Lunafi makes finance management frictionless for freelancers, with the goal of being the best tax app for freelancers. It gets even more complicated when you both have W2 and 1099 income. Lunafi eliminates that headache by estimating your tax liability.
Increasing the tax literacy for its users is also a part of our mission when building Lunafi. That's why we improved the Tax Liability card and estimated tax savings card with the latest release.
Detailed Breakdown of Self Employment and Income Taxes
You can now see what tax items your estimated tax includes by tapping the Tax Liability card on the home screen. Self-employment tax is broken down by Social Security and Medicare Taxes. You can see your federal income tax estimate as well.
In case you are side hustling and have a full-time W2 job, Lunafi calculates your total federal income tax estimate by your income type so you can be more confident how much to set aside for taxes for your 1099 business.
Estimated Tax Saving Breakdown
You can see how the estimated tax savings amount is calculated by tapping on the amount for every unclassified transaction. Itemizing every business expense will help you pay less tax for your freelance business at the end of the year.
Meet Kyle Waugh, a personal training and rehab specialist and read more on how COVID-19 hit made him start his business.
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