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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. All purchases made from your Found account draw from money in this pocket. Your Taxes pocket is where you can save money for future quarterly tax payments.

If you file a Schedule C, the “Tax Profile” that you filled out when you signed up for Found helps your app calculate how much you’ll owe in federal, state, and self-employment taxes. Each time you record new business income, Found will use that Tax Profile to estimate how much you’ll owe in taxes, and automatically transfer that amount from your Balance account to your Taxes account. This auto-saving for Taxes feature can be turned on and off within the Taxes pocket settings. 

View your current tax estimate within Taxes on desktop and on Business within the app. Your Taxes pocket appears on Overview on desktop and on Banking within your Found app.

You can transfer money from your Taxes pocket to Primary or another pocket at any point by clicking the Transfer money button in your Found app. We recommend keeping your Taxes account 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.

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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 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.