10-second breakdown:
TaxSlayer is great for anyone who has their own way to file their taxes. The ability to choose whether or not to be guided through, skip sections, and compare results will win over any quirky DIYer.
The good:
TaxSlayer gives users the ability to self-navigate their return process. Most other software have a way to manually enter the information directly on the forms, but they aren’t quite as intuitive.
You can easily move between sections and go back and forth as you choose. Great for DIY accountant trying to get the gist of your return done before putting on the finishing touches.
If you’ve used TaxSlayer for previous returns, you’ll be able to compare the previous year’s results. A great way to notice discrepancies or notice traits/differences from the past filings.
Military edition specifically made for those in the armed forces, free of charge.
The bad:
TaxSlayer may not be the best for complicated returns. Other products provide specific tools to help with donations, stocks, and rental income. You can input those details, but it won’t be as easy.
While this software is flexible, it doesn’t have a progress meter to tell you how close you are to being done.
How it works:
TaxSlayer is the most versatile tax preparation software on the market. It gives users the ability to be guided fully through their returns, or to switch things up and handle part (or all) of the process directly.
This type of flexibility could be handy if you have certain situations that require you to manually enter some numbers and special boxes differently to make your returns as accurate as possible. Now as for which version is right for you, there is a brief description of each version to help you choose properly.
Free Basic: If you are filing a 1040EZ and know that your tax situation is simple, then this is the version for you. It’s a bit less feature-rich than other free versions, but enough to get the job done.
Classic: At this level, you can file a more complicated return. There is a comprehensive deduction guide that is simple to use. The classic version is also the first level that you can pull your previous year’s return from competitors. The other details are a bit murky and it doesn’t appear to help small businesses at this level.
Premium: In addition to all of the features in the other versions, the premium level will give you access to a tax pro and grant you priority support if needed. Audit assistance is also included as well as the ability to file any forms and schedules available from the IRS. The pricing for this functionality is far below most competitors.
Military: If you are a member of the armed forces, you could have access to most of the premium features for a steep discount (50% at the time of this review). This version includes the email/phone support, all major forms and schedules, and discounts on state filings as well.
Amended/Prior: In the event that you need to amend a past return or file taxes for previous years, there are versions available for each of those situations. Both amended/prior year returns for state and federal are available and do come with separate fees.
After choosing the right fit for your status, it’s time to imput those financials. TaxSlayer is highly mobile and can be used on desktops, laptops, tablets, and even smart phones. To begin, you can import your W2’s and other income or input them manually. Depending on your version and the path you take, there will then be questions to help you determine the deductions that are applicable to your filing.
There are tools to help you maximize these deductions like a “life events guide” that takes you through a list of potential items that would impact your taxes. The guided walkthrough is surprisingly intuitive and can be compared to some of the major names in the industry. There is also the ability to take things a bit more in-depth and look at the forms directly to understand exactly what is needed. Or, you can skip over the events that don’t pertain to you relatively quickly.
In fact, moving from one part of the return to the other is better than almost every other tax software on the market. There are a lot of bonus points from individuals who want to feel in control of the process, but want to find help quickly when they need it. Jumping ahead or moving back to incomplete sections is super easy.
If you’ve filed with TaxSlayer for previous years, you’ll have the ability to compare your returns. Most people don’t change too much from year to year and this could be a huge asset in finding glaring errors in either return.
After that final check, you’re able to e-file or print to mail it in manually. There will also be prompts to help you file your state returns in a similar manner. You will have to pay for your state returns on all versions of this software (except free).
Sidenote: Printing out your returns is always a good idea. Make sure you save a version on your computer that can be opened with another program, like a PDF, so you won’t need the software anymore after filing.
The real benefit from TaxSlayer is the ability to move fluidly through your return. It’s strikes a wonderful balance between doing it yourself and a guided tour to help you figure out the way that suits you best.
For complete rankings of all online tax preparation software, go here.
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