief's primary focus is on relieving IRS tax debt, with limited help available for state taxes. Similar to other companies in the industry, Community Tax handles a range of applications, including installment agreements and offers in compromise; however, it doesn’t provide innocent spouse relief.
What sets Community Tax apart is its bilingual assistance, both online and through its representatives. Aside from tax debt relief services, they also provide tax filing, bookkeeping, and business accounting services. The consultations are free. Their A+ BBB rating is reinforced by numerous positive reviews and prompt response times to customer complaints.
>> File Your Taxes Online With Community Tax >>
TaxSlayer – Frequently Asked Questions
Can TaxSlayer Be Trusted?
TaxSlayer prioritizes the safeguarding of your information through a range of security protocols. It enforces multi-factor authentication to confirm your identity each time you access the platform. To prevent erroneous calculations caused by duplicate expense entries, it’s crucial to review and verify your work for accuracy meticulously.
Is TaxSlayer Really Free?
Indeed, TaxSlayer offers a complimentary option for filing taxes. The eligibility criteria for using the free version include having a taxable income below $100,000, claiming the standard deduction, not having dependents to claim, and filing income types such as wages, salaries, tips, unemployment compensation, and taxable interest of $1,500 or less.
Do I Have to Use the Self-Employed Tier for My Side Hustle?
In terms of functionality, individuals can use the Classic tier for their self-employment and side gigs. However, those who desire professional assistance from experts in self-employment can choose to upgrade to the more costly Self-Employed tier.
Does TaxSlayer Offer Refund Advance Loans?
In 2024, TaxSlayer has chosen not to promote refund advance loans. Instead, they have partnered with Green Dot Bank to offer unbanked individuals the option of receiving their funds on a TaxSlayer debit card issued by Green Dot. However, it's important to note that this choice only allows people to receive their funds as usual.
Does TaxSlayer Offer Any Deals on Refunds?
TaxSlayer provides the convenient option of "file and go," which deducts fees directly from your refund. However, be aware that this convenience comes with an extra charge.
TaxSlayer Review: The Bottom Line
While TaxSlayer may have a different level of brand recognition than TurboTax and H&R Block, it provides affordable and user-friendly software. If having immediate access to a tax professional is essential to you, other competitors might be more appealing.
>> File Your Taxes Online With TaxSlayer >>
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