How does my Taxes pocket work?

Once you create your Found account, you’ll have two pockets already set up: Primary and Taxes. Your Taxes pocket is where you can save money for future quarterly tax payments.

If you file a Schedule C, the “Tax Profile” that you filled out when you signed up for Found helps your app calculate how much you’ll owe in federal, state, and self-employment taxes. Each time you record new business income, Found will use information in your tax profile to estimate how much you’ll owe in taxes, and automatically set aside money in your Taxes pocket for you to pay for future tax payments. This allocation can be updated within the Taxes pocket settings.

View your current tax estimate within Taxes on desktop and on Business within the app. Your Taxes pocket appears on Overview on desktop and on Banking within your Found app.

You can instantly transfer money from your Taxes pocket to Primary or another pocket at anytime. We recommend keeping your Taxes pocket funded with an amount equal to your tax estimate—or as close to it as possible—so that you’ll have enough set aside for future payments.

Need to update your tax profile? Make changes anytime. As your business grows and your income increases, you'll want to update your expected income.