TaxSlayer Review: Straightforward Tax Prep at an Affordable Price

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TaxSlayer

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• Our Rating 4.5/5 How our ratings work

Regardless of which tier you opt for, TaxSlayer offers users an incredible amount of value for a relatively affordable price. Featuring a free version meant for simple tax situations, as well as a Classic tier that includes access to additional deductions, credits and forms and a Premium tier that comes with robust customer support functionality, you'll likely be able to find a service offered by TaxSlayer that satisfies your needs. Plus, active military members can file their federal returns for free with TaxSlayer.

Straightforward, Budget-Friendly Tax Prep for Most Tax Needs

Tax time is almost here again, and if you’re like many people, you’re probably not looking forward to filing your taxes. Despite this, doing your taxes is a necessary evil if you want to avoid expensive consequences from the IRS.

Fortunately, the right tax preparation software can simplify the tax filing process. And TaxSlayer is one popular prep software to consider. While it offers fewer features than some competitors, it’s also an affordable option. For this reason, it’s a good choice if you’re looking for budget-friendly software and are comfortable doing your own taxes.

Learn more about pricing, features, support, and the benefits and drawbacks of this tax prep software in our TaxSlayer review.

At a Glance

Features

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TaxSlayer offers several convenient features that are fairly common among tax prep software, including:

• W-2 and prior year return inputting
• Tax refund calculator
• Tax law information
• 100% accuracy and maximum refund guarantee
• Phone, email, and live chat support, depending on your product tier
• Access to tax professionals with higher-tier products
• Audit assistance

TaxSlayer customers can enjoy peace of mind with their 100% accuracy and maximum refund guarantee. The maximum refund guarantee offers to reimburse you the cost of its services if you see a larger return or smaller tax due elsewhere. Audit assistance is also available with TaxSlayer’s higher-tier services, though you won’t get this benefit with the free version. 

Pricing

While some tax prep software makes you pay a premium to file returns, TaxSlayer isn’t one of them. It offers five products catered to different tax filers, and its reasonable prices make it a compelling choice for do-it-yourself tax preparers. Here’s how its pricing structure works and what you get for your money:

Support

If you’re filing taxes using the Simply Free, Military, or Classic versions of TaxSlayer, you’ll get access to phone and email ticket support. Unfortunately, TaxSlayer doesn’t specify which hours or days its support team is available, but it mentions that you’ll get a response within 72 when you submit an email ticket. 

• Phone: 706-922-6741
• Email ticket: https://www.taxslayer.com/2022/avalon/support/contact 

When you opt for the TaxSlayer Premium or Self-Employed package, you’ll get live chat support and help from a tax professional. TaxSlayer also offers priority assistance with its higher-tier services, meaning you can skip the lines and avoid waiting on the phone to get your tax questions answered.

Audit Help

An IRS audit is enough to rattle even the most laid-back tax filer. Fortunately, TaxSlayer provides IRS inquiry help for most of its packages, though this audit support isn’t available with the Simply Free option.

With the Classic and Military versions, you’ll get up to one year of IRS inquiry help, and you’ll get up to three years if you opt for the Premium plan or Self-Employed version of TaxSlayer. This gives you peace of mind that if you receive an audit letter, you’ll have a team of professionals in your corner to advise you.   

If the IRS contacts you about an audit, reach out to TaxSlayer’s customer service team. You’ll need to provide a copy of the form you received from the IRS, your contact information, and your TaxSlayer username or the email on your account. This information will help the TaxSlayer team find your account and provide the assistance you need.

Refund Options

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You can choose from four refund options with TaxSlayer, all of which are fairly common with other tax preparation services:

• Check: Refund check(s) are sent by mail, which generally takes about 18-21 days after your returns are accepted. 
• Direct deposit: Refund(s) are direct-deposited into your checking, savings, or prepaid debit card account. This takes around 10-21 days. 
• Prepaid card: Refund(s) are deposited onto a TaxSlayer Visa® Debit Card powered by Green Dot, or your personal prepaid card. TaxSlayer doesn’t specify when you’ll receive your return, but it mentions Green Dot cards are mailed within 15 days of your return being accepted.
• Refund transfer: Refund(s) are direct-deposited into your checking, savings, or prepaid debit card account, with tax prep fees deducted from your refund. This takes around 10-21 days.

How TaxSlayer Compares

Robust Free Tier

If you have a fairly simple tax situation and you’re comfortable tackling your own taxes, TaxSlayer's free tier is quite robust compared to other tax software. With TaxSlayer Simply Free, it comes with phone and email support, and you can file federal and state returns at no cost, provided you meet certain criteria:

• Taxable income below $100,000
• No dependents to claim
• Taking the standard deduction

Simply Free gives you the option to claim the student loan interest deduction and education credits, which is helpful if you have outstanding loans or you’re still in college. Unfortunately, you won’t be eligible for Simply Free if you’re self-employed, you plan to claim the Earned Income Tax Credit (EITC), or you have rental income or stock sales. It also doesn't support itemized deductions, so you'll need to opt for a paid tier if you want to itemize. 

Affordable Pricing

Besides its Simply Free version, TaxSlayer offers affordable pricing on its higher-tier products, making it suitable for many tax filers. So even if you have a complicated tax situation, TaxSlayer can probably still get the job done. That said, it doesn’t have as many features as premium tax preparation services.

Not Ideal for Unique or Complex Situations

TaxSlayer may not be the best fit for those with complex situations. For example, if you’re a self-employed filer with multiple 1099s, or have a slew of rental properties, or another rare financial situation, TaxSlayer may not be the most convenient. If you're in need of in-person help to navigate the various forms and tax laws, consider a competitor with brick-and-mortar locations.

Is TaxSlayer Worth It?

TaxSlayer may be worth it, depending on your tax situation and what you’re looking for in a tax prep software. It’s budget-friendly and has several convenient features for tax filers, including an intuitive online dashboard and a mobile app. And if you have a simple tax situation and can take advantage of its free version, TaxSlayer is a very compelling option. 

With TaxSlayer’s higher-tier packages, you can also get one-on-one help from a tax pro and priority assistance if you need extra guidance. Overall, its features, pricing, and support options make it worth considering. But its self-employed tier might not be the best choice if you have a complicated tax return.

Bottom Line

There’s no shortage of tax preparation software available if you’re looking for help with your returns. So it’s smart to start comparing options now so you can be ready for Tax Day. TaxSlayer is one platform to put on your list if you’re researching tax prep software. While it may not be the best option if you’re self-employed, it’s a solid platform that would work well for many tax situations. 

FAQs

• Is TaxSlayer really free?

  If you’re eligible for TaxSlayer’s Simply Free version, you won’t pay anything to file your state and federal taxes. But if your tax situation is more complicated, you’ll likely need to pay for a higher-tier version of the TaxSlayer software. Regular prices range from $34.95 to $64.95, depending on the version you want.

• Is TaxSlayer IRS approved?

  Yes, TaxSlayer is a legitimate, IRS-approved tax filing service. Once you file your returns electronically using its software, they’ll be submitted directly to the IRS for review.

• How long does TaxSlayer take to approve?

  TaxSlayer doesn’t specify how long it takes to get returns approved. But it does indicate that the IRS processes most returns within 21 days. The amount of time it takes to receive your refund can vary, though. For instance, it may be as little as 10 days if you opt to receive it via direct deposit.

• Does TaxSlayer have any hidden fees?

  TaxSlayer has a straightforward, transparent pricing structure with no hidden fees. Prices start at just $0 for its Simply Free version and go up to $64.95 for its Self-Employed version (plus an additional $39.95 for state filing.) Product features and pricing are clearly spelled out on the TaxSlayer site.

• How many tax returns can I file with TaxSlayer?

  You can only file one federal income tax return per account with TaxSlayer, but you can link up to five accounts to one email address. The IRS has rules in place about how many returns and individual can file, and the maximum number is five returns. Unfortunately, there’s no way to bypass this rule as an individual.

  However, if you’re a professional tax preparer, you aren’t limited to five returns. TaxSlayer also offers a Pro version to help business owners filing returns on behalf of others.