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How do I file my taxes?

How do I file my taxes?

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.

You have several options for filing your state and federal taxes, including through Found’s partners at Column Tax. Here's how to get started:

Preparing for Tax Season

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. You can add activity manually or if you’re a Found Plus subscriber, you can automatically import activity from other bank accounts and apps.

If you’re a sole proprietor, recording your business income and expenses 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.

Filing your 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.

With Found

During the tax filing window, Found customers who file a Schedule C form are able to file with Column Tax directly from their Found accounts:

  • Navigate to the Taxes tab in your Found account and tap the Start Filing button.

  • Tap the Get Started button to connect to Column Tax. We’ll automatically import your Schedule C details from your Found account to give you a head start on filing.

  • Enter your personal, income, and expense details to start the process. Column Tax will walk you through each step on your way to filing your federal and, if applicable, state taxes.

  • Complete the rest of the steps. You will be able to add additional income sources, credits, and deductions as you work your way through the filing process.

Paid annual subscribers to Found Plus are able to file their taxes through Column Tax for free. All other customers, including monthly and trial Found Plus subscribers, can file through Column Tax for a flat $75 fee, payable from your Found balance.

With TurboTax

If you don’t file a Schedule C or have a more complicated tax filing situation, Found customers can file with TurboTax and may be eligible for a discount through our partnership. Keep in mind that while your Found data syncs with Column Tax, you will need to manually input your Found data into TurboTax.

Here’s how to file with TurboTax and receive your discount:

  • Sign in to TurboTax using the link in your tax packet to receive your discount, if eligible.

  • 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.

  • Reporting inventory
    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.

  • Reporting assets
    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.

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The Found Mastercard Business 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.

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