Track calculates the taxes you should withhold from each of your 1099 income transactions based upon your unique tax profile.
Which taxes does Track calculate?
Track calculates taxes on your Federal Income Tax, Self-Employment Tax, and State Income Tax.
What Income does Track use to make tax calculations?
Track imports your income and expense transactions from your bank account, accounting system (Track currently supports Freshbooks), or transactions you've entered manually.
Does Track take business expense deductions into account?
Yes! Track takes your deduction through business expenses into consideration when calculating all taxes. However, we can only consider business expenses that have been added to Track.
It’s important to note that Track can’t yet calculate taxes for every tax circumstance. Some examples of situations we don’t take into account:
- Capital gains/losses on investments
- Multiple states
- Social Security Income
- Balance due for previous tax years
- Previous IRS or State payments (coming soon!)
If you have a special tax circumstance, we can connect you with a CPA in our network. Contact us if you aren’t sure whether or not we can cover your situation.