What are Taxes? 🤔
When you're self-employed, taxes aren’t automatically taken out of your income. The IRS and most states expect you to make payments to stay up-to-date with your taxes throughout the year.
Why Are Payments Important? 📎
Paying taxes helps you avoid penalties and large tax bills at the end of the year. It ensures you’re meeting your tax obligations as you go, instead of having a big payment all at once.
How to Pay Your Taxes with WorkMade 💸
There are two ways you can pay your taxes through WorkMade:
Turn on autopay in your settings
Or if you'd prefer to approve each time:
Open the WorkMade app and go to the Taxes section in the navigation bar.
Tap "Pay Taxes".
Note: This option is only available during a tax payment window, which happens based on the various deadlines set by taxing authorities.
Update Your Tax Profile to ensure your information is accurate for the best calculation.
Review Your Tax Overview, including how much WorkMade has saved for you.
Click "Pay Taxes".
We’ll notify you once your payment is received by the IRS, and we’ll start saving for the next period.
Enabling Auto Pay for Taxes 🗃️
With Auto Pay, WorkMade will automatically pay your calculated taxes each deadline if the amount is over $100 (or if there’s enough in your tax savings).
Go to Settings in the WorkMade app.
Navigate to the Taxes section.
Toggle the "Auto Pay for Taxes" switch.
Confirm your choice to activate Auto Pay.
By following these steps, you can easily stay on top of your tax payments without the hassle 😌!
📓 Each tax situation is unique. WorkMade provides general info based on guidelines from tax authorities, which may change over time. For more details, refer to Regulation CC.