Owner's Comp
Purpose:
This is your actual take-home pay—your salary for the work you've done. It's the money you use for personal expenses like rent, groceries, and leisure.
How It's Funded:
This is the amount left over after all your business obligations (expenses, taxes, and profit) have been accounted for.
When to Record a Payment:
You should record a payment from this account when you physically transfer your "paycheck" from your business bank account to your personal bank account.
Expenses Account
Purpose:
This account is for saving up for all your business costs. It includes money for immediate expenses (like gas) and long-term costs (like maintenance and insurance).
How It's Funded:
The app calculates your total estimated expenses for the period. It then subtracts any "pre-paid" costs (like platform fees and gas, which are paid immediately) to determine the amount to transfer into this account for future spending.
When to Record a Payment:
Record a payment from here whenever you spend money on your business, such as paying for car repairs, insurance premiums, car washes, or buying a new phone mount.
Taxes Account
Purpose:
This holds the money you need to set aside for your self-employment taxes (Social Security & Medicare) and federal income taxes based on your rideshare income.
How It's Funded:
An AI model estimates your weekly tax liability based on your income, expenses, filing status, and dependents, following the 2025 tax code. The full estimated amount is allocated here.
When to Record a Payment:
You should record a payment from this account when you make your quarterly estimated tax payments to the IRS or when you pay your final tax bill at the end of the year.
Profit Account
Purpose:
This is your business's profit—a reward for running an efficient business. It's separate from your salary and should be used for business growth or as a bonus.
How It's Funded:
A fixed 5% of your Net Take-Home Income (Gross Income minus Platform Fees) is allocated here. This ensures your business is always profitable.
When to Record a Payment:
You should record a payment from this account on a quarterly basis. Transfer this money to your personal account as a profit distribution—a bonus for being a great business owner!
Disclaimer: This app provides financial tracking and allocation tools for informational purposes only. The tax estimations do not account for W2 income or other external financial factors. It should not be considered as financial or legal advice. Please consult with a qualified professional for personalized advice.