We're excited to announce that Notes and Income Categorization are being added to Lunafi to help you have a more accurate view of your freelance business! You'll see these features, along with a new Lunafi Dashboard next time you update the app!
First, you can add notes to any transaction. You no longer need to try and remember why you classified that lunch spending as a business expense anymore. Just add a note about who you had lunch with and what you discussed. (With masks on of course!)
If your transaction history is full of Venmos or Paypals, you can add your clients as a small note to any income transaction.
"Business lunch with Emily."
"Commission work from xyz.co"
Use the "Add Note" button on the transaction details screen.
1099 vs. W2
You may have a full-time job but still have a freelance business as side projects, or due to AB5 regulations in California, you may receive your paychecks in the form of W2s. Lunafi lets you categorize your business income as 1099 and W2s. Our tax calculation only takes 1099 transactions into account to give a more accurate tax breakdown.
We auto categorize your paychecks or benefits as W2 and the rest as 1099, but you can always edit them. Just go to the transaction detail screen of any income transaction to categorize your business income. You can also select an income type when creating a rule.
New Home Dashboard
We have introduced a new Home Dashboard. All numbers relevant to your business are presented in visually distinguishable cards. Check how you are doing profitwise, only by taking a glance at the color of your profit card.
For most freelancers, the tax for 1099 income is a big question mark. Unlike W2, all the money you get as a 1099 source of income, you need to pay taxes. That's why we provide a more detailed breakdown of your taxes—both for your 1099 and all other income you have.
To see your 1099 tax breakdown into Social Security Tax, Medicare Tax, and ordinary income tax, use the info button on the Tax card.
Notes, Tax breakdown, and Income categories will help freelancers be more on top of their business.
Stay up-to-date with all new product releases and news at lunafi.co/blog