Once you've set your withholding rate, the next step is receiving deposits into your Painless1099 account and saving for taxes.
In this article, you’ll learn about the different methods for making deposits into your Painless1099 account.
Things to know about making deposits:
- When you get a deposit into your Painless1099 account, we’ll automatically separate what should be withheld based off your withholding settings and send the remainder to your linked account.
- Funds transferred out to Painless1099 accounts are available in your linked bank account in 1-2 business days. To learn more about transfer times, check out Transfer Times.
- Painless1099 accounts can accept pretty much any form of ACH (digital) transfers but cannot accept wire transfers.
- You’re able to have multiple sources (clients) making deposits into your Painless1099 account at any given time.
There are two ways to make deposits into Painless1099 accounts.
- From your clients to your Painless1099 account: as you get paid from clients, you can have your funds come directly to your Painless1099 account, we’ll separate taxes and send the remainder to your linked account.
- From your linked bank account to your Painless1099 account: if you get paid by paper checks or if you’d rather not redirect your income, you can make a deposit by transferring funds from your linked account to your Painless1099 account.
From your clients to your Painless1099 account:
Invoicing and receiving payments digitally is the easiest way to make deposits into your Painless1099 account. You’ll have your clients send your paychecks to your Painless1099 account after your clients pay you. When a payment lands in your account, we’ll automatically set aside what you need to save for taxes and send the remainder to your linked account.
Here is a list of the most common invoicing tools used to make deposits into Painless1099 accounts, click the name for instructions on getting these tools linked with your Painless1099 account.
Note: We regularly update this list as we learn about new tools being used to deposit into Painless1099 accounts. If you don’t see an option for how your clients pay you, reach out to support and we’ll gladly help.
From Your linked bank Account to your Painless1099 account
If your clients pay you via paper check or you’d rather not reroute your income to your Painless1099 account first, you can make deposits by transferring money into your Painless1099 account from your linked account.
There are two options for making deposits from your linked account:
- Deposit a flat amount:
- If you know precisely the amount of money you would like to deposit into your Painless1099 account, this option is for you. We'll move the money in from your linked account and the funds will be waiting for you when it comes time to pay taxes/quarterlies.
- If you received a paycheck from a client, select this option to have your current withholding settings applied to the amount. We’ll deposit the amount you need to be saving into your Painless1099 account.
Follow these instructions to a deposit from your linked account:
- Log into your Painless1099 account
- From your dashboard, select Transfer Funds
- Select Make a deposit
- Enter the amount that you’d like transferred into Painless1099 or enter the amount that you’d like your withholding settings applied to.
- Select the appropriate option respective to what you entered for step 4
Read the article Transfer Times to learn how long it takes to move money to and from Painless1099 accounts.