Cash App Taxes offers 100% free federal and state filing for most people but limited customer support. It is a new name in the world of do-it-yourself tax software this filing season, but it’s not a new product.
Square Inc., the parent company of the financial services app Cash App, bought Credit Karma’s free DIY tax filing service and rebranded the platform.
Before you sign up for an account, here’s our review of Cash App Taxes, including who it’s best for and whether it’s easy to use.
Cash App Tax
Cash App’s tax preparation service was formerly called Credit Karma Tax, and is now known as “Cash App Taxes”.
It is a free tax preparation service that can help you file both federal and state tax returns.
Credit Karma is primarily known as a credit-monitoring website that allows users to view their TransUnion and Equifax VantageScore 3.0 credit scores for free.
Credit Karma also provides recommendations on credit cards, loans, insurance, and more. In 2016, Credit Karma branched into the tax services market.
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Cash App Taxes Notable Features
Cash App Taxes offers free tax filing for most people, but the software is more robust than its price tag implies.
These are a few of the product’s best features.
Customized Filing Experience
Filers complete a short questionnaire at the start of the filing process.
This streamlines the filing process, so users don’t have to open or review the information that isn’t relevant to them.
Completely Free Federal And State Filing
With many tax software companies, the free tier is incredibly limited, which means that the majority of taxpayers are forced to upgrade to a paid tier.
Not so with Cash App Taxes. It offers all of its features for free.
Users only need to download the Cash App to gain access to the robust software.
Required Multi-Factor Authentication
Cash App Taxes tackles security in a robust way. It requires users to use multi-factor authentication including scanning QR codes to start using the software.
The use of a physical second form of authentication is a best practice that few other companies offer (much less required).
Free Audit Support
Cash App Taxes provides free Audit Support (through a third party) for anyone who files using Cash App Taxes.
The support includes organizing tax documents, writing to the IRS, and attending hearings associated with the audit.
Difficult to Login
I think the biggest notable drawback is that you have to start with the app or use the app to get started.
For many, CashApp isn’t something you’ve maybe used before (or even heard of), so this could be an issue.
No Form Imports
Cash App Taxes doesn’t allow users to import W-2 or 1099 forms.
This may be a dealbreaker, especially for crypto or stock traders who don’t want to manually enter every transaction.
See Facts about Cash App Tax Here
Cash App Tax Guarantee
If you choose Cash App Taxes, you will enjoy the following:
Maximum Refund Guarantee
If you file with Cash App Taxes initially and later receive a larger federal tax refund or owe less in federal taxes after filing an amended return with another online tax preparation service, you may be eligible to receive the difference of up to $100 as a gift card.
Accurate Calculations Guarantee
If you’re charged penalties or interest due to a calculation error on the part of the App, you may be eligible for reimbursement of up to $1,000 in the form of gift cards.
Audit Defense
If you’re audited by the IRS or a state taxing authority, the App will manage your correspondence and provide in-person representation.
Summary of Cash App Tax
In 2022, Cash App Taxes (formerly Credit Karma Tax) is the only tax software that offers free federal and state filing to all users.
It’s not as user-friendly or feature-rich as premium tax software, but it’s an excellent choice for tax filers on a tight budget.
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