TaxSlayer Review 2018-2019 – Best For Those Who Need Their Refund Fast

TaxSlayer Ease of Use

TaxSlayer allows users to import PDF versions of their previous tax returns. The import function worked well, and TaxSlayer used the information from the prior tax return to make my return easier. The only other import option that TaxSlayer has is the W-2 import option (which you can do with a photo application or by connecting to one of several major payroll providers).

The lack of import options may be an issue for people who are active traders, or who want to connect their accounting software to their tax return. However, most other people will find that that TaxSlayer is easy to use.

One small issue with TaxSlayer is in their depreciation and amortization schedules. These calculators do not auto-populate, so filers need to know what type of depreciation method they use. TaxSlayer does have knowledge articles about this.

TaxSlayer Knowledge Articles

TaxSlayer isn’t as generous with their knowledge articles as top competitors H&R Block and TurboTax. However, TaxSlayer offers Video Tutorials in many parts of their software. These videos pack a ton of information into just a few minutes.

For people who are used to searching YouTube for their information, these videos set a new standard for tax software.

Their tax reform info center isn’t especially easy to find, but once you get there it has the basics. I also like their “glossary,” which lets you browse a lot of specialized terminology and get definitions.

TaxSlayer Pricing And Plans

The TaxSlayer Simply Free edition has updated for the new tax law and now enables free filers to claim student loan interest and education credits. It doesn’t have a W2 importer, but if you only have one or two W2s that’s probably not a big deal.

As a freelancer, I’m pleased that the free option lets you do a basic Schedule C – something a lot of “free” software won’t allow you to add. This is place where their pay for service (instead of paying for forms) model really works for people who have somewhat complex taxes but are capable of filling out the forms without assistance.

In 2019, TaxSlayer is offering their refundNOW option to anyone using Classic and up (so anyone but free filers).

The Classic option is low cost software that includes all major forms (including a business schedule C), but this version doesn’t come with audit assistance and help from tax professionals.

The Premium and Self-Employed plans are nearly identical to the Classic option, but they come with live chat support and help from tax professionals and audit assistance. The Self-Employed version is also streamlined to help side-hustlers and contractors figure out their taxes, and it has dedicated support that lets you cut to the front of the line if you need phone support.

TaxSlayer refundNOW

TaxSlayer is unique in that they are offering early tax refund anticipation loans for free for qualified filers online (who use Classic and higher). This used to be a service that you had to go into a traditional H&R Block or Jackson Hewitt to get.

They offer two loan amounts - $500 or $1,000, and there are no upfront fees or interest. You should receive your loan within 48 hours deposited into your checking account or via an American Express Serve card.

The loan amount will be deducted from the tax refund and reduces the refund amount disbursed directly to the taxpayer. 

The cool thing about this is that it's free, and can be done 100% online. This is a game changer for people looking to get their tax refunds fast.

Note: refundNOW is not currently on the TaxSlayer website but the feature will be available again starting in January 2019.

Who Should Use TaxSlayer 2018-2019?

TaxSlayer is the hands down favorite software for people who need their refund fast. The $1,000 advance can be a game changer for filers who want to use their returns to pay off holiday credit card debt or to invest in a business. In an ideal world, most tax filers wouldn’t need to count the days to getting their tax return, but in the real world this matters.

Aside from this group, the video tutorials make TaxSlayer a good option for first-time filers, especially those who have complicated taxes. The Premium or Self-Employed options can be a cost effective option for people seeking support from tax professionals, or people who want the audit assistance guarantee.

H&R Block Free is still our top choice for free filers (since it allows for more deductions and credits), TurboTax still offers the most intuitive interface (with the most import options), and CreditKarma is still the lowest cost decent option.

However, TaxSlayer is a solid choice for a lot of filers who need all the forms, need some help, and are conscious of the costs. Get started with TaxSlayer for free and try it out.