If you're getting started with Track halfway through the year and have earned some 1099 income, you're likely already behind on your taxes. The good news is that you can get caught up - and stay ahead - for the rest of the year!
After you've signed up with Track visit your settings to make sure Track is watching the correct accounts for your income and expenses.
I bank with Chase, and I've specified that Track should watch for my 1099 income in the account "Chase CPC CHECKING ending in 8171". I use a different account (which I'll connect later) for my business expenses, so I've left that box unchecked .
A little farther down the settings screen there are controls to specify which account Track will use to initiate tax withholding transfers. I'll have Track pull taxes from the same account that I deposit my 1099 income into.
Now that Track knows which accounts to sync with, we can go to the income screen to correctly categorize my 1099 income, and withhold for taxes!
You'll see I have categorized the "REMOTE ONLINE DEPOSIT # 1" as 1099 income, and Track has already calculated that I owe $14.13 in taxes.
When I'm ready, all I need to do is click the "Withhold $14.13" button, and Track will initiate a withholding transfer to move $14.13 from my personal checking account into my tax withholdings. When it comes time to submit quarterly payments, Track will automatically submit my tax withholdings for me so I can avoid penalties from the IRS.
I can withhold for any 1099 income at anytime, however it's always a good idea to withhold shortly after receiving income so I don't accidentally spend what I owe. Moving forward, I'll receive an email checkin when Track detects new 1099 income, which makes withholding for new income super easy.
And that's it! I can catch up with my 2018 tax liability and stay on top of my taxes for the rest of the year :D