TaxSlayer
TaxSlayer
Which Version is Right for You?
If filing your taxes is as intimidating as going to the gym, yet you don’t want to pay the high fees tax preparation companies charge, you may consider a software program to file them yourself.
TaxSlayer provides everything you need to file your taxes from the comfort of your own home but at a fraction of the price the local tax preparation company charges. They provide all the tools you need to ‘slay’ your taxes, but they offer four programs – which one is right for you?
Simply Free
If you have a simple tax situation (only a 1040), you’re in luck. The Simply Free program files your taxes (state and federal) for free. You don’t have to sacrifice support or be on the hook for mistakes either – TaxSlayer provides phone and email support and the same 100% accuracy guarantee they offer on all their programs.
What it Includes:
The Simply Free version includes everything you need to file a ‘basic’ tax return at both the federal and state levels including:
- Preparation of your basic federal and state tax returns
- Print and file your federal and state tax returns
- Write off student loan interest and other education credits
- Upload last year’s taxes from any software program
- Compare last year’s taxes to this year’s to ensure you didn’t miss anything
- 100% accuracy guarantee, you’ll receive reimbursement for any penalties or interest charged for any errors due to TaxSlayer’s calculations or formulas
- Unlimited support via email or phone
Who Should Use It:
You can only use the TaxSlayer Free Edition if you meet the following:
- Are a US citizen
- Your adjusted gross income is $100,000 or less
- You are 51 years old or younger
- You have no dependents
- You file either single or married filing jointly
- You have only W-2 or unemployment income (it can include salaries or tips)
- Your interest income doesn’t exceed $1,500
- You’ll use the standard deduction
The Cost
The TaxSlayer Free Edition is completely free for one federal and one state tax return.
Pros
- It’s free
- TaxSlayer provides free phone and online support
- You can upload last year’s taxes to make filing this year’s taxes easier
Cons
- You can’t itemize deductions
- Any income over $100,000 disqualifies you
Classic
If you don’t qualify for the free edition, the Classic Edition fits most situations. There aren’t any restrictions on specific situations (including self-employment) and TaxSlayer helps you get the maximum refund.
What it Includes:
The Classic Edition suits almost any tax situation and includes:
- Prepare, print, and file your federal taxes
- Upload last year’s return for an easier transition (even from another program)
- Import your W-2s and use autofill from last year’s return to save time
- Explore all tax credits and deductions
- Assistance with IRS inquiries for one year after filing your taxes
- 100% Accuracy Guarantee including any tax law changes
Who Should Use It:
Anyone can use the TaxSlayer Classic Edition. They have no restrictions. You can even use it if you’re self-employed. While there are benefits of upgrading to one of the higher plans if you have a complicated tax situation, if you’re trying to stick to a budget, the Classic Edition provides plenty of support and addresses all situations.
The Cost
The Classic Edition costs $24.95 to file your federal tax return. If you also want to file your state return, TaxSlayer charges an additional $39.95.
Pros
- Includes all types of income and deductions/credits including the Earned Income Tax Credit
- Allows uploading of last year’s tax information for faster filing
- Can deduct the cost of TaxSlayer from your refund for no out of pocket costs
Cons
- It costs extra to file your state taxes
- No live chat option or support from a professional
Premium
If you like live chat options or want priority phone support, the Premium option is a good choice. It covers all the same tax situations as the Classic edition, but you get help from a tax professional and can skip to the front of the line when you need help.
What it Includes:
The Premium Edition includes everything from the Classic Edition including:
- Prepare, print, and file your federal taxes
- Upload last year’s return for an easier transition (even from another program)
- Import your W-2s and use autofill from last year’s return to save time
- Explore all tax credits and deductions
- 100% Accuracy Guarantee including any tax law changes
It also includes:
- Audit assistance for up to 3 years after your tax return is accepted
- Support from a tax professional including personal guidance and answers to your questions
- Skip to the front of the line for phone or email support
- Access to live chat for fast technical support
Who Should Use It:
If you like a bit of hand-holding while you file your taxes, the Premium version offers the support you need at a fraction of the price of using a live advisor.
While anyone can use the Classic version, you don’t get the same level of support. Whether you’re new at filing your own taxes or you have a difficult tax situation that having personal support would make you feel better, this plan is a great option.
The Cost
The Premium Edition costs $44.95 for a federal return. If you also need to file your state taxes, it’s an additional $39.95.
Pros
- Priority access to personalized support whenever you need it
- Works with all tax situations including self-employed individuals
- Support during an audit for up to 3 years
Cons
- It costs extra to file your state taxes
- It’s not as well-known as TurboTax and other tax platforms
Self-Employed
Self-employed individuals have more complicated tax situations than most others. If you’re concerned about your type of employment, have questions about deductions, or need specialized support just to make sure you’re doing your taxes right, the Self-Employed option is a great choice.
What it Includes:
The Self-Employed edition includes everything the Classic and Premium editions include with the addition of the following:
- Access to a tax professional who specializes in self-employment
- Unlimited support with your 1099 and Schedule C forms, ensuring you have access to every deduction
- Access to personalized tax tips for the self-employed year-round
- Reminders to make your quarterly tax payments so you avoid penalties and interest
Who Should Use It:
Anyone who is self-employed including independent contractors, gig workers, or anyone who receives a 1099 or other gig payments can benefit from the high level of support offered in the Self-Employed edition.
The Cost
The Self-Employed edition costs the most at $54.95 plus $39.95 for state tax filing, but it also gives you the chance to maximize your deductions, lowering your tax liability as a self-employed taxpayer.
Pros
- Access to personalized support just for self-employed individuals
- Easy to use interface that makes it easy for complicated tax situations
- Support if you are audited
Cons
- It costs extra to file your state taxes
- It’s the priciest option
TaxSlayer Military
TaxSlayer Military is a free program for all active-duty military personnel. There aren’t any restrictions on income type, deductions, or any other restrictions. You get everything you need to file your taxes for free, and it includes IRS inquiry assistance for up to one year after filing your tax returns.
Bottom Line
TaxSlayer offers a variety of products from simple to complex. Whether you have only a 1040 or you’re a self-employed individual, there is a program for you. If you are a pro and can do your taxes with no support, the free version is a great option, or stepping up to the Classic edition gives you the support and access to all forms for any type of income at a great price.