Guide to Managing Contractors on Found
Overview:
Found makes it easy to manage contractors that your business hires, pay them for their services, and stay on top of the tax paperwork needed to report those payments.
At the end of the tax year, Found will create your 1099-NEC forms based on all tracked payments over $600. You can then easily share a copy with your contractors and effortlessly e-file these forms via the Found app, for free.
Better yet: with everything tracked in one place, there’s no need to reconcile these transactions across platforms. Each payment is automatically recorded as a deductible expense in your Activity feed, helping you to lower your taxable income.
How to manage contractors in Found:
Onboard contractors:
Tap Add Contractor in the Contractors section of the app.
Choose a contact in your contact list or tap Create New Contact to add a new contact. If adding a new contact, include their name, phone, email, and address to get started. You can also add their business name and banking details.
Once you’ve added a contractor, be sure to request or add their W-9 information, which has their tax identification information needed for your 1099-NEC forms. You can keep track of W-9s requested and send reminders to contractors in the W-9 forms tab.
Pay contractors:
Send 1099 payments to contractors by text, email, or direct deposit. If your contractor uses Found, you can instantly send payments from your Found account to theirs—for free.
You can schedule payments in advance or save them as drafts to finish later when convenient. You can also require a contractor’s W-9 before they can accept payment.
Generate and file 1099s:
At the end of the year, Found automatically generates 1099-NEC forms for any contractors you’ve paid over $600, based on tracked payments and each contractor’s W-9 information.
At the end of the year, click File 1099s to either download the forms to file yourself or e-file your 1099s via Found for free.
Additional resources:
Adding and paying contractors:
Managing tax paperwork: W-9 and 1099-NEC
for the self-employed
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category.
The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc.
The information on this website is not intended to provide, and should not be relied on, for tax advice.
**Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.
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