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How does Found help me automatically save for taxes?

How does Found help me automatically save for taxes?

Found helps you automatically save for taxes with deposit allocations. When a deposit comes into your account, we’ll estimate how much you’ll need for future quarterly tax payments and set aside that amount in your Taxes pocket. This helps ensure that you’re saving enough to pay your quarterly tax bills.

By default, your Found account will set aside money for taxes into your Taxes pocket if you’re a sole proprietor. However, you’re always in control of your deposit allocations. You can adjust whether and how much you’re saving for taxes by tapping the Taxes pocket and selecting Taxes allocation from the settings menu.

If you’d like to auto-save for taxes, there are two options: Using Found’s smart percentage or a percentage of your choice.

Using Found’s smart percentage

With the smart percentage setting, Found estimates the taxes you'll owe with each income deposit and allocates funds to cover upcoming tax payments. 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. The smart percentage also takes into account your state income tax.

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.

Found’s smart percentage is only available for sole proprietors.

Using your own percentage

If you’d prefer to set aside a fixed percentage of your choice, you can do so. This may be useful if you don’t file a Schedule C or wish to save more to accommodate your specific situation.

All Found customers, including non-sole proprietors, are able to set their own percentage for tax savings.

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.