If you're one of the millions of Americans who use a payment app to get paid for goods and services or for paying others, you may be wondering about the tax implications of doing so. According to the IRS, those who make cash app transactions for business purposes need to record them and report them on their tax returns.
How to prepare your taxes with Cash App?
If Cash App is your preferred method for filing taxes, you can download last year's return or use an old version. The app provides basic e-filing instructions that guide you through questions about your employment, income, and expenses. You answer them by clicking on buttons or entering figures. The results are then displayed on the screen, or you can print them as PDF files.
How to get a tax refund via Cash App?
If you use Cash App for your taxes, you can set up direct deposit into your account to speed up the time it takes for your return to show up in your bank account. The company claims that this can result in your refund being deposited up to two days faster than if you deposit it into a traditional bank account.
What to do if a tax refund is pending on Cash App?
There are several reasons that your tax refund may take longer than expected. These include fraud review, technical issues with the IRS and Cash App, or if you filed a paper return. If your tax refund is pending, you can check on its status by using the "Where's My Refund?" tool on the IRS website or by contacting Cash App customer support.
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