Trust us, we understand all the challenges in the life of a freelancer. We know that being an independent contractor, a sideliner, a part-time worker, no matter what you want to call it, it’s not always easy.
On the one hand, you have to do all these extra financial thing, This is a tricky thing. When you work for yourself, you have a responsibility to set aside funds for taxes. Ideally, you should track work-related expenses so that you can pay less tax. But come on, how many of us are really good at doing this consistently?
The good news: we found a cool online checking account that can help you do all this work. Lily It is a mobile banking service designed for freelancers like you.The application can be used IOS or Android, Focus on your specific needs.
Lili is completely free, and its digital tools can help you save taxes, collect customer payments and track your expenses-all in the same account.
Swipe left or right to sort your expenses
The account comes with its own Visa debit card. Whenever you spend any money from your account, you will receive a push notification asking you to swipe left or right to immediately classify the expense as “personal” or “business.”
When filing taxes, this will allow you to fully maximize your expenses and reduce your taxable income, thereby reducing your tax bill.
Seriously, it’s easier this way!
Speaking of taxes, Lili will help you calculate your income and calculate the income tax you must pay. Every time you get paid, you can let Lili automatically set aside a certain percentage of taxes.
Basically, Lili can easily Automate everything So you don’t have to worry anymore.
More tools in the Lili toolbox
We freelancers need all the help we can get, you know? Fortunately, Lili’s toolbox provides us with more tools.
ATM: You can use your debit card to withdraw cash on nearly 40,000 MoneyPass ATMs nationwide. You can access this content for free. For out-of-network ATMs, a fee of US$2.50 is charged in the United States, and a fee of US$5 if you are abroad.
No overdraft fees: Unlike almost all physical banks, Lili does not charge overdraft fees.
Get paid quickly: When customers and customers pay you through direct deposit, you can use these funds within two business days-which is faster than most banks.
Mobile check deposit: Depositing checks through the app is easy. Just sign the check, write “Lili mobile deposit only” on the back of the check, take a photo of the front and back, and enter the amount in the app. complete.
Cash deposit: If you need to deposit cash, you can do it at any of the 90,000 Green Dot locations such as Walmart, Walgreens or 7-11.
Expense report: Lili automatically generates this information every quarter to help you pay taxes and increase your deductible.
opinion: Lili presents insights in the form of visualization to help track your personal and business financial status.
Emergency fund: The past year has taught us the hard way that each of us should have one of them. You never know when you might lose a good freelance job or suffer some other disaster.With Lili, you can Set aside automatically every month to build your emergency fund.
Three final thoughts:
- The funds in your Lili account are insured by the FDIC, up to a maximum of $250,000.
- There is no minimum account balance, so don’t worry.
- It only takes a few minutes to register via the following methods IOS or Android And make your freelance life easier-and save a lot of taxes.
Mike Brasfield ([email protected]) Is the senior writer of The Penny Hoarder. He is also a freelance writer, and he knows how painful a freelance writer’s taxes are.