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I've adopted profit-first accounting (https://profitfirstbook.com/ https://profitfirstbook.com/), which basically boils down to: For any revenue you generate se
by BjoernKW 8y ago
I've adopted profit-first accounting (https://profitfirstbook.com/ https://profitfirstbook.com/), which basically boils down to: For any revenue you generate set aside a fixed percentage of that revenue for both taxes and profit.
It's a habit rather than an automated process, though. There's no banking software that I know of that allows you to automatically initiate a new bank transfer for any incoming funds.
- jermaustin1 8y agoThere is a service call Track (https://www.track.tax/ https://www.track.tax/) that kind of does this specifically for self-employment taxes. It wouldn't be TOO dificult to implement a similar service for yourself that did a bank transfer of X% using plaid+stripe. Problem is that it would cost 0.8% (max $5) per transfer.