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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.

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:

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. That way, your Schedule C form will be complete. 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.

Download your Schedule C
Found automatically generates a Schedule C form based on the information in your Found account. You can download your Schedule C from Found by navigating to the Taxes tab in your Found app.

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 TurboTax

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.

    • 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, all you’ll need to do is give them your complete Schedule C form and they'll 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 available on iOS, Android, and desktop.


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