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How is my tax bill calculated?

How is my tax bill calculated?

For sole proprietors, your tax bill is calculated using the information that you provided when you filled out your Tax Profile. Found will take your current business profit, other income sources, deductions, tax credits, filing status, and a few other details, and will use that information to calculate your taxable income. Your taxable income is used to calculate how much you owe in federal, state, and self-employment taxes.

Every time you get paid, record an expense, or update your Tax Profile, your tax bill will update. Added $100 in expenses? You’ll see your tax bill go down, because your taxable income just decreased.

These Schedule C tax features are only applicable to sole proprietors. If you’ve selected “not a sole proprietor” as your tax classification, these features will not be visible in the app.

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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.

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