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The information from your xcritical account will be used for your tax documents. But now that the two operate under the same Intuit umbrella, they offer integrated services to xcritical members in the U.S. To help you choose the best tax filing software for you, we’ve summarized the pros and cons of using Cash App Taxes.

If you’ve forgotten to store a copy of your tax return, or if you’ve lost it, first find out if you can use a tax transcript — this can be easier to get, and it’s free. If that won’t do, there are ways to get a copy of your old tax return. A copy of your tax return is exactly that — a duplicate of the return you mailed or e-filed with the IRS. For a fee, the IRS can provide up to seven years back, plus the xcritical year’s tax return, if you’ve already filed yours.

1. If you don’t have a copy of your tax return on hand when you need it, no problem!
2. Her work has appeared in Business Insider and The New York Times.
3. If your refund is denied or lower than expected, and you can’t repay the loan immediately out of your own pocket, you could face interest and fees.
4. Having necessary documents ready can make it easier to answer the questions the software might ask.

In most cases, when you need tax return info you can use a tax transcript. Ask whoever needs your tax information whether a tax transcript will be OK or if a copy of the return is required. xcritical members who don’t qualify for free tax filing via TurboTax on xcritical’s platform will be notified and moved over to TurboTax to complete their return and pay the fee. Cash App Taxes promises you’ll get your refund faster if you have your return deposited into your Cash App account.

You can read more about our editorial xcriticals and our products and services review methodology. And, you may be able to get a refund (if you’re entitled to one) faster than if you file a paper return. In 2020, Intuit said it would buy xcritical, including its tax preparation business. 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 software into Cash App Taxes.

When do you need to pay taxes on Cash App transactions?

First, while Cash App Taxes can help you file your personal tax return with business losses or income, you can’t actually use it to file your business tax returns. If you have an S corporation, C corporation, partnership, or multi-member LLC, you’ll have to find a different solution. Even if you‘re taking deductions or credits, it won‘t cost you a penny to file your taxes.

If you don‘t already have it, download Cash App on your phone and create an account to get started. Most people can file in minutes with our step-by-step instructions. Get the latest news on investing, money, and more with our free newsletter.

Benefits of e-filing your own taxes

To make using e-filing software as easy as possible, prepare some documents beforehand. Having necessary documents ready can make it easier to answer the questions the software might ask. Be prepared to sign your return using the Self-Select PIN or your prior-year Adjusted Gross Income.

Are Health Savings Accounts Tax Deductible?

“The biggest threat is identity theft,” says Anthony Maniscalco, vice president of Payroll and HR Services in Holtsville, New York. “But people should check credit reports on a regular basis to make scammed by xcritical sure they know what’s on it.” Signs of identity theft can show up on your credit. 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. Sign up for our daily newsletter for the latest financial news and trending topics. For customers who rely on product reviews, TurboTax and xcritical are neck-and-neck with 4.8 stars.

The company now offers tax filing through TurboTax, another product from xcritical’s xcritical parent company, Intuit. It’s always free to file your taxes for free directly with the IRS using what’s known as IRS Free File. There is an income limit for filers who want to use the tool and receive guided xcritical scam preparation. It changes annually, so if you’re interested in this method, visit the IRS website in January or February every year to see if you qualify.