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TaxSlayer; Insider
- Offers four plans for filing taxes online, with varying levels of customer support.
- Plans range from $0 to $49.95 for a federal return, plus $39.95 for a state return.
- TaxSlayer is our top value pick for self-employed filers, and a good option for others with straightforward taxes.
- See Personal Finance Insider's picks for the best tax software.
Filing your taxes can be a bit like your first trip to the gym — you don't want to spend the money, you aren't sure how everything works, and you keep putting it off. But if you use the right equipment, the process isn't as terrible as you expected.
Here's a look at how TaxSlayer works, how much it costs, and who it's best for.
TaxSlayer | |
| Editor's rating | 4.6 / 5 |
| Review summary | TaxSlayer is cheaper than competing tax prep services. It's best for people who either have a simple tax situation or are comfortable with the tax-filing process. |
| Cost of DIY filing | $0 - $49.95 +$39.95 per state return |
| Details |
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Free version covers | For AGI above $73,000: W-2 income; unemployment income; tuition and fees deduction; student loan interest deduction For AGI below $73,000: everything |
Who Should Use TaxSlayer?
TaxSlayer's biggest draw is price. If you know what you're doing, don't need much assistance, and have all your information ready to go, TaxSlayer is a strong low-cost option for filing taxes.
Anyone who doesn't have either a straightforward, simple tax situation (i.e. someone who earns only W-2 income) or experience filing more complicated taxes (i.e. a longtime self-employed filer) might run into trouble with TaxSlayer.
How Much Does Taxslayer Cost?
How much you pay will depend on your employment situation, life circumstances, and customer support preferences.
You don't enter your payment information until the end of the process. This means that if you realize halfway through preparing your return that you don't want to use TaxSlayer, you can quit with pretty much zero hassle.
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: $19.95. 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: $39.95. 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: $49.95. 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.
Extra Fees Will Apply if ...
- You need state filing. If you live in one of the majority of states that require you to do state income taxes as well, you'll have to pay an additional $39.95 per state. If you lived or worked in more than one state, you may have to pay for multiple state returns.
Is Taxslayer Really Free?
Yes, TaxSlayer is really free and includes free state filing. You can use the free version if your taxable income is less than $100,000, you claim the standard deduction, you don't claim dependents, and the types of income you're filing are wages, salaries, tips, unemployment compensation, and taxable interest of $1,500 or less. The free version allows you to claim education credits and student loan interest as well.
If you're not sure whether you quality for the Simply Free version, TaxSlayer allows you to start filing your taxes and if at any point during the process your tax situation no longer qualifies for the free version, the system will notify you and your information will be transferred to TaxSlayer's Classic package.
If you are a member of the military with an active military EIN, TaxSlayer offers the Classic version for free.
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.
Is Taxslayer Reliable and Safe?
TaxSlayer keeps your information safe with a variety of security measures, outlined on its website here. It also requires multi-factor authentication every time you log in to verify your identity.
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.
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.