thread Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season? in Archived Discussions (Read Only)

Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season💰

Tom — Tue, 16 Jul 2024 19:09:13 GMT

Hi Seller Community,

With the 2022 tax season in the rearview mirror for many of us, we're eager to catch your questions and get your feedback on how Square Savings can help you stay on top of taxes in the year ahead!

Whether you pay your business taxes monthly or quarterly, Square Savings offers automated saving, which helps to take the guesswork out of withholding amounts, and folders, which help to organize and keep money set aside for taxes.

We were grateful to have @jmonfort from the Square Banking team address your questions and share solutions for automating healthy habits with Square Savings on Wednesday, May 4th.

A few example questions:

How do folders in Square Savings accounts work?
What’s the benefit of setting up an account with Square Banking versus my existing bank account?
If I could do "_______" with Square Savings, that would help me run my business much more smoothly.

Note: We can't share specific details on our product roadmaps, though this information will be helpful as we continue to make improvements.

Block, Inc. is not a bank. Banking Services provided by Square Financial Services, Inc. and Sutton Bank, Members FDIC.

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

gathertograzeco — Wed, 20 Apr 2022 19:19:36 GMT

Just starting my business and was getting stressed thinking about next tax season. I didn't realize Square had these opportunities for us. I am a small charcuterie business but set aside a % each sale so that I can make sure I'm covered on CO state and local taxes.

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

thegrazingtable — Tue, 26 Apr 2022 04:15:36 GMT

No way! We are also a small Charcuterie Business! Haha that is so cool I was just reading the comments and saw yours! I agree that this is a super cool way to be able to set money aside!

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

KaliDava — Tue, 26 Apr 2022 19:15:18 GMT

Looking to set aside money for Sales Tax Quarterly payments and / or Estimated Self Employment Taxes. Can we pay bills directly out of the Square Savings account or would we need to transfer to Checking or conventional bank first?

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

deebo240 — Tue, 26 Apr 2022 19:34:26 GMT

What's a good phone number to contact Square when I need it

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

MarinGlass — Tue, 26 Apr 2022 19:37:21 GMT

Too bad we haven’t been qualified for square savings for last 10 years .

maybe one day soon .

Marin Auto Glass and Wholesale

Novato Ca with over 900k sales annually

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Misael99 — Tue, 26 Apr 2022 19:42:18 GMT

How do folders in Square Savings accounts work?

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Misael99 — Tue, 26 Apr 2022 19:45:06 GMT

How can I do the taxes and how saving

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

GregSnow44 — Tue, 26 Apr 2022 19:45:41 GMT

Every time I have tried to use the savings account I get a message my business isn't eligible.

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Jermyn — Tue, 26 Apr 2022 19:48:47 GMT

Good afternoon Tom, What would be the best way to calculate your expected taxes and sales tax pmt, so I can save the appropriate amount.

Also what is the primary advantages of using Square over Stripe and PayPal. As I use all three.

Thanks, Jermyn

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

joytotheworld — Tue, 26 Apr 2022 19:49:02 GMT

I don't have a question but a comment. I would love to see the interest rate become a high yielding rate. Like 5% or higher 😉 . I currently have a 7.8% elsewhere so I obviously use that more.

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

EWClayworks — Tue, 26 Apr 2022 19:51:00 GMT

When will LLC's be able to open a savings account?

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

hoagieshack — Tue, 26 Apr 2022 19:51:00 GMT

Trying to move money to the my Savings from my sales balance, is that possible? You can transfer out to your bank but I don't see and option to transfer to the Square savings

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Imavet — Tue, 26 Apr 2022 19:52:45 GMT

Why isn’t my business eligible for savings? I’ve tried twice and it says “your business isn’t currently eligible “

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Pacha — Tue, 26 Apr 2022 19:55:23 GMT

Is there a means of pushing all the Square Merchant Fees through the Square Savings account such that the fees may flow through the Bank Feed in Quickbooks and be reconciled (realized)?

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

NCCottage — Tue, 26 Apr 2022 19:56:01 GMT

When will partnerships be eligible to use Square Savings?

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Vince3 — Tue, 26 Apr 2022 20:02:29 GMT

We will need checks available as well as check cashing and cash depositing for this to be useful. Is that in the cards?

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Nicolecolli2 — Tue, 26 Apr 2022 20:06:10 GMT

Greetings Tom why is it when I swipe I get 20 -30 dollars taken away from me .. please help this is so unreal

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

JoeJoy74 — Tue, 26 Apr 2022 20:12:54 GMT

Does Square savings account come with interest or monthly fees? How much is it

Re: Square Banking Q&A: Let's talk about how Square Savings can help you prepare for tax season?

Gloriousgherkin — Tue, 26 Apr 2022 20:17:07 GMT

What’s the benefit of setting up an account with Square Banking versus my existing bank account?