Tax dates and the set-aside

Taxes are the payments owners most often forget to plan for, because they’re large and infrequent. Open Money Out › Taxes, in the Detailed view.

• Flocuity reads the tax payments in your history and sorts them: payroll, income, sales, property and entity taxes. A payment that doesn’t say which tax it is, such as one to the IRS or a state revenue department, waits under “Sort these tax payments” until you say which, so it’s never counted as the wrong tax.
• For each kind it suggests a schedule based on how you have paid before, which you confirm or change.
• For income tax it estimates what you owe from profit so far this year and a rate you can adjust, and spreads it over the due dates left.
• It shows an amount to set aside, and can hold that amount back inside your cushion so it isn’t mistaken for spare cash.
• If the owners pay the income tax (a sole proprietorship, partnership or S corp), the estimates usually leave the business as owner draws, which look just like your pay. The tab lists this year’s draws: click “It was an estimated tax payment” on the ones that were, and they count as paid.