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 or share your activity and reports with your accountant.
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.
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.
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?
Subscribers to Found Plus and Found Pro who are taxed as sole proprietors 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?
If you e-file your taxes, 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?
Found partners with TurboTax, and is not a filing service. Restrictions may apply, see TurboTax terms.
Why is money not being set aside automatically in my Taxes pocket?
Why is Found setting aside more money for taxes than expected?
Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.
²The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.
⁴Optional subscriptions to Found Plus for $19.99/month or $149.99/year or Found Pro for $80/month or $720/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read Found Fee Schedule.
The information on this website is not intended to provide, and should not be relied on for, tax or legal advice.
Found partners with various providers to enable you to compare offers from participating institutions, such as lending, filing service, and insurance providers. Found is not a lender, a filing service, nor an insurance provider.
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According to Nerdwallet, Found is the best banking option for self-employed business owners. (Source)
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