What You Need To Know Before You File
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TaxSlayer is a solid choice if you’re looking for an inexpensive tax software option with mobile app capabilities. The company’s 100% accuracy and maximum refund guarantees give added peace of mind.
- Key Takeaways
- Pros & Cons
- TaxSlayer allows you to prepare your tax return yourself with the help of their software and support team.
- TaxSlayer Premium and above tiers get live chat and access to support from tax experts.
- You can file your federal tax return for just $24.95 no matter how complicated your situation is without upgrading to higher tiers.
- The software and support arent high-end but get the job done for a budget tax preparation option.
- State return costs are affordable compared to many competitors.
Free filing for simple tax returns, including one free state filing
W-2 import available for paid versions
Relatively affordable add-on fee for state returns for versions other than Simply Free
Free federal tax return version including all tax situations available for military members
Phone and email support available for all pricing tiers
How Is K 1 Taxed
The profit or loss from Q1 is transferred to the individual declaration. Schedule K1 is a tax document similar to Form W2. Partnerships, S corporations, estates and trusts provide partners and shareholders K1 forms to file their individual tax returns. The income and tax debts are passed on to the taxpayer via a company or company.
Irs Free File Program Delivered By Turbotax
With the IRS Free File Program delivered by TurboTax, you can prepare and file your federal and Rhode Island personal income tax returns online at no charge if any of the following applies to you:
- Your federal adjusted gross income for 2020 was $39,000 or less or
- You are active duty military with federal adjusted gross income for 2020 of $72,000 or less or
- You are eligible for the federal earned income credit .
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Is Taxslayer Reliable And Safe
As for reliability it is possible to enter some expenses more than once, leading to incorrect calculations, so it’s important to double check your work to ensure accuracy.
Approved and Effective 10/11/17
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Is Taxslayer Legit Taxslayer Review 2022
TaxSlayer is a legit company and reliable. It offers a trusted tax preparation service alongside maximum returns and expert advice.
Unlike other big brands, TaxSlayer offers attractive and usable software at great price points. In addition, it offers meaningful support especially if youre willing to go for a paid package.
However, It has to work on its incessant deductions from users accounts. Series of complaints and reviews on bbb.org centers on unauthorized debits from accounts. Although TaxSlayers makes efforts to refund such deductions the company must put this singular action and stop it from reoccurring.
See the table below for a due comparison of the pros and cons of using TaxSlayer and your tax returns plug. Click the button immediately if this service looks like what you wish to use.
|TaxSlayer Reviews Pros|
How Does Taxslayer Work
TaxSlayer is a subsidiary of Rhodes-Murphy & Co, which is one of the oldest players in computerized tax preparation services.
Signing up for TaxSlayer is easy. After you set up an account with your email address and personal information, you’ll be asked a series of questions about your finances for the tax year in question. You’ll need things like W-2s, 1099s, 1098-Ts, and any other receipt of income or expenses that may be deductible. TaxSlayer has a document upload feature, but it supports a limited number of forms and doesn’t always work.
After you’ve answered all the questions, TaxSlayer will calculate your refund or tax due.
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Can I File My State Taxes For Free
That depends. You can file a state tax return for free with TaxSlayer if you qualify for TaxSlayer Simply Free.
Simply Free is available to you if your taxable income is less than $100,000, you dont claim dependents, your status is single or married filing jointly, and your income only comes from wages, salaries, tips, taxable interest of $1,500 or less and/or unemployment compensation. You must also claim the standard deduction.
If your tax situation is slightly more complex and you dont meet the requirements above, you can file your federal and state returns with TaxSlayer Classic instead for less than the other guys.
Is Taxslayer Better Than Turbotax
TaxSlayer and TurboTax offer similar services. But which is better for you will depend on the number of features available. When compared to TurboTax, TaxSlayer offer the same service as TurboTax at a cheaper rate.
It also has better customer service representation than its competitor. It provides different outlets to answer customers questions and proffer solutions.
The table below compares Other TaxSlayer Competitors.
|Screen sharing, online FAQs, phone and chat|
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Nearly 2 Million Hoosier Taxpayers Will Qualify For Indiana Freefile Are You One
- Faster refunds: A paper-filed return can take up to 8 weeks versus up to 2-3 weeks for an electronically filed return.
- Confirmation:Youll receive confirmation that your return was received and accepted.
- 24/7 access:You can access INfreefile at any time, day or night.
- Easy to use: All INfreefile options are user-friendly and include step-by-step instructions.
- Fewer errors:Electronically filed returns have a 2% error rate, compared to a 20% error rate for paper-filed returns.
- More efficient:You can prepare and file your federal and state tax returns at the same time.
- Convenient:INfreefile provides the added convenience of direct deposit for refunds and direct debit for payment of taxes owed.
Best Free: Credit Karma Tax
Completely free tax filing for all users
Support for most common forms and situations
Included audit defense
No support for part-year state returns or multiple state returns
No support for nonresident state returns
Some forms not supported
If you think you should be able to do your taxes for free no matter what, you should consider Credit Karma Tax. This online tax preparation software is made by the consumer credit company, Credit Karma. It really is free for personal taxes, including those who are self-employed and filing a Schedule C.
There is only one version of Credit Karma Tax, which you can access through your web browser or the Credit Karma mobile app. This software includes features that you often have to pay for with other software programs. Credit Karma even includes forms for investments, sole proprietorships, investment properties, and other sometimes-complex situations.
Users have access to basic support online, but there is no phone or video support available. This less-robust support isnt a surprise, however, because the service is free. If you have very complex taxes or expect youll need help along the way, you may want to choose a tax software that gives you an option for live support or access to a tax professional.
|Free for all federal and state returns|
|Support for all included tax situations|
|No support for multiple states or part-year state returns, foreign income, and other less-common situations|
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Our Security Practices And Information Accuracy
TaxSlayer understands the importance of protecting customer information. TaxSlayer adheres to regulatory, security, and privacy standards applicable to the tax preparation industry. TaxSlayer web-based and desktop applications have a proven record of securing TaxSlayer information by utilizing a variety of security related technologies including, but not limited to, firewalls, intrusion detection systems, web application firewalls, encryption, access controls, network isolation, auditing systems, data classifications, and data obfuscation. In order to protect the data as our client enters it in the system, TaxSlayer incorporates the use of SSL encryption facilitated by an Extended Validation SSL Certificate issued by a recognized trusted certificate authority. TaxSlayer utilizes security guards, access controls, biometrics, man traps, and other security mechanisms to protect physical access to the datacenter.
How Do Online Tax Software Programs Work
While online tax software is easy to use, it can be difficult to decide which one is right for you. Each software brand also offers different versions with elevated and select features for higher prices. Premium and deluxe versions often have the same base features, but include additional benefits at a cost like the aforementioned tax adviser. Brown, who’s spent six years in personal tax consulting before moving into wealth management, told Shopping hes counseled many clients on finding the right tax software, including both online and desktop versions.
Most options model their software to make it feel like youre having a conversation with someone, said Brown. There are some distinctions in the way they process that information and the support they offer, which is where price comes in.
The average tax preparation fee for a tax professional to prepare a Form 1040 which is the most common type of income tax return and state return with no itemized deductions is $220, according to a survey by the National Society of Accountants. Those who use tax prep software typically spend $100 or less, said Andrea Coombes, a tax expert with NerdWallet.
Cost Of Diy Options And What They Cover
- Simply Free:$0. For simple returns, including W-2 income, unemployment income, tuition and fees deduction, and the student loan interest deduction. One downside is that you can’t import your W-2 digitally. You’ll have to either enter the information manually or upgrade to the Classic plan.
- Classic:$17.95. TaxSlayer’s most popular plan because it can be used for almost any tax situation. If you feel confident filing your taxes with minimal guidance, this is the most cost-efficient package. It includes W-2 import or PDF upload.
- Premium:$37.95. Everything included in the Classic plan, plus access to advanced customer support features, including live chat technical support, front-of-the-line privileges for email and phone support with tax professionals, and three years of IRS audit support. This is great for people with complicated situations who need a little help along the way.
- Self-Employed:$47.95. Self-employed filers can use the Classic or Premium plans to file, but this plan sets up the interface to take you through self-employment taxes specifically. This plan is much cheaper than self-employed products from other large tax prep companies and includes one-on-one help from a tax professional.
Helps You Load Your Refund
Getting a refund usually entails choosing a direct deposit, applying the refund to next years tax, or directing the IRS to buy US savings bonds with your refund.
TaxSlayer.com helps its customers load their refund onto a Green Dot Bank prepaid debit card. For clients using a paid package, they are allowed to pay for the software out of your refund.
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Best For Expert Advice: Jackson Hewitt
Jackson Hewitt’s Tax Pro From Home service gives you an option for a hybrid online tax preparation experience that puts the heavy lifting in the hands of a professional tax preparer. We chose this software as best for expert advice.
Access live support or pay additional fees to have a tax professional take over
Additional audit support requires an added fee
Few software options mean you could pay more depending on your needs
Do-it-yourself software features less-robust customer support
Jackson Hewitt is a well-known name in tax preparation. Though many people know this brand thanks to its network of offices around the U.S., it also offers online software to complete your taxes on your own: Tax Pro From Home.
There are three versions of Tax Pro From Home and each one offers more features than the last but at a progressively higher cost.
If you want expert advice while working on your taxes, you have a couple of upgrade options available. The online software includes online support and real-time customer service access. If youre willing to pay more, you can take advantage of a hybrid online tax-prep service where you upload your documents and a professional preparer takes care of the rest. With Tax Pro From Home, your taxes are ready within seven days.
|$25 including federal and unlimited states||$69 to $249 + per state fee|
|All tax situations included||Full-service tax prep with tiered pricing based on your tax needs|
|File online, but not traditional tax software|
What Is The Cost Of Tax Software
Tax software can range in cost from free to around $200, depending on the software you choose and your specific needs.
Most major tax apps offer a free version to lower-income filers or those who meet specific income or other eligibility criteria. Most filers will likely find their cost around $40 to $100 for federal taxes and another $40 to $50 for each state. However, those who are self-employed or with more complex returns could wind up paying more, depending on the software you choose.
The major exception is Credit Karma Tax, which offers a completely free tax filing program no matter what forms you need. Credit Karma Tax doesnt support every unique tax filer situation, however, so be sure to review its capabilities before you start completing forms.
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If You’re Getting A Refund
No matter how you file, you can choose to receive your refund several ways:
A direct deposit to a bank account is the the fastest option. You can also have it loaded onto a Visa Green Dot Bank prepaid debit card or sent as a paper check.
Other options include applying the refund to next years taxes, or directing the IRS to buy U.S. savings bonds with your refund.
You have the option of paying for the software out of your refund. But theres a $39 charge to do that.
Taxslayer Plans Pricing And Features
TaxSlayer offers four main tax preparation plans: Simply Free, Classic, Premium, and Self-Employed. It also provides a separate Military package for active-duty filers, who must receive a W-2 from an employer identification number related to the military or Department of Defense to qualify. The Military version includes a free federal return with all federal forms and applies to all tax situations.
As a new TaxSlayer filer, you must choose your package when you begin the filing process. If you attempt to do something the plan you chose doesnt support, the software prompts you to upgrade.
Final pricing is set when you e-file and is subject to change without notice as tax season wears on, so your initial quote might rise by the time you complete your return. Plan accordingly.
For all packages, TaxSlayers system offers you a choice between a guided, interview-style wizard that walks you through the preparation process step by step and a self-guided platform that lets you choose which forms and sections to complete and when. You can navigate between the wizard and the self-guided system at will, which is helpful if youre confident enough to fill out some sections on your own but feel you need assistance with others.
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Are There Any Downsides To Using Taxslayer
You may encounter some inconveniences on TaxSlayer’s platform. The interface is clunky. While you can jump around and edit information, you’ll have to click through a few screens to find the appropriate income, credit, or deduction information.
Also, the free plan doesn’t allow you to upload or import tax documents. Even when these features are available for higher-tier plans, they don’t always work.
If you know enough about your taxes to catch potential data-entry errors, you may feel comfortable using TaxSlayer. Just bear in mind that while it is less expensive than some other companies, it’s not a plug-and-go platform it may take longer to prepare and file your taxes.
Turbotax Vs Taxslayer: Features
TaxSlayer is less expensive, but thats largely because it offers fewer features than TurboTax. You basically pay to get access to the tax forms you need. There are relatively few other extras, like calculators and expense trackers.
TurboTax also has more educational content for filers. All TurboTax options include guidance from an audit expert in case you get audited. That gives you support for one year and an expert will help you prepare for an audit. The equivalent service from TaxSlayer is only available with the Premium option.
The biggest feature that may sway someone to choose TurboTax over TaxSlayer is the targeted advice for self-employed filers and business owners. This is only available with the more expensive options, but you will go through a process built to help freelancers, contractors and small business owners. You also get a year of access to QuickBooks Self-Employed if you use this filing option. This helps you track things like travel and business expenses. TaxSlayer does have a filing options that targets self-employed filers, but it doesnt offer the same level of special assistance that TurboTax does.
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