- Cash App Taxes Review | Is It Legit?
- Cash App Taxes Review 2021-2022 by a CPA | Pros + Cons | Walkthrough
- NEW $600 Tax Law?? HOW ABOUT NO! | CASHAPP TAXES AND HOW TO AVOID THEM | 1099 REPORTING | Cash Apps
- Cash App Taxes 2022 Review (Formerly Credit Karma Tax) | Walkthrough and Pros and Cons
- Cash App Taxes 2022 Review (Formerly Credit Karma Tax) | Pros and Cons
- Cash App Turbo Taxes Review 2021-2022
- ???? NEW $600 *CASH APP* TAX LAW EXPLAINED | ANSWERING YOUR QUESTIONS
Cash App Taxes Review | Is It Legit?
Well, Cash App Taxes is a free tax filing solution that allows you to file both your,federal and your state taxes for no cost at all.,The free software includes Calculations,,Accuracy Guarantee, Audit Defense, and it even covers many of the most common,tax situations for most common taxes tax filers.,So, for starters, what is Cash App Taxes?,Well, formerly known as Credit Karma Tax,,Cash App Taxes is the newest kid on the tax filing block, so to speak.,But dont let its newness fool you,,because for some tax filers, it may be more than enough.,Now, for those who filed,with Credit Karma Tax in past years, Cash App Taxes has you covered as they,provide you access to all your past tax returns as well.,Now, like I said, Cash App Taxes offers,free federal and state filings for most simple tax returns and situations.,And while they dont support as many tax forms as paid tax software,,they support a very comprehensive list of many of the most commonly used tax forms.,This includes things such as W2s,,1040s, HSAs, Itemizing Schedules, Business Income, Business Profit and Loss,,Child Tax Credits, Earned Income Credit, just to name a few.,They also support several forms of 1099 income, including those for Investment,income, Independent C contractors, and other miscellaneous income.,Youll even find support for forms,for sales of crypto, as well as capital gains and losses.,And in just a bit, were going to go over some of the key tax forms and situations,that they dont support that you need to know about.,But first, lets dive into a few of Cash App Taxes main features.,The first feature worth noting is Cash App Taxes Double Guarantee.,So Cash App Taxes provides both a maximum,refund guarantee and a calculation accuracy guarantee.,Now, the maximum refund guarantee promises,you that youll receive the Max refund due to you.,And if another tax service finds you,a larger refund, Cash App will reimburse you the difference up to $100.,Secondly, their accurate calculations,guarantee is the second guarantee that covers your tax liability.,Cash App will reimburse you up to $1,000,if the IRS discovers any errors in your calculations and sends you a bill.,Now, lets talk about their importing feature next, because if youve ever used,another tax service in years past and youre looking to try to cash out,Taxes, they do allow you to import your prior year tax returns from services such,as TurboTax, H&R Block and even Tax Act.,Next, lets discuss their free Audit Defense.,Now to provide audit defense, Cash App Taxes partners,with Tax Protection Plus, and this insurance basically protects you,in the case you are audited regarding your tax returns.,Next, I want to talk about Cash App,integration, because if youre already a Cash App user, you can have your refund,deposited straight into your Cash App account.,In fact, before you actually start your,return, on Cash App Taxes, youll first need to create a Cash app account.,If you dont already have them, lets now dive into what youre all asking about.,And thats their customer support.,Because while Cash App Taxes offers many free add ons like guarantees and audit,defense, you might be wondering about their customer support.,Well guys, because of their free price,point, their customer support availability, well,,it takes the biggest hit compared to other paid alternatives out on the market.,Now dont get me wrong, Cash App Taxes,,I do have a small collection of help articles on their website,,but their customer service is limited to just email support.,There is also no access to tax,professionals should you need any actual tax advice.,Now for first time tax filers, this could be a reason to look elsewhere,if you want or you think you might need some professional tax guidance.,Still, as far as pricing goes, you cant beat free, right?,The software doesnt support all the forms that some of the more popular tax software,do, but it could be enough for some tax filers.,So with that being said, lets dive a little deeper into the list,of forms that Cash App Taxes supports because its over 100.,Believe me guys, Ive counted.,So here Cash App Taxes website.,They do have a help article that shows you,which forms and tax situations that they do support.,And while I cant go through every single tax situation in form,,I will scroll through the page here so you can pause the video at any point if you,need to see if they support your current tax situation or your specific tax form.,If you scroll down this page here, there are over 100.,You have your W2s, 1040s, 1095s, and many 1099s.,You have Schedule 1, Schedule A,,Schedule C, Schedule D, all these different schedules,,deductions, and all these other different tax forms and situations.,Again, Im scrolling here slowly guys, but you can pause the video at any point,if you need to look further to see if they have your specific tax form or situation.,Thats the end of the list there.,But Ive counted there are over 100 different tax forms that Cash App Taxes,does support completely for free with their free software.,So definitely check out this list on their website if youre not sure.,So now that youve seen the list of forms that they do support,,lets take a second to look at the list of forms and tax situations that they,dont support because this is also very important.,And while I cant go through every single tax situation and form that they dont,support, again, I will scroll through them here so you can pause the video at any,point if you need to see if they dont support your specific tax situation.,So here are some of the situations that they dont support.,And this includes filing your state taxes,without filing your federal taxes using Cash App Taxes first, thats important.,Also, they dont support multiple state,filings, part year state filings, or non-resident state filings.,Theyre also not supported,by Cash App Taxes. And other things here, as well as prior year return filings,,foreign earned income, underpayment penalty calculation payments,,also married filing separately returns in community property state.,So those are a list of tax situations that they dont support.,And down here are the specific federal,forms also that they dont support on Cash App Taxes, so they dont support,the earned income credit for non dependent.,They dont support additional child tax credits.,And Im just going to keep scrolling down,here because there are several that may not apply to most people.,But if you see your specific tax form here or tax situation, they dont support it,,then its probably not an ideal solution for you Cash App Taxes,,but for certain people who like earn foreign earned income or multiple state,filings, or if you file your federal taxes with another software,,you then cannot file your state taxes with Cash App Taxes.,So definitely check out their website,to see the full list of forms that they dont support.,So lets take a second now to discuss,who can use Cash App Taxes, because while the service is free to use,for all returns, there are some additional requirements.,Firstly, you must be at least 18 years old.,Secondly, you must be a US citizen or a resident alien.,And thirdly, if youre filing a state return, youll need to have earned all,your income in the state in which you currently live.,Speaking of state returns, this can be a bit tricky when it comes,to the Cash App Taxes software, because without a doubt,,the biggest draw to Cash App Taxes is their price point, right?,While most tax software will charge you separately for filing your federal,and your state returns, Cash App Taxes charges you for neither.,However, while you can file for free,returns in 43 States and Washington, DC, you cannot file a state return,with Cash App Taxes unless youve also filed a federal return.,However, for those who live in States,that do not require state tax returns, you can file just a federal return.,And another drawback to consider would be that Cash App Taxes cannot be used to file,multiple state returns, non
Cash App Taxes Review 2021-2022 by a CPA | Pros + Cons | Walkthrough
all right everybody im logan alec im a,cpa putting my cpa skills to the test,here again today with another tax,preparation software review for the,money done right youtube channel today,im taking a look at cash app taxes,i will be walking through an entire,tax return,with cash app taxes here right here on,screen and as i go through the tax,return im going to be sharing my,thoughts about it for you so you can see,what i think are the pros and cons of,this tech software as a cpa,of course at the end im just going to,kind of give my overall thoughts on how,uh this software is cash out taxes,actually new this year it uh it is,basically the same as credit karma taxes,under a different name uh because in,november 2020 credit karma tax was,acquired by cash app um i did review,credit karma tax last year i found it to,be a great free,tax return preparation software program,unlike turbo tax unlike h r block credit,karma tax was able to handle pretty much,any tax situation for free that said it,didnt have quite as much hand holding,as say turbo tax you kind of had to know,have a little bit more baseline tax,knowledge uh than you would need for,turbo tax but if you kind of know your,way around taxes a little bit know your,tax situation pretty well what,deductions youre eligible for what,credits youre eligible for you could,save your money with credit card tax and,im curious to see if cash app taxes,works in the same way now one thing you,do need to know is that in order to use,cash out taxes you will need a cash app,account if you dont have one yet you,can use my referral link in the,description below there might be a,little bonus attached to it uh if you,meet the requirements the requirements,do change from time to time so ill let,you just click the link down description,below see what the current requirements,are to get a little cashy cash cash app,bonus okay so like i said uh you do need,to have cash app in order to use cash,app taxes it looks like here is,prompting me to open up uh the cash app,on my phone and scan this little qr code,thing so thats exactly what im going,to do oh that was fast,all right and then apparently it emailed,me a,a code so lets see here,all right cash app confirmation code,there it is,okay not great now it texted me a code,apparently,ill have to look in my current phone,okay,all right so now i got to create a new,password specifically,for cash app taxes,not for the cash app itself so im going,to,do that,uh im not gonna use biometrics because,this is,okay youre all set,okay,all right,good,all right now were good to go,all right now we got this screen which,is kind of just the basic uh information,you would share with any,tax return software program its,basically asking information about,yourself with your spouse any dependents,um,right off the bat this looks pretty user,friendly to me like i like the interface,i think they really want to make it,really user friendly just like uh the,cash app itself,is real user friendly i think they want,to kind of carry over that user friendly,vibe from the cash app to cash app taxes,to kind of keep that all consistent so,uh tell us about yourself,so i i i create a fake persona if you,dont know i create this like fake,persona for all these tax software,reviews his names jimmy dean,um i assume hes basically um hes,unmarried he has his daughter who lives,with him um the whole year so thats,kind of the persona that im going to,use for this,tax cash app tax return review as well,so im going to say no spouse i can say,it does have a dependent uh did you,receive any advanced child tax credit,payments in 2021 i will say yes,um because im assuming he has a,daughter who qualifies for those,okay so i like how theres this little,um helpful tip,right to kind of describe what that is i,think its really helpful when these tax,softwares give kind of a little bit of,education throughout the process to kind,of educate people about their tax,situation so theyre not so like,dependent,on these tax offers and i think that,that indicates you know kind of a sense,of genuineness right that youre kind of,teaching people and not just having them,use the tax software program as a crutch,did any of this apply to you working,live in multiple states im going to,assume no right i dont really spend a,lot of time on states in these tax,software reviews because theres 50 of,them plus the district of columbia you,know so um,i dont really spend time with states,because i dont if i spent time on,one particular state it wouldnt apply,to my entire audience so im going to,team no did not work in different states,not work multiple states and not have,foreign income over six hundred dollars,so im going to say that uh and he,worked for somebody else um im not,gonna deal with self-employment in these,uh reviews because most of the people,who watch these uh dont have,self-employment income,im gonna assume no student no,retirement income im gonna assume we,got a little bit of interest income some,stock stuff um didnt sell a home or,rental property and not im gonna assume,you got nothing like there,um,okay so right about i like how they,you know are asking for everything kind,of right off the bat to kind of get all,out there um im gonna say we did not,own a home do not have family ex okay,now this this might be a little,confusing here,because under it has stimulus credit,under family expenses i assume the,stimulus credit is the recovered rebate,credit thats the credit that people get,if they um,you know did not get the full stimulus,payments that they were um well the full,third stimulus payment that they uh were,entitled to get right but thats kind of,confusing thats under family expenses,because he wouldnt actually have,necessarily to pay any family expenses,in order to get that credit so thats,one kind of confusing thing about cash,app taxes uh but im gonna,im gonna assume he is entitled to,recover rebate credit cause im gonna,assume that he didnt get any similar,third stimulus payment for his daughter,right thats just an assumption right,just for the purposes of this example,im gonna assume they donated a charity,no estimates no none of this,none of this none of this,now this is another thing thats kind of,weird like it says other expenses,alimony paid after lost gambling losses,etc well hows like uh somebody whos,not like a tax professional supposed to,know what these other expenses are what,this etc is right so maybe thats,another thing that could be a little bit,more clear,all right welcome to your tacxo,okay so now were going to input some,basic,info,lets see show your text into the cache,app enhances your experience improves,your ability to provide you with more,refund deposit options,uh,okay lets see what this does,actually,i dont i dont know about this im not,gonna do that all right so now were,going to uh,now just fyi,it initially had,my personal information in here because,for my cash out but,were not going to use that information,obviously were going to use this fake,persons information,uh what do i have is his address,501 wilcox,phone number i dont know im making,this up dont call this number probably,doesnt work,all right so social security number im,going to make it up what did i give them,sometimes they kick it back because they,can tell its fake,777.,right so it accurately detected head of,household even though i havent given,dependent information yet i think i did,say that i had a dependent but i havent,inputted her information but it kind of,detected that so im going to say yes,oh it gives you choices here,um,okay because usually you like type it in,okay am i going to put other i think,that theyre put putting choices here,maybe for some kind of data collection,purposes right because with a lot of,these apps,yeah cash out provides a service its a,money transfer service,but a lot of what they do is just,collect peoples data right other tax,offer programs you would just type it in,like this,right you just type there would be
More: ruger ar556 review
NEW $600 Tax Law?? HOW ABOUT NO! | CASHAPP TAXES AND HOW TO AVOID THEM | 1099 REPORTING | Cash Apps
there are two new ways that the irs is,trying to stalk us i mean,make sure everybody pays their fair,share of their taxes and i know youve,seen the videos and youve heard all the,chatter but where are the facts though,okay theres a lot of things that people,are actually not mentioning that are,really important and there are a lot of,people who are getting these two new tax,laws lets call it that confused so i,want to clear all of that up with the,receipts with all the facts and the,pictures this new requirement doesnt,only affect paypal and cash up and,things like that it literally can affect,59 million americans so lets make sure,you are not in that number all right,theres been a lot of confusion around,who is actually impacted by this what,apps actually fall under this umbrella,so i went directly to the source okay i,researched all of these apps and i got,the real details lets start with zel if,you know youre not conducting any,business and you dont even want to get,confused with anybody in the irs use,zella right so unlike most relationships,okay you know exactly where you stand,without on their website they made it,clear that they aint got,to do with any of this boom they do not,report to the irs they never have and,apparently they never will they said if,you got taxable income that is a you,problem and go talk to your tax,professional dont talk to us they said,we dont issue 1099 case we dont even,know what that is and yes we are talking,about that hundred dollar tax rule too,we they we aint got nothing to do with,that and you know what this was actually,really helpful im gonna go ahead yes,that was helpful,not all heroes wear capes all right how,about cash app more like cash op all,right they definitely snitch in they,tell it on you but there are some,caveats it only applies to business,accounts here are the receipts right,here okay if you have a personal cash,app account this will not apply to you,so,you kind of save paypal,not really a friend of mine i dont know,whose pal they are okay because they,didnt even bother to update their,section to capture the 600 requirement,but what we can use based on what i did,see was,similar to cash app its going to be for,business transactions only and there is,an option when you are on paypal using,it you can choose if youre sending it,to friends and family or you can choose,if its going to a business so this is,how theyre going to differentiate but,they still fall under the 600 you know,reporting requirement venmo has the same,energy okay they will tell on you if you,are spending more than 600,youre going to get reported you are,going to be getting 1899k,and they was like yes yes we know you,didnt do this before but times have,changed papa okay doesnt ven mean come,in spanish they want me to come mo,thats actually not bad advice no matter,what its a good time to assess where,youre getting your money from and check,their websites to make sure that this,isnt applied to you okay anything that,connects a customer with a service,okay like if you need a ride and you,have a driver thats uber thats lift,right anything that connects a product a,service to a customer you have to check,and make sure etsy check amazon all,these things because they all fall under,this umbrella and what youre going to,do is youre going to go on the website,all right and youre going to search,within their help or whatever they have,a search bar type in 1099 okay or you,can even type in 600,both of those help me get all the,information i just posted okay when do,you have to deal with this and what,triggers this okay so this is actually,starting this year but you wont have to,worry about it until 2023 when its time,to file your taxes what will trigger,this is if you spend more than six,hundred dollars once you reach 600 on a,particular website on a particular app,that will trigger the 1099 okay so if,you spent 5.99 on cash app and you spent,5.99 on paypal neither of those,companies are going to give you anything,even though that totals more than 600 in,aggregate but its each individual at,each individual website so who should be,freaking out about this honestly nobody,because these rules were always in place,no matter what you know there are,certain exceptions but if you are making,more than your standard deduction which,ill put here as long as youre making,more money than that you have had to,report income they have been requiring,for you to report your income even if,you are an illegal dope dealer amen,thank you for that eighth uh,here goes your money oh we dont we,dont accept cash anymore why are you,saying we when its clearly only one of,you were only accepting cash through,paypal or cash out business because i,need to track my revenue to properly,determine my taxable income,i think im gonna go somewhere else,there is nothing new about it okay the,only thing is now there is more layers,of audit right so easier ways for you to,get caught but the real heavy impact tax,is on the gig economy workers okay if,you were somebody who worked in the gig,economy whether youre an uber driver,instacart anything like that,normally before you didnt have to get,reported unless it was over twenty,thousand dollars and two hundred,transactions now they got rid of all of,that and its just six hundred dollars,okay so if you were,maybe not reporting things as correctly,as you should have now theres a higher,chance that youll get audited because,they have more data to actually assess,whether or not youre paying your due,diligence you know your fair share and,this could be either just a 72 issue or,a 7 400 issue it really just depends on,how much money you make and what your,taxable income is now there is a,difference because there are a lot of,questions surrounding the two things,that biden has proposed okay,this 600 thing is in effect its been in,effect since january first thats done,theres a separate thing okay a separate,requirement for the banks this is not,yet approved and this is basically,saying if you get more than ten thousand,dollars in any account so basically to,break that down even easier if you make,more than eight hundred and thirty three,dollars a month or if your rent or your,mortgage is more than eight hundred and,thirty two dollars a month right like as,long as you are making or spending more,than eight hundred and thirty-two,dollars a month,the irs is requiring banks to report,all of your deposits and all of your,withdrawals okay,allegedly this is to protect our privacy,i dont know what is protected because,you know everything okay they even go on,to say dont worry like weve been knew,all this information already okay if you,work here we got your whole life so just,tell us how much is going in and out of,your account this is supposed to be a,progressive way to collect taxes but,whats really interesting to note is,that the tax audits on the rich,dramatically reduced from 2010 to 2019,so its like,wait a minute,yall should continue to keep auditing,the millionaires and leave us alone,either way this tax law believe it or,not is actually a blessing there are a,lot of people who are not reporting,their under the table income because,they dont want to get taxed but what,theyre not realizing is that if youre,making money as a 1099 worker you know,self-employed or you like have a side,hustle youre really leaving a lot of,tax benefits on the friggin floor and,you might actually end up being better,off if you report this revenue in this,video right here i actually discuss in,great detail all the tax credits you,could be leaving on the floor so please,check that out and until next time keep,your money up
More: vivid seats review
Cash App Taxes 2022 Review (Formerly Credit Karma Tax) | Walkthrough and Pros and Cons
if you are looking for completely free,tax filing for 2022 then you definitely,want to check out cash app taxes this is,formerly known as credit karma taxes,so there are a couple of upgrades and,changes that youll want to be aware of,stick around well be going through a,complete review of cash app taxes in,this video hey guys its justine with,the college investor investing and,personal finance for millennials cash,app taxes,which used to be credit karma taxes,its still one of our,top tax software that we got to review,this year and i want to start off with,this video on how to,log into cash app taxes because this is,kind of a barrier if you can,get it set up and log into the app and,then log in to your computer to do your,taxes youre set so lets go over how to,do this all right so im going to pull,up my app here so that you can follow,along with me so feel free to pause this,video if you want to go ahead and set,this up first youre going to open up,the cash app phone download it and then,youre going to see down here at the,home button the little home icon if you,scroll down theres going to be this,line that says free tax filing estimate,your 2021 refund,so then you can click file now continue,log in with your email address,and then its going to send you a code,to your email address im going to add,that in here,got it,and then its also going to send a code,to your phone so theres multi-factor,authentication which is actually a good,thing when youre talking about your tax,return because identity theft has gone,crazy the past few years especially when,it comes to your tax return so youll,want to make sure that you are with atax,software that has this type of security,added all right so now im going to,enter my name and some identity stuff to,make sure that im really me and it,pretty much looks like i have unlocked,everything from my phone okay,stumbling into some roadblocks here but,you are going to have to scan a qr code,on your phone log in with your phone and,then come back to your laptop so again,this is the big barrier with cash app,taxes and so thats why i wanted to,highlight it,to make sure that you guys know exactly,how to get in because its worth it,because its completely free so lets go,ahead and log in and now it says i,should be switched back to my computer,and im back in and this is where you,can,start filling out your tax return i find,it a lot easier to use my laptop when,im thinking about different forms that,i need to input into attack software,doing it on my computer versus my phone,is way easier okay so weve answered the,question that cash app is really free,credit karma taxes was also free last,year and so is the same software but i,want to tell you about a couple of,changes that happened for 2022,along with the name change and the,changing of hands here there were a,couple of downgrades that we noticed the,first thing and one of the biggest,things that youll want to be aware of,is that cash app taxes does not support,automatic imports of your tax forms,which is a huge bummer you have to,manually enter in your information so as,you are getting your tax forms youre,going to have to manually enter that,information which could leave room for,air also we noticed that the product,didnt pick up any over contributions,that we may have made through,a self-employed 401k plan and so,usually those things are red flagged,right away and we didnt see that with,this software so thats something that,youll want to pay attention to if you,have an eye for detail it wont matter,to you but if this is something that you,arent familiar with it could trip you,up all right now that we are completely,logged in lets go ahead and hop inside,the dashboard and ill show you what it,looks like okay here we are in the,dashboard,so one of the notable features is the,requirement of multi-factor,authentication so before i could even,get into this window i actually had to,scan,a qr code with my phone,as i mentioned before in order to log in,and youre going to have to do that,pretty much any time,you need to log into the software so,either its a feature or a drawback but,i think the main point here is that,having a second form of authentication,is really good practice that few other,companies offer as i was going through,my filing experience here they really do,customize,the software according to what your,needs are so in the beginning i filled,out some basic information and this,really does streamline that process so,it basically gets you to the content and,the documents that pertain to your,tax filing situation just a quick,rundown of what this looks like because,a lot of the tax software that i have,tested have a menu navigation right here,on like the left hand side but,everything here is streamlined in cash,app taxes this is the same basic,function and user experience as what it,was last year under the credit karma,name,its,its nice it has the different,sections that you can go and peruse,through you can see what sections i have,started such as the self-employed stuff,and what things that i still need to,look into such as savings and interest,and so the way that they have you go,through this is very guided,and i like that when you go to hit start,because i did say i had interest that i,earned that you can add in a new,interest form and its super nice so,theyll take it section by section or,you can toggle,to this single page view in which youll,have all of the different form sections,for one form in one view so you can kind,of scroll through and as youre looking,back and forth between your 1099 form,and whats here on cash app you you make,sure that you have all of your boxes,filled out correctly theres even these,nice little green eye,icons where it can tell you a little bit,more about,what theyre asking for in that,particular box one of the drawbacks here,though is that you cant import,these forms so if you have a pdf that,you downloaded from lets say,robinhood or some other brokerage,account and you want to upload that into,cash app taxes thats just not possible,you have to manually enter in these,numbers and if you have a lot of,different forms this can be very time,consuming all right to get to their help,center you just click on this little,three dot button,and itll pull up a different window,that says tax help center,and then you can peruse through their,knowledge base and their different,articles here if you ever need a help,one cool thing about cash app 2 is that,they offer free audit support so if,there is a chance that you get,associated with an audit the support is,included here with cash app,also i like this handy button up at the,top that gives you,a summary of your taxes so far so its,going to show you exactly how,these things were calculated any kind of,taxes owed credits and withholdings and,then any possible refund that you might,have so there you go make it even,sweeter free audit defense no hidden,filing fees,accurate calculations all that good,stuff is right here in cash app i think,this is a simplistic way to do your,taxes its not clunky its very straight,to the point,cash app taxes actually is pretty robust,considering its a completely free,software now its not the premium feel,like a turbo tax or an h r block but it,is way better than some of these bargain,software that still charge a a fee to,use their services such as free tax usa,which costs 15 bucks to file,this is going to be a better experience,and you wont have to pay,a fee to use it so thats why cash app,makes our top list of tax software to,check out for 2022 if you are still,trying to figure out which software to,use dont forget we have complete,walkthroughs and reviews of all the,latest and greatest tax software at,thecollegeinvestor.com,[Music]
Cash App Taxes 2022 Review (Formerly Credit Karma Tax) | Pros and Cons
hey guys welcome back to my channel its,pocketgangster here back with another,video you probably clicked on this video,because you want to know about the cash,app taxes well thats what were going,to talk about today i am so sorry i,wanted to make this sooner if you,havent already done your taxes yet if,youre filing yourself or you plan on,filing taxes this year yourself youre,going to want to watch this video and,stick around to the end thank you guys,so much for clicking on the video before,we begin if you are new to my channel,welcome i am pocket gangster and i like,to share helpful tips and tricks for,your credit score as well as anything,else financially related also i want to,point out i am not a financial advisor i,am not a financial planner i am not a,certified accountant or anything like,that this is just some helpful tips and,tricks that ive learned myself that im,sharing with you my audience i want to,say thank you so much for watching the,video like i stated earlier and now that,that is out of the way we can begin with,the video,now everybody probably already knows and,if you dont,cash app acquired the tax software or,program that used to be run by credit,karma i loved credit karmas tax,software it was very easy to use and,straightforward now the cash app is no,different it is very straightforward,its easy to do and everybody is on,their phones anyway so of course it,appeals to a lot of people that are,already addicted to their cell phones,but heres a problem,this might hurt some people,but im going to say it,not all states are supported yet you,heard me right,i started filing with the cash app,software on my phone got halfway through,to find out the state of ohio that i,currently live in is not supported yet,now at the time of this video which is,february 9th it still has not updated,yet for me to file for the state part,now federal its totally fine i could,e-file with them instantly and totally,be okay however im the type of person,that wants to use one software for,federal and state,again not everyone is going to do their,taxes themselves and i highly recommend,that you talk to a professional before,doing the taxes yourself if you dont,know what youre doing however for the,last couple of years i have done them,myself,and i only had one or two pieces of,paper so its not that big of a deal so,youre probably saying well thats the,end of the video right well before we go,i wanted to show you guys something if,you dont already know this if you go to,google and type in the search box irs,free file and hit search you should come,up with several results one of those,results will be the irs website page,once you click on that link you will,then be taken to the page through the,irs that will offer several different,companies that offer free software to,e-file yourself for free do keep in mind,that you have to have seventy three,thousand or less gross annual income in,order to e-file for free,and also pay attention some of the,companies will let you e-file for free,for federal however some of the states,are not supported as free therefore they,might charge you a fee for doing your,state taxes its all different its very,confusing and i wish it was much more,simpler thats why i loved credit karma,tax however nothing against cash app at,all i think theyre an awesome company,but until they fix that issue with the,state i think ill be looking elsewhere,i personally used easy tax return its,one of those companies that are selected,there on the irs website i think it was,pretty much straightforward and simple,however let me know down in the comment,box below what software you have used,and why you use it and also if you liked,this video dont forget to give it a,thumbs up for the youtube algorithm and,also dont forget to subscribe to the,channel so you dont miss out any more,videos that way you guys can be a part,of my pocket gangster family again thank,you guys so much for watching this video,i hope it gave you a lot of information,going forward and i will see you guys in,the next video peace
Cash App Turbo Taxes Review 2021-2022
all right so we have a direct deposit,march 16th filed through turbo tax,deposits through cash app this was a,member of my channel i love when you,guys send me these screenshots if you,guys need help drop your comments below,follow me on instagram let me know if,you guys got questions i know i know a,lot of you guys message me i really do,try to respond back to everybody in the,messages today well be talking about,cash up turbo tax and a deposit if you,guys have received your taxes let me,know in the comment section if you guys,have received them as always you guys,know im going to be bringing this,content to you guys each and every day i,am actually going to be responding back,to everybody as well so todays video,lets just get right into this im not,going to waste any time somebody said i,got mine march 9th you got a d,uh,its coming i put 5 000 up and saved up,make the right decision when your money,come basic needs is all you need after,that spoil yourself real good four times,a year i love you okay thats some good,advice,whoever said that no contribution and,theyre actually contributing because,they gave out some love and some advice,so thats a win-win situation all right,somebody said hey thank you i love you,too always i felt this and that was real,like that was a good way to start the,video off thats a good way,um if youre going to be spending money,and using your taxes do it the right way,right dont worry about,what you dont need right or what you,want,right get what you need if youre going,to get anything but if not just save it,thats just my advice save it and if you,spend it you spend it so im going to,tell you to save it spread love spare,positivity all right so whatever you do,with that,run with it uh somebody said same for me,march 16th turbo tax and cash app some,people already got it i dont know how,somebody said yeah but its but it is it,too weird sometime users direct deposit,was march 16th but got theirs yesterday,somebody said i dont know,i dont have mine it do say 316 but my,account is zero,uh somebody said did you pay,turbo tax for the services at the end or,prepay so that it wouldnt get taken out,your check,somebody said oh,no,oh none,i didnt use it i know if you have a,direct deposit of 316 you more than,likely will get your money before the,21st,so thats an option as well you know you,so you still may get your uh,your money by then somebody said direct,deposit 316 file turbo tax,cash app deposit but i still,have not received mine either,so im with yall,i dont know why that was like that all,right filed through turbo tax on,february 14th and accepted on the same,date still in a on transcripts you check,both of your transcripts uh both my,return transcript and record of the,account transcript for 2021 are not,available,ill keep that up there so yeah let me,know in the comment section where you,guys stand i know a lot of people have,been wondering was questioning,um was im going to speak about these,taxes,i kind of know and i didnt want to,speak about it because i just kind of,figured everybody,already,received their taxes but im seeing a,lot of people havent so let me know in,the comment section if not i will get,back into this some more and we can,definitely get in tune,with this uh somebody said i found and,got accepted on uh february 16th through,turbo tax and now i got direct deposit,for 316 or transcript but my wmr says,321 i set it to direct deposit through,cash app too,i know cash shop they were doing,crash cash app credit card money doing,something where if you follow through,them you will get advanced some type of,up in advance i dont know if a lot of,guys were taking advantage of that,advance,but uh yes a lot of people were doing,that i definitely was seeing that,everywhere people were posting advances,people were buying whatever they wanted,to buy which is totally fine i mean live,your life but like i said im going to,tell you to save it so whatever you do,with that its whatever you do with that,all right so with cash app as well have,direct deposit at 316 theres still no,deposit when you guys think those funds,should be released,i heard that you didnt get any,deductions taken out you will get it on,316. okay,you guys um,for me,like i said i dont have any problems,with uh turbo tax,but i am starting to see and start to,hear other peoples problems i got a,video right before this one if you guys,want to watch that video of discussing,the turbo tax and peoples issues with,turbo tax let me know if you guys had,any issues actually filing your taxes as,well im still waiting uh for people to,or somebodys gonna tell me about,their,state taxes so im still waiting on that,um from a lot of you guys as well so let,me know in the comment section how you,guys feel,as always ill leave some of this up as,well if you guys want to pause the video,you guys can read some of this,feel free to pause the video,no more turbo tax for me changing it up,next year my name is quinn banks if you,are into the channel of course you guys,gotta like and subscribe todays video,im gonna be talking about what you guys,have been sending me constantly about,turbo tax let me know in the comment,section if you guys have turbo tax if,you guys have turbo tax how long have,you guys been using turbo tax you know,whats your experience with turbo tax,let me know in the comment section im,gonna drop my comments and my,experiences below and respond to you,guys as well now this,um lets say,last year right last year we was we was,being was talking about the taxes this,year were about to get right back into,that about to get this this accelerated,again so let me know if you guys got,questions i know a lot of people have,already received their taxes then i know,a lot of people have not received their,taxes so that was my dilemma as far as,making these videos because,i was just debating on you know i feel,like a lot of people have already,received their taxes but,this is for the people either if you,have received them feel free to watch,this video if you havent you know this,just me to help you guys as well now,this was a member of my channel they,began to say no more turbo tax for me,changing up next year definitely done,with them,all right lets read the comments now,let me know like i said in the comment,section your experience with turbo tax,me personally,i dont have any issues with turbo tax,ive been using turbo tax for the past,maybe,eight years possibly,um so ive been doing my own taxes ive,been using them i havent had any issues,but thats me personally you know like i,said when i speak on these issues i,havent had any issues you know so i can,speak on it on that behalf no issues,with me you know so when i hear these,issues im always,concerned because im always you know,im always open-minded so even when,things are going good you know and i of,course i got some companies where i feel,like theyve done me wrong and theyve,done other people good so i dont want,this to be one of those type of videos a,lot of people ask me and me personally i,have no issue with turbo tax none but,im hoping to hear you guys issues right,because im thats not saying i wont,come across any issues or i havent but,im just saying i want to hear you guys,issues to see if maybe i have dealt with,those issues before all right enough of,me talking lets get into this so,somebody said free tax is very simple,and you guys okay so whats that say,somebody said saying that i use switch,to them a few okay so this is with the,free service so i will tell you guys,this right,when i use turbo tax,i am not using the free services i am,paying,so that i just seen that i just wanted,to clear that up so,if its the free services let me know in,the comment section as well let me know,like i said im just im just curious to,what people are having because if i can,help you guys i will try to so anyways,uh somebody said slight pain to re-enter,everything instead of just clicking,okay with whoever you use last year bu
???? NEW $600 *CASH APP* TAX LAW EXPLAINED | ANSWERING YOUR QUESTIONS
in my video today i thought i would take,a couple of minutes to clarify one of,the recent tax laws that was enacted,earlier this spring im referring to the,tax law that requires all payment app,providers such as venmo paypal apple pay,as well as others to start reporting to,the irs a users business transactions,if in aggregate they total 600 or more,for the year now in this context a,business transaction is a payment for a,good a service not your typical payment,for groceries or reimbursement that you,may make to your friends there seems to,be quite a bit of confusion around this,new tax law and most likely that is due,to the fact that when the public was,made aware of this law the notorious,bank reporting proposal negotiations,were still underway and given that the,threshold was at that point in time 600,for both its no wonder that the two,were frequently confused and,misunderstood so in todays video i want,to answer some of the most frequently,asked questions that i see you ask me on,my previous videos if youre new to my,channel welcome my name is lena please,make sure that you are subscribed and,that you give this video a thumbs up if,you learned something new additionally,please ring the bell so that you can,watch new videos when they are uploaded,and not when youtube decides to suggest,them to you i received so many comments,from my viewers with a question of what,can be done in order to protest the new,cash app tax law at this point,unfortunately theres absolutely nothing,that can be done because it has already,been enacted this law was enacted in the,spring of 2021 under the umbrella of the,american rescue plan,when will it go into effect the new cash,app reporting goes into effect on,january 1st of 2022,so all transactions beginning on january,1st will be subject to the new reporting,requirements,i know weve covered the new requirement,in detail in one of my previous videos,but in case you havent seen it all cash,apps will be required to provide a,report directly to the irs if the users,business transactions in aggregate total,600 or more for the entire year,this new tax law does directly relate to,business transactions only meaning if,you sell an item if you provide services,and you get paid via a cash app,those types of transactions will be,captured starting january 1st,prior to this change app providers only,had to send the irs a form 1099-k,if an individual account had at least,200 business transactions in a year and,if those transactions combined resulted,in gross payments of at least twenty,thousand dollars so needless to say the,dollar threshold has been significantly,lowered to an amount that will no doubt,essentially affect every single person,who ever buys or sells anything using a,cash app now what i think we really need,to point out here is that even though,the dollar threshold is unreasonably low,in my opinion it should be said that all,of these transactions should have been,reported even prior to the law being,enacted meaning in the united states,according to the tax law all income is,subject to tax so even though they,lowered the threshold again to an,unreasonable level in my opinion i think,its important to point out that based,on the existing tax law this type of,income should technically have been,reported all along,who will be impacted by the new tax law,even though in theory only those people,who make business type transactions,using cash apps will be directly,impacted i think it is safe to say that,every single cash app user will be,affected heres why,these third-party settlement entities,may not know for sure if theyre dealing,with a business or an individual or if,theyre dealing with a payment for goods,or services or a non-taxable transaction,such as you reimbursing your friend for,lets say a happy hour or a dinner,unfortunately it looks like it is going,to be up to the taxpayer if they receive,a 1099 in any form for a non-taxable,event such as lets say splitting rent,among roommates splitting a dinner bill,to explain to the irs that the 1099 was,received for a non-taxable transaction,so it will be up to you,to explain to the irs what that,transaction actually was and of course,in that case you may want to keep your,receipts or you may want to keep some,type of uh,record of what those transactions are,that should not be taxed just in case,they are included by your cash app on,your 1099 and sent to the irs so as it,stands today the irs will receive this,transaction report and when they compare,it to your taxable income that you are,listed on your tax return they may,notice that certain credits certain,items,arent actually accounted for and will,question you about them so then at that,point in time you will have the burden,to explain why those transactions,werent included on your tax return why,they are actually non-taxable possibly,because your friend paid you for,groceries or part of your rent or,whatever the case may be,in addition to it this reporting process,is extremely vague at this point as well,if youre a freelancer or an independent,contractor,you might get a 1099k from your payment,app provider as well as a 1099 1099-nec,or 1099 miscellaneous from your client,for the very same transaction again the,taxpayer will have to explain to the irs,that the two 1099s are for the same,transaction and in fact represent one,taxable event instead of multiple so,its not ideal and its not surprising,by any stretch of imagination that the,new law causes frustration and,inconveniences and we have yet to see,how this process actually plays out in,real life when this new tax law goes,into effect in just a couple of months,now at this point theres nothing that,we taxpayers can do,each cash app provider is deciding which,procedures it will use to accommodate,the rule change and will need to alert,their customers about what if anything,will be required of them to better,identify the nature of transactions for,example paypal which now owns venmo,recently put out an initial q a for,users of both apps it noted that in the,coming months we may ask you to provide,tax information like your employer,identification number ein individual tax,id number or social security number if,you havent provided it to us already so,paypal is trying to make sure that,individual accounts are properly,identified as business or personal,accounts which will help them streamline,the reporting process and will hopefully,make it less hectic for the users,theres no doubt that cash app providers,feel that some users will stop using,their services and will resort to cash,payments i wouldnt be surprised if some,users ask customers to pay them in cash,from now on at least for smaller amounts,like tips as an alternative they may,decide to only use an app for taxable,business transactions and keep their,other non-taxable transactions separate,and possibly cash based i hope this,video helped clarify the new tax law let,me know in the comments if you feel that,you will be impacted by this new tax law,please remember to show support hit the,subscribe button give this video a,thumbs up and please turn on video,notifications by ringing the bell those,things really help support my channel,here on youtube thank you for watching i,appreciate your time and i will see you,in my next one tomorrow take care