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Why is money not being set aside automatically in my Taxes pocket?

Why is money not being set aside automatically in my Taxes pocket?

Found’s smart percentage, a type of deposit allocation, 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 your taxes allocation set to Smart percentage within your Taxes pocket settings. Or, if you’ve opted to save a different percentage, that your percentage is greater than 0%.

- Check your Taxes pocket. If its balance meets or exceeds your tax estimate, Found will skip auto-saving.

- If you recently updated your tax classification to non-sole proprietor, you’ll want to review your deposit allocations to be sure that you have entered the percentage that you’d like to set aside in your Taxes pocket. The smart percentage taxes allocation is only applicable to sole proprietors filing a Schedule C.

It is important to keep in mind that the smart percentage taxes allocation will set aside the estimated amount of funds needed to cover your quarterly tax estimate. The estimated amount is determined based on the reported income in your Found account as well as by factoring in your reported deductions.

Make sure that you review your quarterly tax estimate and your tax profile to ensure that the information you’ve provided is accurate. Your tax estimate is an approximation based on this information and other tracked activity and is not guaranteed.

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 taxes allocation to a percentage of your choice.

Keep in mind that you are free to transfer money instantly between your pockets at any time.

All the information within your tax documents is based on data entered through the Found app. It's always advisable to consult with a tax expert before making any tax decisions.

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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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