Initial Understanding of TaxSlayer

Our Rating: 4.5/5 stars

Insight: TaxSlayer offers a remarkable value proposition for its users, regardless of the tier they select. With a free federal version tailored for simple tax situations, a Classic tier that grants access to additional deductions, credits, and forms, and a Premium tier that provides robust customer support capabilities, TaxSlayer ensures that there is a suitable service for every individual’s needs. Moreover, active military personnel can file their federal returns free of charge, further enhancing the appeal of this tax preparation software.

Streamlined and Cost-Effective Tax Preparation for Diverse Needs

For many individuals, the thought of tackling tax filing can be daunting, yet it remains an essential task to avoid IRS complications. Thankfully, efficient tax preparation software can alleviate this burden, with TaxSlayer emerging as a popular choice.

Although offering fewer bells and whistles compared to its counterparts, TaxSlayer stands out for its affordability, making it an ideal option for those seeking budget-friendly solutions and comfortable with self-filing. Delve deeper into pricing, features, support options, and the merits and demerits of TaxSlayer in our comprehensive review.

Benefits:

• Premium tiers are reasonably priced compared to competing products

• A free version is available for eligible users

• Active-duty military members can file their federal returns at no cost

Drawbacks:

• Certain tax credit forms are not accessible in the free version

• The free version is unavailable for high-income users

TaxSlayer Overview

1. Price Options:

• Simply Free: $0

• Classic: $30.36 (normally $37.95) + $44.95 per state return

• Premium: $46.36 ($57.95 regular price) + $44.95 per state

• Self-Employed: $54.36 ($67.95 standard rate) + $44.95 per state

2. Assurances: Maximum refund guarantee, 100% accuracy promise

3. W-2 and Prior Year Data Import: Supported

4. Audit Assistance: Ranges from basic inquiry help to full audit defense, depending on the tier selected

5. Access to Tax Professionals: Available with Premium and Self-Employed tiers

Pricing Details

When it comes to tax preparation solutions, TaxSlayer stands out for its accessible pricing and comprehensive range of offerings. Unlike some competitors that charge exorbitant fees, TaxSlayer caters to various tax filers with a selection of products at reasonable rates. Let’s delve into the pricing structure and what each package entails:

1. Simply Free

• Summary: Basic 1040 filing option, free federal returns, phone and email support

• Federal: $0

• State: The Simply Free tier includes one free federal return, with the possibility of a free state return during certain periods of the tax season.

2. Military

• Summary: Suitable for any tax situation, IRS inquiry support for up to 1 year, access to major tax forms, phone and email support

• Federal: $0

• State: $44.95

3. Classic

• Summary: Suitable for any tax situation, IRS inquiry support for up to 1 year, access to major tax forms, phone and email support

• Federal: $30.36 (Regularly $37.95)

• State: $44.95

4. Premium

• Summary: All features of Classic, IRS inquiry support for up to 3 years, one-on-one assistance from tax professionals, live chat, and priority support

• Federal: $46.36 (Regularly $57.95)

• State: $44.95

5. Self-Employed

• Summary: All features of Premium, assistance with 1099 and Schedule C, reminders for estimated tax payments, educational resources for easier tax filing, audit defense for 3 years

• Federal: $54.36 (Regularly $67.95)

• State: $44.95

Features

TaxSlayer incorporates several convenient functionalities that are commonly found in tax preparation software solutions, including:

• Inputting W-2 and prior year returns

• Utilizing a tax refund calculator

• Accessing tax law information

• Offering a 100% accuracy and maximum refund guarantee

• Providing support through phone, email, and live chat, depending on the product tier

• Accessing tax professionals with higher-tier products

• Receiving audit assistance, depending on the product tier

With the 100% accuracy guarantee and the maximum refund guarantee, TaxSlayer customers can rest assured that their tax returns are meticulously prepared, and they will receive the largest possible refund owed to them. The maximum refund guarantee is a testament to TaxSlayer’s confidence, as it pledges to reimburse the cost of their services if a larger refund or a smaller tax liability is identified elsewhere. Audit assistance is also available with higher-tier services, excluding the free version.

Support

Depending on the specific TaxSlayer product chosen, users can access varying levels of support:

1. For those utilizing the Simply Free, Military, or Classic versions, telephone and email ticket support are available. While TaxSlayer does not explicitly specify the hours of operation for their support team, they provide the following channels for assistance:

• Call 706-922-6741

• Submit an email ticket

2. Users who opt for the TaxSlayer Premium or Self-Employed packages gain access to live chat support, enabling real-time communication with knowledgeable representatives. Additionally, these premium tiers offer the invaluable opportunity to consult with professional tax experts, ensuring that even the most complex tax scenarios are navigated with confidence.

3. TaxSlayer’s commitment to superior customer service is further exemplified by their priority assistance offering. With higher-tier products, users can bypass extended wait times, receiving expedited attention and prompt resolution of their tax-related queries over the phone.

Audit Assistance

Receiving an audit notice from the Internal Revenue Service can be an unsettling experience for any taxpayer, even those who maintain meticulous records. Fortunately, TaxSlayer recognizes this concern and offers varying levels of audit support across most of its tax preparation packages, though it is important to note that this service is not available with the Simply Free option:

• Classic and Military: If you find yourself facing inquiries from the IRS regarding your tax return, TaxSlayer will provide assistance for up to one year after your return has been accepted by the Internal Revenue Service.

• Premium: In the event of an audit, TaxSlayer’s team of certified tax professionals will be at your disposal to guide you through the process for up to three years following the initial acceptance of the audited return.

• Self-Employed: For those who file as self-employed individuals, TaxSlayer offers the expertise of an IRS enrolled agent, who can provide dedicated audit defense for up to three years.

Should the IRS initiate contact regarding an audit, it is advisable to promptly reach out to TaxSlayer’s customer service team. You will be required to provide a copy of the form received from the IRS, your current contact information, and your TaxSlayer username or the email associated with your account. This information will enable the TaxSlayer team to locate your account and provide the appropriate level of assistance to which you are entitled.

Refund Choices

When it comes to receiving your tax refund, TaxSlayer offers four distinct options, all of which are commonly available through other tax preparation services:

• Check: Refund checks are mailed to your designated address, typically arriving within 18 to 28 days after your returns have been accepted.

• Direct deposit: For a more expedient process, refunds can be directly deposited into your checking, savings, or prepaid debit card account, generally taking 10 to 21 days after acceptance.

• Prepaid card: Alternatively, refunds can be deposited onto a TaxSlayer Visa® Debit Card powered by Green Dot, or your personal prepaid card. Green Dot cards are typically mailed within 15 days of your return being accepted.

• Refund transfer: This option allows for your refund to be direct-deposited into your checking, savings, or prepaid debit card account, with the added convenience of having your tax preparation fees deducted from the refund amount. This process typically takes between 10 and 18 days after acceptance.

Evaluating TaxSlayer’s Offerings

1. Robust Complimentary Option

For individuals with straightforward tax circumstances who feel confident in self-preparing their returns, TaxSlayer’s free tier stands out among its competitors. This no-cost version caters to basic federal tax situations and may encompass state filing as well. It provides access to phone and email support, enabling you to file your federal return without any charges, provided you meet the following criteria:

• Taxable income falls below $100,000

• No dependents to be claimed

• Opting for the standard deduction

The Simply Free edition offers the ability to claim the student loan interest deduction and education credits, proving advantageous for those with outstanding loans or currently enrolled in higher education. However, eligibility for this tier is not extended to self-employed individuals, those seeking to claim the Earned Income Tax Credit (EITC), or those with rental income or stock sales. Additionally, it does not support itemized deductions, necessitating an upgrade to a paid tier for those wishing to itemize.

2. Cost-Effective Pricing Structure

In addition to its Simply Free version, TaxSlayer presents affordable pricing options for its higher-tier products, catering to a wide range of tax filers. Thus, even those with intricate tax situations can potentially utilize TaxSlayer’s services. Nonetheless, it is important to note that their offerings may not encompass the extensive features found in premium tax preparation services.

3. Potential Limitations for Unique or Complex Scenarios

TaxSlayer may not be the optimal solution for individuals facing unique or complex tax situations. For instance, self-employed filers with multiple 1099s, individuals with numerous rental properties, or those in other uncommon financial circumstances may find TaxSlayer less accommodating. If seeking in-person assistance for navigating through various forms and tax regulations, considering a competitor with physical locations might be more advantageous.

Should You Choose TaxSlayer for Tax Preparation?

The decision to use TaxSlayer for your tax preparation needs hinges on your specific tax situation and the features you prioritize in a tax software. TaxSlayer offers a budget-friendly solution and several convenient tools for tax filers, including an intuitive online interface and a mobile application. If your tax circumstances are straightforward and you qualify for their free version, TaxSlayer presents a compelling option.

For those opting for TaxSlayer’s higher-tier packages, the software provides one-on-one assistance from tax professionals and priority support should you require additional guidance. Overall, its feature set, pricing structure, and support offerings make TaxSlayer a viable choice for consideration. However, if you have a complex tax return, particularly as a self-employed individual, TaxSlayer’s offerings may not be the optimal solution.

FAQs

Q1: How many tax returns can I submit with TaxSlayer?

A1: TaxSlayer permits one federal income tax return per account, but you can link up to five accounts to a single email address. IRS regulations cap individual returns at five. This limitation doesn’t apply to professional tax preparers, who can utilize TaxSlayer’s Pro version for business-related filings.

Q2: Is TaxSlayer genuinely free?

A2: TaxSlayer’s Simply Free option includes one complimentary federal return. At times during tax season, it may also cover state returns or be free based on promotions, coupons, or discounts. However, eligibility criteria, such as a basic 1040 form, apply. For more complex tax situations, upgrading to a higher-tier version is likely necessary, with pricing contingent on the chosen package.