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 or share your activity and reports with your accountant.
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.
Make quarterly tax payments
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.
File your taxes
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.
Found partners with TurboTax, and is not a filing service. Restrictions may apply, see TurboTax terms.
Additional resources
Taxes 101
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?