Found makes it easy for you to track your business income and spending, pay your quarterly estimated taxes, and access the information you need to file your income taxes each year. Learn everything you need to know about filing self-employment taxes in our ultimate guide to self-employment taxes.
Although Found isn't able to file your taxes for you, you can use your Found account to make tax filing less stressful. Here's how:
Confirm all your income and expenses are tracked in Found
Review your activity list and business reports (like your Profit & Loss Report) to ensure that all of your business income and expenses have been recorded in Found. If you’re a sole proprietor, this will ensure that we’re able to generate a complete Schedule C form. If you have income or expenses from sources other than your business, you’ll need to manually add those when you file your taxes.
Make sure your expenses are categorized
Different types of expenses have different tax implications. By ensuring that all of your business expenses are categorized, you'll maximize your deductions against your final owed taxes.
There are a few ways to file your taxes using the information you collected. No matter what you choose, don't forget that with direct deposit into your Found account, you can get your refund up to 2 days early. Use your routing and account number when you file to direct your refund to your Found account.
Found customers can file with TurboTax with a discount:
Sign in to TurboTax using the link in your tax packet to receive your discount.
Enter your income. You can find your income on lines 1-7 on your Schedule C. If all your income is tracked in Found, the income you enter should add up to Line 7.
If you’ve received any 1099s, be sure to add those payments into the tax filing software. If you’ve tracked those 1099 payments in Found, then Line 7 on your Schedule C should match the total income that you report.
Enter your expenses and costs. You may have several different types of expenses:
Car and truck expenses
If you’ve tracked your miles driven for your business, you can choose to enter that number in your tax filing software and receive the standard deduction. Otherwise, if you have higher car or truck-related expenses, you can choose to enter Line 9 on your Schedule C. We calculate Line 9 by taking the percentage of miles you’ve driven for your business, and multiplying it by your total car or truck expenses.
The IRS exempts small businesses from reporting inventory. We assume you don’t report your inventory, but if you have material or supply expenses, use Line 38 on your Schedule C.
We assume you deduct the full amount of your assets in the year the expense occurs.
Quarterly tax payments
If you’ve made any quarterly tax payments, be sure to enter those into the tax filing software to reduce your tax bill.
Complete the rest of the steps. The tax preparation software will outline the rest of the steps needed to file your taxes.
Don’t forget your discount! Once you’re at checkout, ensure your discount from Found has been applied.
With an accountant
If your taxes are particularly complex or you'd prefer to have someone else prepare your taxes, you can opt to work with an accountant. If you're working with an accountant to file your taxes, you can securely share limited account access with them. Here’s how:
In your Found account, navigate to the Setting menu and choose Accountant access from the list.
Enter your accountant’s full name and email address, then tap Invite accountant.
Your accountant will receive an invite to access your account by email. Once they’ve logged in, they will be able to export activity information from your account and download reports on your business finances.
If you’d rather not give your accountant direct access to your Found account, Found automatically populates a Schedule C with your income, expenses, and tax profile information. You can download your Schedule C and provide it to your accountant to let them take it from there.
All the information Found provides on your Schedule C is based on information entered through the Found app. You should always consult with any tax expert before making any tax decisions.
*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 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.