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Why is Found setting aside more money for taxes than expected?

Why is Found setting aside more money for taxes than expected?

For sole proprietors, Found’s smart percentage deposit allocation sets aside money so you can steadily save for future quarterly tax payments. The amount set aside is an estimate based on your tax bracket, which is determined by your tax profile, tracked income in Found, and how much you’ve already set aside for taxes.

If the reserved amount is higher than expected, it may indicate that the expected business income you entered in your tax profile is too high. Please adjust it accordingly if there is a difference.

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.

Found partners with various providers to enable you to compare offers from participating institutions, such as lending, filing service, and insurance providers. Found is not a lender, a filing service, nor an insurance provider.