All Collections
Your Taxes
How does setting aside taxes work?
How does setting aside taxes work?
Updated over a week ago

As you earn and spend money on your business, WorkMade automatically identifies and classifies taxable income and deductible expenses, setting aside the total amount of taxes you owe and paying them every quarter. Based on your tax profile you set up (Salaried Info, where you live, filing status, etc.) we do all of these calculations based on your effective tax rate.

It's important that as these situations in your life change, that you update your tax profile in Settings. This will ensure we do this setting aside of funds to pay taxes at the right rate.
โ€‹Note: You always have the option to manually add income and expenses for transactions not processed directly by WorkMade to keep your tax calculations accurate.

Note: Each individual and business tax situation is different and unique so WorkMade does not provide specific tax advice, only supplying general information based on information published by various taxing authorities, which may change over time.

Did this answer your question?