If you’re a sole proprietor, Found will provide you with a tax estimate. We find your tax bracket by using the information that you provide inyour Tax Profile. That is why it is important to enter all your information correctly. Your current business profit, other income sources, deductions, tax credits, filing status, and a few other details are used to calculate your taxable income. It is not currently possible to adjust this percentage.
If you live in a state that has an income tax, Found sets aside a flat rate percentage for that state tax. You can adjust this percentage to save more of each deposit for any additional taxes. This is particularly useful if your business is subject to county or city taxes.To adjust your state tax percentage, follow these steps:
Navigate to the Business tab and go to your Tax Profile.
Click edit next to State Tax
Enter your tax percentage. We’ll recommend a percentage on this screen that covers a majority of people.
Click Save to save your changes.
Be sure to consult a tax professional to understand your total tax burden if you are subject to additional taxes.
