Ready to file your tax return for the year? Most people are not, and with a reason: it can be hard and confusing to know what to register and which forms to use.
Nowadays, there are multiple digital tools that can help you in the process, but most of them charge certain fees to use them. However, Cash App Taxes is the exception, and you will not need to spend a single penny.
Since it is a free software, all your federal and state tax returns can be made at no additional cost. You can use the web browser to log in and start filling out the forms or download the app.
Although, there are a few drawbacks that affect its preference against other tax-filing software.
Still, Cash App Taxes is special for people with simple tax returns. Even though the tax filing season ended on April 18th, 2022, it is better to understand the app before the next season starts.
Is Cash App Taxes Legit?
Yes, it is a legit software; however, it is not managed directly by Cash App. You can use this software from your PC or mobile device, and it is secure. It is also simple to interact with, and it will let you know if you need to rectify something or if there is a document left to file.
When you first boot up Cash App Taxes, you will need a Cash App account, which is quite simple. Just provide your personal information and your SSN (Social Security Number). Then you will have to log in to Cash App Taxes with a quite lengthy process, but it is to ensure your private information is secure.
The best way to access it is through your phone, but if you want it on your computer, then you will have to scan a QR code and enter your unique Cash App Taxes password on your phone. The bad thing is that you will have to do all this whenever you want to access on your computer again.
Once you complete that part, you must answer some questions that will help the software to prepare and present your tax returns, such as your expenses, filing status, etc. You will have to choose from numerous forms or things to add to your tax packet.
Does this platform make tax refunds?
Of course, if what you pay in taxes surpasses the original amount, you will get a refund of the remainder. It is very useful because you can save that money for the next tax year or other purposes.
If you want to receive the money, then set up a direct deposit. However, with Cash App Taxes, you can get your money up to 5 days faster if you choose to deposit it in Cash App. You will have to link a bank account first, but it is quite simple.
This platform not only gives you back excess money, but it also has two types of guarantees to make sure you get the right treatment as a client:
Maximum Refund Guarantee
This states that if, while filing an amended federal tax return via another online tax service, you find that you receive a greater refund value or owe less in federal taxes, you can present a claim to Cash App Taxes to receive that difference from as low as $25 to $100 maximum.
You need to file the amendment with the exact information made with the original tax return. If not, your claim will not be valid. You will also need:
- Cash App Taxes Maximum Refund Guarantee Claim Form.
- A copy of the amended return made with the other online tool.
- Copy of your Record of Account Transcript (create an IRS account and download it from their website).
Accurate Calculations Guarantee
If you note that Cash App Taxes made an error in your tax return and accidentally the IRS inflicts a penalty or adds an interest rate on your taxes, you can get a reimbursement of up to $1,000.
In this case, you have all the right to send a claim to correct the error, and to do so, you will need:
- Cash App Taxes Accurate Calculations Guarantee Claim Form.
- A copy of the first penalty/interest addition notice.
Forms supported by Cash App Taxes
As we already said, this online tax assessment tool offers many forms you could take advantage of, depending on your situation. Whether you are self-employed or not, there are numerous tax situations, documents, and even schedules that they support. W-2, 1040, 1099, HSA, Schedule B, and SSA-1099 are available, and if you want to see the full list, you can click here to look for the one you need.
However, one of the disadvantages of this platform is that some important situations are not supported, while other tax tools do, like Form 7202, Form 2555, Clergy member tax filings, and others.
It would be great if Cash App Taxes had a major library of documents on which you could perform your tax return, but unfortunately, that is not the case. Before the next tax return cycle arrives, check this list of unsupported documents to ensure that the form or situation you need is available.
Cash App Taxes vs. Turbotax. Which one should you choose?
You might have heard of Turbotax as another tax assessment online tool greatly known for its features and customer service. This is way better for people who earn income in different states since Cash App Taxes do not let you file multiple tax returns in more than one state.
Also, Turbotax offers far more forms and situations, and its incredible live customer service helps you resolve issues instantly, while the only way to communicate with Cash App Taxes customer service is through emails.
On the other hand, Turbotax is quite expensive. The premier version costs $89 and the self-employed version $119; as you already know, Cash App Taxes costs nothing.
So, if you require assistance and have lots and complex tax returns, then spending some money on Turbotax might be the best option. But if you already know how to do it and you only need to file simple returns, then Cash App Taxes is for you.