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Why are no auto-savings being added to my Taxes pocket?

Why are no auto-savings being added to my Taxes pocket?

Found’s auto-saving feature calculates the amount sole proprietors need to set aside to cover their estimated taxes each time they receive income. 

If you have noticed that funds are no longer being set aside automatically for taxes, it could be for a few reasons. 

  • Make sure that you have auto-saving enabled within your Taxes pocket. Or, if you’ve opted to save a fixed percentage, that your percentage is greater than 0%.

  • Check your Taxes pocket. If its balance meets or exceeds your estimated taxes, Found will pause auto-saving until your next deposit.

  • Ensure that your tax classification is set to sole proprietor. You can see this in your tax profile. Non-sole proprietors have a Taxes pocket, but not auto-saving.

It is important to keep in mind that the tax auto-saving feature will set aside the estimated amount of funds needed to cover your quarterly tax bill. The estimated amount is determined based on the reported income in your Found account as well as by factoring in your reported deductions.

If you feel you are not saving enough for taxes, you may want to review your tax profile to ensure that the income information entered is accurate or change your tax auto-saving to a fixed percentage.

Keep in mind that you are free to transfer money instantly from your Primary to Taxes pocket at any time.

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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.