Marcus Marion, CMA™ Many business owners are familiar with the anxieties that usually set in as the taxslayer season approaches. This is probably the only time your company takes serious stock of the portion of your revenue it’s remitting to the taxman.
Every tax season is usually a beehive of activities as companies jostle to file their returns before the deadline. In fact, many articles cite tax preparation as one of the common challenges experienced by small businesses during the tax season.
However, with the advent of tax preparation software, filing tax returns is now easier than ever. TaxSlayer is one of the numerous tools you can use to manage your taxes.
But like anyone who’s never tried this program, it’s natural to wonder, is TaxSlayer good?
Well, that question shall be the central focus of this article.
Read on for a comprehensive TaxSlayer review.
What Is TaxSlayer?
TaxSlayer is a cloud-based professional tax prep software that lets you prepare tax returns from the comfort of your home or office.
This tax preparation software works incredibly fast, provided that you have access to the internet. It’s compatible with both desktop and mobile devices.
The mobile version provides an extra layer of convenience, allowing you to manage your taxes from any remote location. It’s especially suitable for digital nomads or small businesses with limited financial resources to sustain significant accounting personnel.
What’s The Company Behind TaxSlayer?
The TaxSlayer software is a product by TaxSlayer LLC (previously known as TaxSlayer.com).
TaxSlayer LLC is a privately-held financial technology firm best known for its tax preparation solutions. The company is headquartered in Augusta, Georgia.
TaxSlayer provides online tax filing solutions to individual accountants and corporate tax preparers. Users can file their state and federal returns electronically, making the process faster and cheaper than human services.
The National Association of Tax Professionals (NATP) ranks TaxSlayer among the most efficient tax prep companies in the United States. In 2015, the company received exclusive contracts from the Internal Revenue Service (IRS) for the TCE and VITA programs, which offered electronic tax filing assistance to low-income, elderly, disabled, or language-impaired taxpayers.
What’s The History Behind TaxSlayer?
The company that birthed TaxSlayer has been around since the early ‘60s. It was then known as Rhodes-Murphy & Co.
In 1989, Rhodes-Murphy & Co. formed a subsidiary called Rhodes Computer Services, which began developing tax prep software.
Rhodes Computer Services released its first tax software in 1993. The company eventually transitioned from offering traditional tax preparation solutions to online tax prep services, including the TaxSlayer software.
How Do I Get Started On TaxSlayer?
The first step in getting started on TaxSlayer is to register for an account. Fortunately, the account sign-up process is straightforward.
There are two different ways to register for a TaxSlayer profile. You can do so directly from your desktop or by downloading and installing the app. However, both methods follow nearly the same procedure.
Head to this page and fill in the required details, which include your email address, username, password, and mobile number, then click on “CREATE ACCOUNT.” Pass the CAPTCHA test and then verify your mobile number by entering the 6-digit code sent to it.
Once your registration goes through, you’ll see a landing page called My Account. This page displays the status of your current return and other relevant information, such as your real-time tax obligations and refunds.
The My Account page may also show links to your previous returns. However, such links only pop up if you’ve used TaxSlayer to file your tax returns in the past.
If this is your first time using TaxSlayer, you must provide additional information before entering your tax data. The software may also prompt you to answer pertinent questions, such as your filing status, principal residence, and number of dependents.
However, note that there are numerous other tax-related questions that TaxSlayer may not provide answers to. For instance, do I have to pay taxes on my savings account?
The short answer is that the IRS levies taxes on any interest earned from your savings account, not the account balance itself.
If you’re a new tax filer, it’s important to familiarize yourself with all the relevant tax laws before using tax prep programs like TaxSlayer.
How Does TaxSlayer Work?
TaxSlayer works in nearly the same manner as other tax prep software. As indicated, you’ll need to register for an account and provide as much information about yourself as possible.
When it gets to the actual filing stage, simply input the same details you would if you were filing your taxes the traditional way. This also happens to be the most exciting part of using TaxSlayer.
The tool will pose several questions to help you file your returns accurately. Some queries require words and phrases, whereas others need you to reply with numbers or by selecting a choice from the listed options.
After providing the correct answers, TaxSlayer will automatically compute the calculations and fill in the figures on the IRS forms. It then transfers the data to the relevant state or federal tax agencies.
Is TaxSlayer Easy To Use?
TaxSlayer maintains a clean and uncluttered interface. All important functions are instantly recognizable, making it incredibly easy to navigate the website. There are no pop-up ads to distract you while filing your tax returns with this software.
Embedded learning resources also add to TaxSlayer user experience. These resources typically appear as “learn more” links to invaluable tax-related information.
TaxSlayer was designed for tax filers with different experience levels. You don’t need to understand tax schedules or track how these schedules have changed in the past. The software automatically updates such changes, presenting you with up-to-date tax information.
TaxSlayer also presents its questions in plain and simple language. It eliminates all the tax jargon, allowing you to file active or passive income taxes incredibly fast.
The cherry on the cake is that TaxSlayer automatically relays the filled information to the relevant tax agencies.
Is TaxSlayer Safe To Use?
TaxSlayer is your best bet if you are looking for a secure tax prep tool.
First, the software requires users to select a complex password while signing up for an account. The selected passcode should be at least eight characters long. It must also contain UPPERCASE letters, lowercase letters, an integer, and special characters.
Most TaxSlayer customer feedback also lauded the software for implementing a single-use verification code. You can receive the code on your email address or mobile phone. There’s also the option of securing your account with a more robust multi-factor authentication using an authenticator app like Google Authenticator.
TaxSlayer’s other security features include a Secure Sockets Layer (SSL) encryption, firewalls, and breach detection systems. Moreover, the company maintains a team that conducts regular internal audits to ensure your sensitive information doesn’t slip into the hands of malicious entities.
What’s TaxSlayer Pricing?
TaxSlayer is one of the most affordable tax software. It’s essentially a freemium service.
TaxSlayer’s basic version, Simply Free, lets you file one state and one federal return. You’ll need to upgrade to any of its paid plans to unlock more advanced features.
The cheapest paid bundle, Classic, costs $34.95/month. It lets you file your returns on all forms while supporting deductions and credits.
Next is the Premium plan, which allows you to interact with tax professionals via email, phone, or live chat. This bundle costs $54.95/month.
Lastly, there’s the Self-Employed plan that costs $64.95/month. Predictably, this bundle best suits business owners. It provides many features, including support for 1099 and Schedule C.
What Are Other Things To Love About TaxSlayer?
1. Multi-device Compatibility
One of the top TaxSlayer features is the ability to support desktop and mobile usage. The mobile application is compatible with both Android and iOS devices.
2. Import Abilities
TaxSlayer lets you switch seamlessly from another provider. You can import PDF files of the previous year’s return from another provider using the software. The tool also lets you auto-import information on your W-2, 1099-NEC, 1099-MISC, and other relevant documents into your return.
3. Handy Support
This is also one of the top TaxSlayer benefits. The software provides free email and phone support across all its plans. Depending on your subscription plan, you can also avail of live chat and skip-the-line phone support.
TaxSlayer Pros and Cons
Pros
- Supports all primary IRS forms
- Incredible import capabilities
- Intuitive dashboard
- Superfast and accurate
- Flexible pricing
Cons
- Difficult to downgrade to lower-tiered plans
- Lack of targeted search results
TaxSlayer vs. Competitors
1. TaxSlayer versus TaxAct
TaxAct is one of the many TaxSlayer alternatives. Both tools share similar features, except that TaxAct is pricier.
2. TaxSlayer versus TurboTax
TurboTax is a household name in the tax prep industry. The software’s premium plans are costlier than TaxSlayer but come with more bells and whistles.
3. TaxSlayer versus H&R Block
An H&R Block vs. TaxSlayer comparison ranks TaxSlayer higher regarding customer support and ease of use. The software also guarantees higher accuracy and maximum refunds.
Can You File Past Returns Using TaxSlayer?
Nearly all tax prep software allows you to file back taxes. But as you shall find, the process is remarkably easy with TaxSlayer.
That further begs the question, what happens if you don’t file taxes for 3 years?
If you go three years without filing your tax returns, numerous things might happen, including losing your right to tax refunds.
Wrap Up
TaxSlayer ratings place it among the best tax prep software in the market. The tool is straightforward to use, reasonably affordable, and works superfast.
