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Tax Vault Introduction

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What if we could make taxes as easy for the self-employed as they are for employees?

Employees don’t worry much about taxes. Their paychecks come with taxes already taken out. Then, at tax time, the vast majority get refunds. (Average refund size in US? $3,000.) Not bad, right?

For freelancers, it’s not quite so simple. Taxes are not automatically taken out of your paychecks, and rather than a nice, big tax refund, most of you will have a tax bill to pay. If you haven’t been saving, it won’t be fun, to put it lightly…

That’s why we built Tax Vault. To makes taxes as easy for freelancers as they are for employees.

Here’s how it works:

  • Everlance detects your independent income (from DoorDash, Lyft, real estate, etc.) as you get paid. You simply connect your bank account once.
  • Everlance automatically saves 10% (or find your tax rate) in a FDIC-insured bank account for you. (You can also save manually; just turn off Auto-Save.)
  • Relax knowing that you’ll have enough money for your taxes!

(Bonus: depending on your mileage and other deductions, your Tax Vault might even have money leftover — so you can give yourself your own “tax refund”.)


FAQ

Why Tax Vault?

Who is Tax Vault for?

Any self-employed person who doesn’t want to stress about taxes!

How can Tax Vault help me?

  • Build financial security, without lifting a finger. Automatically save for taxes and more.
  • Rest easy knowing you saved enough for taxes.
  • Wondering how much your taxes will be? Everlance automatically saves taxes as you earn independent income.

How does Tax Vault work?

  • Everlance detects your independent income (from DoorDash, Lyft, real estate, etc.) as you get paid. You simply connect your bank account once.
  • Everlance automatically saves 10% (or find your tax rate) in a FDIC-insured bank account for you. (You can also save manually; just turn off Auto-Save.)
  • Relax knowing that you’ll have enough money for your taxes!

What’s Everlance’s background?

  • Everlance is the #1-rated mileage and expense app for freelancers. 
  • The app has over a million users and has been named a “Best New App” by Apple and Google. 
  • It was founded in 2015 and is based in San Francisco.

Is my money FDIC insured?

Of course! Your money is stored in an account where the funds are FDIC insured up to $250k.

Where is my money stored?

At our partner bank, the National Bank of Kansas City (NBKC), where the funds are FDIC insured up to $250k.

Does Tax Vault cost anything?

Tax Vault is free for the remainder of 2020. After that, there might be a subscription for it, but we’ll absolutely let you know first.


Getting started

What happens after signing up?

  • Once we detect independent income (example: from DoorDash), we’ll Auto-Save 10% into your Tax Vault, so you can rest easy.
  • You can also save manually; just turn off Auto-Save.
  • You can also edit the Auto-Save rate. (Find your tax rate.)

Why is the Auto-Save rate 10%? 

We think 10% is a great starting point for most people.

Can I change the Auto-Save rate?

Absolutely! You can use our calculator to find your taxe rate, then edit your rate in the app.

How much should I save?

While we think 10% is a great starting place, everyone’s situation is different, so,you can use our calculator to find your taxe rate.

Can I withdraw my funds whenever I want?

Do I need to pay quarterly taxes?

Great question! Tax Vault’s focus today is to help you save for taxes regardless of when you pay them. Depending on your situation, you may want pay quarterly, especially if you are expecting a tax bill over $1,000. Learn more.

What if I have other questions?


Comments

Everlance is the #1 rated mileage and expense tracking solution. Download our award winning app on the Appstore & Google Playstore or try our mileage and expense solution for your company.

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