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How does my Taxes pocket work?

How does my Taxes pocket work?

Once you create your Found account, you’ll have two pockets already set up: Primary and Taxes. Your Taxes pocket is where you can save money for future quarterly tax payments. Found helps you save money in this pocket automatically with deposit allocations.

If you’re a sole proprietor, your deposit allocation is set to Found’s smart percentage.

With the smart percentage setting, Found estimates the taxes you'll owe and allocates funds to cover upcoming tax payments on all income deposits. The percentage set aside is based on your tax bracket, which is determined by your tax profile, tracked income in Found, and how much you’ve already set aside for taxes. With Found’s smart percentage, we’ll save for taxes first. The remainder of your income deposit will be allocated according to your other specified deposit allocations.

This allocation can be adjusted within the Taxes pocket settings. You can choose to automatically save a specific percentage or nothing at all. You can add money to this pocket anytime.

Your current estimate amount appears in your Taxes pocket beneath the pocket’s total balance. For more details about this estimate, navigate to Taxes on desktop and Business within the app.

We recommend keeping your Taxes pocket funded with an amount equal to your tax estimate—or as close to it as possible—so that you’ll have enough set aside for future payments.

Need to update your tax profile? Make any changes to your profile on Business in the app, and your tax estimate will update. You’ll also see your tax estimate decrease any time you track a business expense.

All the information within your tax documents is based on data entered through the Found app. It's always advisable to consult with a tax expert before making any tax decisions.

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*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 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.

Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.