Adjustments are specific types of expenses that directly reduce your total income, which impacts your Adjusted Gross Income (AGI). Your AGI is calculated by taking your total income that’s subject to income tax and subtracting any eligible adjustments. From there, your AGI can impact the deductions and credits that you’re eligible for.
Adjustments are subject to change each tax year, so be sure to consult a tax professional on which adjustments apply to your situation. Some common adjustments include:
Self-employed health premiums
Student loan interest
Contributions to traditional IRAs
Alimony payments (for divorces filed before January 1, 2019)
If you’re a sole proprietor, Found already adjusts your income to count for self-employment tax, so don’t worry about adding that. To add your estimated adjustments, follow these steps:
Navigate to the Business tab in your Found account.
Tap the Tax Profile option.
Tap Adjustments to enter the amount you will enter on your tax return.
Tap Save to save your changes.
*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.
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