Show HN: Painless1099 – automated self-employment taxes

Re:Show HN: Painless1099 – automated self-employment taxes by rwhitman on Tuesday April 19, 2016 @06:37PM (#11531033)

A tool that does automatic withholding of business deposits in a savings account for taxes is something I've been dreaming of for a while, to the point where I even sat down for a bit to see if I could cook up my own tool to do it. Alas banks do not exactly go out of their way to expose a money transfer API...

This sounds exactly like what I wanted.. but I don't know if I want to be the early adopter guinea pig for something that involves setting up new bank accounts and automatically routing my finances around. I was kind of hoping my bank would eventually build conditional features into the automatic transfer / bill pay, as I'd much rather keep all my cash within my banking institution rather than sending it to an unproven 3rd party. Either way, I will be watching this closely..

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Re:Show HN: Painless1099 – automated self-employment taxes by acallwood on Tuesday April 19, 2016 @07:25PM (#11531279)

Thanks for the feedback! FWIW, with Painless, your money is always accessible to you as it's in an FDIC Insured savings account. If (heaven forbid) we're not around in the long term, your cash is insured up to $250,000 and your new savings account is in a well-established financial institution at Lincoln Savings Bank. Really what we've done is use existing infrastructure to automate transfers that you'd be making manually, whether between two accounts in your existing institution or two accounts at separate ones.

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