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Show HN: Painless1099 – automated self-employment taxes

painless1099.com

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Re: Show HN: Painless1099 – automated self-employment taxes

#4

Post by deuce42x »

I've been working on this project for a little over a year as an advisor, primarily on the marketing and bank tech pieces of the business. The team saw an opportunity to make something (saving for 1099 taxes) that's unnecessarily complex much simpler, so they developed this nifty automated bank account to save from a user's self-employment income. You can set a fixed saving percentage, or let the software estimate for you based on your state and projected income. So far, we've seen developers, writers, real estate brokers, Airbnb hosts, and designers get value from the platform. The founders will be checking in here to answer questions, so ask away!

Re: Show HN: Painless1099 – automated self-employment taxes

#5

Post by lojack »

dd36 wrote: post #2

Could also be useful to partners in an LLC that can't be paid by W-2. Smart idea.

Last year I was hit with a massive IRS bill I was completely unprepared for. Saved some money, but not nearly enough. Something like this would have absolutely saved me.

Re: Show HN: Painless1099 – automated self-employment taxes

#7

Post by acallwood »

dd36 wrote: post #2

Could also be useful to partners in an LLC that can't be paid by W-2. Smart idea.

Yep. I'm one of the founders and we all run our payments through Painless.

True story - our accountant sent me my personal bill last week and I had a heart attack until I remembered I have an account with cash in it specifically FOR my taxes this year. It was a "duhhh" kinda moment, but I've been so programmed as a consultant to freak out about 1099 taxes, so it was my default reaction even after spending the whole year building a solution.

Re: Show HN: Painless1099 – automated self-employment taxes

#8

Post by acallwood »

lojack wrote: post #5
dd36 wrote: post #2

Could also be useful to partners in an LLC that can't be paid by W-2. Smart idea.

Last year I was hit with a massive IRS bill I was completely unprepared for. Saved some money, but not nearly enough. Something like this would have absolutely saved me.

We'd love to have you this year. One of my partners got slammed with something like a $15,000 bill two years ago. That was the impetus for building out a platform to automate what's typically a pain in the ass.
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