TaxSlayer review: An affordable way to file that works in many situations

If you're looking for an affordable tax software option, TaxSlayer should be on your radar. Its most basic paid plan covers many types of tax situations, with higher tiers offering more guidance and access to tax professionals. Some filers may even qualify to file their federal and state returns for free.

CNBC Select reviews TaxSlayer and each of its plans and compares them to the competition.

TaxSlayer's main draw is its pricing system. Whatever your tax situation is, you can file with the lowest-priced plan, TaxSlayer Classic. What differs from tier to tier is the level of support you get from TaxSlayer's professionals. This is different from some of TaxSlayer's competitors, which lock certain tax situations (such as self-employment or rental income) behind more expensive tiers.

Like most of the best tax software, TaxSlayer can guide you through the filing process by asking you simple questions. If you filed with a different provider last year, you can also import last year's return as a PDF file. You can also import certain tax documents, such as your W-2 and 1099 forms, and the software will autofill your income information.

Additionally, TaxSlayer guarantees a maximum refund and 100% accuracy of your return. That means if the IRS charges you interest or a penalty because of a calculation error, TaxSlayer will reimburse you. And if you get a larger refund or pay a smaller tax due amount with different tax preparation software, TaxSlayer will refund the purchase price you paid to use its software.

Similar to TurboTax, TaxSlayer also lets you deduct the cost of filing with them from your federal tax refund instead of paying when you file.

TaxSlayer lets you file state returns, for $39.95 per return when you use any of its paid tiers. If you qualify for and choose the Simply Free option, then your state returns are also free.

If you have a simple tax situation, this tier of TaxSlayer can be an excellent option. You'll be able to file both your federal and state returns for free while receiving unlimited phone and email tech support.

However, your tax situation needs to meet certain criteria for you to qualify for free filing, including:

• Your taxable income is less than $100,000
• You claim the standard deduction
• You don't claim dependents
• Your types of income are wages, salaries, tips, unemployment income and/or taxable interest of $1,500 or less
• Your filing status is single or married filing jointly

If you don't meet any of these requirements, you might want to look into different tax software or other ways to file your taxes for free.

If you don't qualify for Simply Free, Classic is the most affordable plan TaxSlayer offers. For $22.95, you can file a federal tax return (additional fees for state returns apply) that covers any situation, and can claim any deductions and credits you qualify for without restrictions from the software.

As with the Simply Free tier, you get unlimited phone and email support. On top of that, the tier also provides help with IRS inquiries for up to one year after your return is accepted.​ ​That means if you receive a letter from the IRS, TaxSlayer's tax support team will help you understand why and what it means.

If you're comfortable filing your taxes and don't expect to need any help from a tax professional TaxSlayer Classic can be a fantastic option. You'll still have access to free tech support by email or phone to help you with any problems with the software. And because it's priced lower than many competitors' lower-tier plans, Classic can be a money saver for a confident tax filer.

This tier includes everything the Classic tier does — but it's available for free for active military duty members. You'll only need to pay for state returns.

If you're a military member and don't need to connect with a tax pro, this option can be a money saver. Note, however, that you can also file for free with MiliTax and receive support from volunteer tax consultants. The software is designed specifically for members of the military, veterans and their families.

If you want help from a tax professional, the Premium tier can provide just that. For $43.42 (additional fees for state returns apply), it offers everything you get with Classic — plus unlimited one-on-one help from a tax expert whenever you need it. This feature is called "Ask a Tax Pro" and allows you to submit your tax questions virtually. An IRS-certified tax professional will then research your question and get back to you with guidance.

In addition to this feature, you'll also receive assistance in case the IRS audits you for up to three years after the agency accepts your return. If you're audited, TaxSlayer's team will review your correspondence from the IRS, explain your rights, and help you prepare a response.

The Premium tier also gets you access to priority phone and email support, as well as live chat if you quickly need help with any technical issues that crop up with the software. With this level of support, you move to the front of the line when you contact TaxSlayer's support team, which should minimize your wait time.

For more complicated tax returns, this plan can be a great solution, especially if your priority is to save money, as TaxSlayer premium is highly competitively priced. While some competitors may offer features that TaxSlayer lacks, such as video chat and screen-sharing, you'll also pay a much higher price to use those features.

For those with a side hustle or small business, the Self-Employed tier offers everything available in Premium — plus support with self-employed taxes. Specifically, you'll get access to a tax pro with expertise in self-employed taxes. And if you're audited, TaxSlayer will provide oversight from an IRS Enrolled Agent to help you through

TaxSlayer will also help you maximize your deductions when you enter your business expense income. Finally, you'll receive quarterly estimated tax payment reminders.

The Self-Employed plan costs $51.62 (plus additional fees for state returns). Like with the other tiers, the cost is considerably lower than the competition.

Affordability is TaxSlayer's main draw. For example, TurboTax currently charges up to $129 for you to do your own taxes. If you need the help of a tax expert, you can expect to pay up to $219. Additional state fees may apply. At the same time, TurboTax offers more robust live support that allows you to connect with a tax pro by phone, live chat or video call seven days a week. You can also share your TurboTax screen with them.

If your goal is to save as much as possible on filing your taxes, you can file for free with certain tax preparation services. Cash App Taxes, for instance, allows you to file both federal and state taxes for free, including if you have a small business or self-employed income. However, you won't get the tax advice that competitors like TaxSlayer and TurboTax provide.

Overall, TaxSlayer offers plenty of bang for your buck. While you can find solutions that provide more in terms of live support from a tax professional, TaxSlayer can give you a great blend of affordability and tax expert assistance.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every tax software review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of tax software products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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