📣 Note
This article covers a feature that's included in an invite-only closed beta. If you're not a part of the beta, your finance suite will look different, and the help articles you'll want can be found here.
Why should I create a tax savings bucket?
Why should I create a tax savings bucket?
This is a proactive approach to tax planning that minimizes your tax liability and can create financial savings.
You can automatically save a percentage of every payment based on your own chosen percentage (which ideally matches your expected income tax rate). You have complete control over your savings bucket.
Automatically save a percentage of every payments
Temporarily stop saving and keep the money in your tax bucket
Transfer the entire amount to your available balance but keep saving
Transfer the entire amount to your available balance and stop saving (you can restart at any time)
What happens when I transfer funds out of my tax savings bucket?
What happens when I transfer funds out of my tax savings bucket?
If you decide to move your tax savings bucket's funds to your available balance, the entire amount in the bucket will be transferred. You cannot set a custom amount to be transferred.
When should I withdraw the funds from my tax savings bucket?
When should I withdraw the funds from my tax savings bucket?
Deciding when to withdraw fund from your tax savings bucket is a topic we encourage you to discuss with your financial advisor when you're preparing to tackle your tax bill.
How is a tax savings bucket different from a regular savings bucket?
How is a tax savings bucket different from a regular savings bucket?
Your tax savings bucket is specifically meant to help you save for your income tax bill, instead of your other savings goals. While a tax savings bucket is very similar to the regular savings bucket, how you manage the tax savings bucket is slightly different. Learn more about creating and managing a regular savings bucket.
Still have questions? Feel free to send us a message by clicking the Question Mark icon on any HoneyBook page. Our team is always happy to help!