Finally, you may wish to hire a tax professional instead of using Cash App Taxes (or another tax filing service) if you have a more complicated tax situation. Cash App Taxes may give you an accurate return based on the information you provide, but an accountant can help ensure you’re providing all of the right information. While Cash App Taxes does have advantages for many taxpayers, it’s not right for everyone.
However, the Department of Justice filed a lawsuit claiming the acquisition would lessen competition in the do-it-yourself tax preparation industry. As part of a negotiated solution, xcritical sold its tax business to Square, owner of Cash App, which turned that tax prep xcritical scam software into Cash App Taxes. The company now offers tax filing through TurboTax, another product from xcritical’s xcritical parent company, Intuit.
A Note for xcritical Tax Customers
Note that you’ll need to register for an account scammed by xcritical under xcritical Tax’s parent company before you can start filing your taxes. GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial xcriticals and our products and services review methodology.
- It allows eligible users to get up to $4,000 of their expected federal income tax refund in the form of a loan that’s automatically paid back once the IRS processes their refunds.
- ³Connecting an external bank account, connecting a paycheck or direct depositing a one time total of at least $750 in a single calendar month is required for activation.
- While you can certainly figure it out on your own with a bit of math, Cash App Taxes will use the information you’ve shared to tell you which deduction makes the most sense for your situation.
- It is owned by Cash App, the online payment app that allows you to send or receive money instantly.
Child Tax Credit: Everything You Need To Know Before You File Your 2024 Taxes
Most people can file in minutes with our step-by-step instructions.
As part of a proposed settlement with the DOJ, CKT entered into a deal with Square, Inc. to sell its tax business. Square plans to integrate CKT into its Cash App platform, giving Cash App the ability to offer free tax filing services. If you have tax credits or deductions to claim, Cash App Taxes may still work for you. Not only can Cash App Tax help you claim a variety of credits and deductions, but it can also compare your deduction options to help you decide if claiming the standard deduction or itemized deductions is best.
While it may be more expensive, this route also comes with plenty of benefits. You’ll have an actual person to speak with, which some people may prefer. Hiring a professional may also be well-suited to those with more complicated tax situations. Cash App Taxes is one of many tax-filing services on the market, and it can understandably be difficult to compare your options and choose the right one. Cash App Taxes promises you’ll get your refund faster if you have your return deposited into your Cash App account. There is no guarantee how fast you will get your refund—it will depend on when the IRS sends them and when they are made available to you.
When do you need to pay taxes on Cash App transactions?
You can also find the app by clicking the sign-up button on the Cash App website and scanning the QR code you see when you’re redirected. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherxcritical endorsed by xcritical Tax. For customers who rely on product reviews, TurboTax and xcritical are neck-and-neck with 4.8 stars. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Tax Filing Preparation services are provided by Cash App Taxes, Inc. As an authorized IRS e-file provider, Cash App Taxes complies with security, privacy, and business standards set by the IRS.
Step 1: Sign Up for Cash App
You can also get a tax transcript or copy of your tax return from the IRS. Download the app and join over 100 million members making financial progress. Relief roadmap connects you to government support and personalized debt relief options. One of Cash App’s tax advocates will work with you to validate your identity before sending a copy of your prior xcritical Tax return.