Question 1

How does Found help me save for taxes?

Accepted Answer

First, Found estimates your tax bill in real time. Based on that estimate, Found’s auto-save feature sets aside money for taxes each time you get paid. That way, at tax time, you won’t have to scramble to find enough money to pay your bill—it’ll be waiting for you in your taxes account. And while Found can help with auto-saving, you’re always in control and can move money to and from your taxes account any time.

You can learn more about how this works here.

Question 2

How does Found know what I owe in taxes?

Accepted Answer

Your tax bill is estimated based on the details that you provided in your tax profile. Using information like your income, deductions, tax credits, and filing status, we estimate how much you owe in federal, state, and self-employment taxes. You can find and edit your tax profile any time in the Taxes section of your Found account.

You can learn more about how your tax estimate is calculated here.

Question 3

How do write-offs work?

Accepted Answer

Whether you call them write-offs, deductions, or business expenses, they’re all the same thing: Tax breaks that help you lower your tax bill.

It’s helpful to track all your business expenses because most purchases you make for your business can be subtracted from your overall business income. Since you’ll only be taxed on your profit, not your total business income, finding write-offs reduces the amount of taxes you owe.

For example: If your cleaning business makes $10,000 in a given year, but you spend $4,000 on supplies and advertising, then your profit is only $6,000. That $6,000 is what you’ll be taxed on. Found helps you automatically keep track of your business expenses so that you don't miss out on a chance to reduce your tax bill!

Question 4

Can I use the Found app to actually pay taxes too?

Accepted Answer

If you 1) file a Schedule C and 2) have an active Found Plus subscription then yes, you can! A few weeks before payments are due, Found customers will see an option in their Found account to make a tax payment. If you choose to pay your taxes through Found, we will use funds in your taxes account to send the appropriate payment to the IRS on your behalf.

Learn more about how to pay your taxes with Found here.

Question 5

What’s a Schedule C?

Accepted Answer

The Schedule C is a tax form for self-employed people where you list your business income and expenses. The IRS needs this information in order to understand your actual business profit, which is what you are taxed on. When you use Found, your income and expenses are automatically tracked and entered into your Schedule C. You can use your Found Schedule C when filing your taxes, saving you time and money.

Cruise control for your taxes