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Painless1099 — Automated tax savings for independent contractors
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@_jacksmith it's a savings product, so it's actually useful starting now going through next year's tax deadline more than it is right BEFORE a tax deadline!
This looks like it will be useful for Indie's who either don't have the discipline to save off a portion of every incoming check and/or would find it cheaper to pay for a service than waste their own could-be-billable-hours dealing with this. Overall, anything that can help 1099'ers avoid being caught without quarterly payment money is awesome. Pair this service with getting and managing your own Health Insurance and you will have successfully replicated the core value prop of full time employers (oh and 401K...).
Awesome to hear, @wahoo. Feel free to get signed up ahead of time. We recommend having the account BEFORE you earn income so you can use it as opposed to retroactively trying to save for money you earned previously. =)
Does this work if I file a 1099 for google adsense earnings each year? Also, just curious how you make money if it's not from the users?
@willewallace Yep - this works with Google Adsense. Just have your EFT sent to your Painless1099 account when Google pays you.
As far as our model, tax withholding is free (for life!) users who sign up during Beta and we'll roll to a subscription service as soon as we fully open up the product!
So great to see Painless1099 and the team Featured on @ProductHunt! I've followed their progress since their start in RVA and it has been inspiring to see them evolve as a team and evolve their product. They have a funny new explainer video too:
How much does it take out every $100 dollars? Does it vary per state? Vary on how much you make?
@thenathanruff Varies based on how you set it up! You can either let them help you do the math or do the math yourself and have it just withhold based on your set rate. It's up to you!
I'm glad this got hunted! This should come with a cheesy announcer saying "From the makers of Coffitivity." Serious though I interned for @acecallwood, @jkauszler, and @mateofrancesco last summer while Painless 1099 was still in RVA. As an uber Driver, I was drawn to this idea because 1099's really are a pain. After the summer, I can say this team really wants to make taxes for freelancers, contractors, and self employed workers as painless as possible. 👍
@sharvs that's correct, we have a few users from Airbnb that use Painless to save for thier taxes.
It's been awesome to work with this team as they've prepared to open the doors. Making this part of consulting/self-employment better addresses a major pain point!
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