What is a Form 1120/1120-S?
If your business is classified as a C-Corp or S-Corp, you'll need to file Form 1120 (U.S. Corporation Income Tax Return) or Form 1120-S (U.S. Income Tax Return for an S Corporation), respectively. These forms help the IRS understand your business's income, gains, losses, deductions, and credits.
When you categorize transactions made by your business in Found, we automatically populate your Form 1120 or Form 1120-S with expenses for each deductible category. Each business expense lowers your profit, so it’s important to stay on top of your books to ensure that your business is paying an appropriate amount in taxes.
You can find more information on how Found’s transaction categories map to your tax forms here. If you work with an accountant, Found also makes it easy to share access to your account, including access to your tax forms.
for the self-employed
*Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank or Lead Bank, Members 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 or Lead 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 or legal 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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According to Nerdwallet, Found is the best banking option for freelancers and self-employed workers. (Source)