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How Does WorkMade Help Me Save For Taxes?
How Does WorkMade Help Me Save For Taxes?

Automate Your Tax Savings with WorkMade

Updated over a week ago

WorkMade makes saving for taxes a breeze by automatically identifying and categorizing your taxable income and deductible expenses as you earn and spend. We help you set aside the estimated amount of taxes you owe and pay them every quarter, ensuring you're always prepared.

Automated Tax Savings Made Easy

WorkMade simplifies tax savings by:

  • Identifying Taxable Income: Automatically tracks your income streams to determine taxable amounts.

  • Categorizing Deductible Expenses: Ensures all eligible expenses are considered to reduce your taxable income.

  • Setting Aside Taxes: Calculates and sets aside the estimated taxes you owe, making sure you're always prepared for tax payments.

  • Quarterly Payments: Manages quarterly tax payments, so you never miss a deadline.

With WorkMade, you'll stay on top of your tax obligations effortlessly, giving you peace of mind and more time to focus on growing your business.

How to Enable Auto Save for Taxes

To automatically set aside a portion of your income for taxes, follow these steps:

  1. Open the WorkMade app.

  2. Navigate to the Settings menu.

  3. Find the Taxes section.

  4. Toggle the switch next to Auto Save for Taxes to the "on" position.

Note: You must enable the Auto Save for Taxes setting to automatically set aside the estimated portion of your income.

Why Effective Tax Rate Matters

The effective tax rate is crucial because it simplifies the complex math of tax brackets and deductions into one easy-to-understand number. This rate helps us determine how much of your income should be set aside for taxes, ensuring you're always prepared.

Steps to Ensure Accurate Tax Setting:

  • Regularly update your tax profile in Settings to reflect any changes in your financial situation.

  • Manually add any income and expenses not processed directly by WorkMade to keep your tax calculations accurate.

Manual Adjustments

You can manually add income and expenses for transactions not processed directly by WorkMade to keep your tax calculations precise.

πŸ““ 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.

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