Monday, July 4, 2016

Track builds a nest egg to pay taxes


As a freelance writer, I'm an independent contractor. That means I’m part of the growing population of people that the financial press refers to as 1099 workers.

While I get paid for what I do, either by check, direct deposit or digital transfer, no taxes are withheld from those payments. And come each spring, I have to settle up with the IRS. My accountant says I should regularly set aside some money to meet that tax liability. I know that’s easier said than done and so do the people who created Track.

Track is an automated tax withholding service that silently and painlessly withdraws a few dollars from your bank account and deposits it in a separate account dedicated just for taxes.

The service uses bank-level encryption and security, so it can make withdrawals without seeing any of your private information, just the way you can give permission to a merchant or utility company to automatically withdraw a bill payment.

Track updates your tax calculations with each paycheck or purchase and it lets you know how much money to set aside or if there is a tax deadline approaching.

The service costs $9 per month with no contract and no minimum time period. To check it out, visit the Track website.


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Follow me on Twitter @ricmanning and read my technology columns at My Well Being.


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