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How should I categorize my business expenses?

How should I categorize my business expenses?

You may have noticed that your Found app will ask you to assign a “category” to each of your tracked expenses. You’re asked to categorize your business expenses so that when you file taxes, you’re able to easily list your various types of business expenses on your Schedule C.

For each of your expenses, you should choose the expense category that most closely relates to the type of purchase that you’ve made. For example, if you spent $20 at a business lunch, the “Business Meals” expense category works best. Traveling for work? Find the appropriate category under the “Travel or transportation” list in your app. You may find that your expense doesn’t fit squarely into any of the available categories. That’s ok! You can mark the category as “Other.”

If you make a purchase with your Found card, the app will automatically attempt to categorize your expense on its own based on the type of merchant that’s listed on the expense record. For example, restaurants and coffee shops will often be automatically categorized as “Business Meals” expenses. You can change these suggested categories at any point by clicking into the expense record, and clicking the pencil icon to edit the category.

Unsure how to categorize your expense? Contact us at help@found.app, and we’d be happy to give you a recommendation!

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Banking services are provided by LendingClub Bank, N.A., Member FDIC.