Small business owners have moved from manual tax filing to using tax software. Business owners who can’t afford to hire employees have a handful of tasks, such as bookkeeping and providing services to customers.
However, with these business tasks on hand, your tax return is not something I would advise you to do manually. It is where you will need tax software.
Turbotax and Taxslayer are top tax filing software for small businesses. Turbotax is leader in the tax industry, but their product is not the cheapest in the market. Therefore, it is not perfect for every small business.
Here is a comprehensive review of taxslayer vs turbotax. We reviewed the products based on user experience, costs, and refund.
It is important to note that this review is not sponsored, and we didn’t receive money from these companies. We considered the product’s features and feedback from users.
TurboTax tax filing software caters to individuals and businesses with various tax complexities.
It offers various support options, including access to tax experts for assistance. They also have a “TurboTax Live” version that provides live CPA or EA help.
TurboTax’s integration with financial institutions and its ability to import W-2 forms streamline the data entry process.
It has different versions, including Free Edition, Deluxe, Premier, and Self-Employed for different tax situations.
Pros of TurboTax
- User-Friendly Interface: Its intuitive design makes it easy for beginners to handle the tax filing process.
- Range of Plans: Various plan options cater to different tax situations, from simple to business and self-employed filings.
- Strong Customer Support: TurboTax offers live chat, phone support, and a large knowledge base to address users’ questions.
- Extensive Guidance: The software provides in-depth explanations for various tax-related topics, ensuring users understand deductions, credits, and forms they need to complete.
- Worry-Free Audit Support: TurboTax offers Audit Defense for an additional fee, providing assistance if the user’s tax return is audited by the IRS.
- Importing Data: Users can easily import their previous year’s tax return data and W-2 forms, saving time during data entry.
- Mobile App: TurboTax offers a mobile app for users who prefer to prepare and file their taxes using their smartphones or tablets.
Cons of TurboTax
- Cost: TurboTax’s pricing can be higher compared to other tax software options, especially for more complex tax situations.
- Upselling: Some users might find TurboTax’s upselling tactics to purchase additional services or versions slightly intrusive.
TaxSlayer is another popular tax preparation software that offers various versions tailored to different tax needs. It’s suitable for individuals, self-employed individuals, and even professionals seeking an efficient tax filing experience.
TaxSlayer can be a good choice if you’re comfortable with tax concepts and don’t require as much hand-holding during the process.
Pros of TaxSlayer
- Competitive Pricing: TaxSlayer generally offers lower pricing, making it a budget-friendly option for individuals with uncomplicated tax situations.
- Easy-to-Use: TaxSlayer provides a straightforward interface, guiding users through the tax filing process without overwhelming them.
- Different Versions: Similar to TurboTax, TaxSlayer offers different versions to cater to various tax scenarios, ensuring users pay only for what they need.
- Data Importing: Users can import their previous year’s tax return data and W-2 forms for faster data entry.
- Free Edition: TaxSlayer offers a free version for simple tax returns, which can be beneficial for those with straightforward financial situations.
Cons of TaxSlayer
- Support Limitations: While TaxSlayer does offer customer support, it may not be as extensive as what TurboTax provides.
- Limited Audit Support: TaxSlayer offers Audit Assistance, which helps users navigate through the audit process.
Best Tax Software: Taxslayer vs Turbotax
We compared taxslayer vs turbotax based on user interface, guidance, forms and schedules, pricing, customer support, mobile experience, and security.
1. User Interface and Ease of Use
TurboTax takes the cake when it comes to an interface that’s as smooth as butter. Navigating through its step-by-step process is like a walk in the park, especially for beginners who are a bit shy of all things tax-related.
2. Tax Assistance and Guidance
If you want the royal treatment when it comes to tax assistance, TurboTax is your go-to. It’s like having a personal tax advisor on speed dial. Their explanations and support are like having a tutor for your taxes.
3. Forms and Schedules
Both TurboTax and TaxSlayer are like Swiss Army knives for forms. They’ve got your back, whether you’re dealing with W-2s, 1099s, or any other tax paperwork. TurboTax sneaks ahead with its auto-import magic, though.
Now, if your wallet is looking a bit tight, TaxSlayer steals the spotlight. It offers a range of pricing options that won’t leave you crying into your budget spreadsheet. Furthermore, it’s a budget-savvy option that still delivers the goods.
5. Customer Support
When it comes to the support game, TurboTax flexes its muscles. They’ve got live chat, phone support, and even face-to-face help. TaxSlayer’s support is good, but TurboTax just has more tricks up its sleeve.
6. Mobile Experience
If you’re the type who does everything on your phone, TurboTax has your back. It’s like your taxes are following you around in your pocket, ready to jump into action whenever you need it. TaxSlayer’s app is solid, but TurboTax’s app is a bit snazzier.
Security is non-negotiable, and both TurboTax and TaxSlayer understand that. They’ve locked down your data like Fort Knox, using encryption and other safeguards to ensure your sensitive tax info stays just that – sensitive.
8. Accuracy and Reviews
Both TurboTax and TaxSlayer generally provide accurate results. However, TurboTax’s reputation for accuracy and reliability has been established over a longer period of time, which might provide some users with added peace of mind.
Taxslayer vs Turbotax: Tips for Choosing the best Tax-Filing Service
At this point, I believe you have made up your mind on which tax filing software you will buy. Here are some key considerations:
- Accuracy: Ensure the service has a reputation for accurate calculations and filings to avoid potential audit issues.
- Experience: Look for a service with a track record of handling similar tax situations or complexities as yours.
- Security: Prioritize services that use strong encryption and security measures to protect your sensitive financial information.
- User-Friendly Interface: A user-friendly platform can simplify the filing process, especially if you’re not familiar with tax terminology.
- Support: Check if the service offers customer support, whether through chat, email, or phone, to assist with any questions or concerns.
- Cost Structure: Compare pricing models – some services charge per form, while others offer flat fees or subscription plans.
- Refund Options: If you’re expecting a refund, inquire about the various methods the service supports for receiving it.
- Filing Options: Ensure the service can handle your specific tax situation (e.g., self-employed, investments, rental properties).
- E-filing and Direct Deposit: Confirm that the service supports e-filing and direct deposit options, which can expedite the process.
- Reviews and Reputation: Look for online reviews and ratings to gauge the experiences of other users with the service.
- Integration: If you’re using accounting software, check if the service integrates with your software to streamline data transfer.
- Audit Assistance: Some services offer audit assistance, which can be helpful if you’re concerned about potential audits.
- State Filing: If applicable, make sure the service can handle state tax filings in addition to federal taxes.
- Mobile App: If you prefer mobile access, consider services that offer a well-designed mobile app for convenience.
- Extras: Some services offer extra features like tax planning tools or educational resources that can provide additional value.
Conclusion: Taxslayer vs Turbotax
TurboTax and TaxSlayer are both popular tax preparation software options, but they have some differences.
TurboTax tends to be more user-friendly with its guided interface and extensive customer support, but it can be more expensive. TaxSlayer is often more affordable and offers a good range of features, but its interface might not be as intuitive as TurboTax’s.
Both TurboTax and TaxSlayer have their strengths and weaknesses, but your choice should depend on your familiarity with tax filing, budget, and the features you need.
However, if you have a complex situation or you’re unsure about which software to buy, consulting a tax professional might also be a wise step.