Guide to Taxes on Found

Overview:

As a small business owner, taxes have additional complexity that you need to stay on top of.  You are responsible for paying self-employment taxes in addition to income taxes, and ideally you will make estimated quarterly tax payments by each quarter’s deadline to avoid late penalties.

Fortunately, Found provides a variety of tools to help business owners save time and money on their taxes, both throughout the year and during tax time. 

You can automatically set aside money for taxes every time you get paid, find write-offs every time you log an expense, and see your real-time tax estimate based on your latest transactions. 

When it comes time to file taxes, use Found to generate your Schedule C form, share your activity and reports with your accountant, or even file your taxes from within the app*.

*Filing business taxes through Found is applicable for Schedule C filers (and is included for free as part of the Found Plus annual subscription only.)

How to use Found’s tax tools:

• Save for estimated taxes:

Set your “taxes allocation” in the settings of your Taxes pocket to automatically set aside a percentage of any income into your Taxes pocket as soon as it enters your account. 

• Find write-offs by categorizing expenses:

As you spend on your Found debit card or import transactions from other accounts, create rules to categorize these expenses or add categories manually. We will show you the estimated taxes that you saved by categorizing each expense as a tax write-off.

• See a real-time quarterly tax estimate:

As you earn income and log write-offs, we will update the quarterly tax estimate in your Taxes section.

Learn more: How is my tax estimate calculated?

• Make quarterly tax payments:

Found Plus subscribers can make federal quarterly tax payments directly from the app. Found will send a physical check to the IRS for quarterly tax payments along with a completed Form 1040-ES, using the information that you’ve provided in your tax profile. 

You can also add a tax payment that you’ve made elsewhere to ensure it’s properly tracked.

Learn more: How do I send a tax payment through Found?

• File your taxes:

Schedule C filers can auto-generate their Schedule C form and file their taxes directly from the Taxes section of their account through our partnership with Column Tax*.  

If you don’t file a Schedule C or have a more complicated tax filing situation, you can file with TurboTax and may even be eligible for a discount through our partnership.

If you work with an accountant to file your taxes, you can securely share access to your account’s activity feed, reports, and tax documents to speed up tax preparation.

Learn more: How do I file my taxes through Found?

*Filing business taxes through Found is applicable for Schedule C filers (and is included for free as part of the Found Plus annual subscription only.)

Found partners with Column Tax and TurboTax, and is not a filing service. Restrictions may apply, see Column Tax and TurboTax terms.

Additional resources:

Taxes 101:

• What is a Schedule C?

• What is self-employment tax?

• How do write-offs work?

• What can I deduct?

Saving for taxes:

• I made a mistake on my tax profile, how do I update it?

• How does my Taxes Pocket work?

• How does Found help me automatically save for taxes?

• Why is money not being set aside automatically in my Taxes pocket?

• Why is Found setting aside more money for taxes than expected?

• Can I set a custom tax percentage?

Logging deductions, credits, and adjustments:

• What amount is Found using for the standard deduction?

• What are credits and how do I add them?

• What are adjustments and how do I add them?

Making and tracking tax payments:

• How do I send a tax payment through Found?

• Can I pay my state taxes through Found?

• Can I pay taxes for my previous tax period?

• Where is the receipt of my tax payment?

• I paid my taxes outside of Found, can I add those payments?

Filing taxes:

• How do I file my taxes using Found?

Saving tax records and documents:

• How can I download my tax documents?

• Where do I locate previous tax payments?