Here's how Lance works:
- Your income (i.e., from direct deposits, PayPal, Venmo, W2, 1099) gets routed to your Lance account.
- You set your allocation preferences. Now, every time you get paid, Lance automatically divides your money up across your main balance (or, business expenses) and a few configurable sub-accounts — or as we call them, stacks. Stacks currently include: taxes, salary, and savings.
- Lance calculates, withholds, and pays your quarterly taxes to the IRS out of your taxes stack, if you choose to take advantage of that benefit — at no cost to you!
- Lance automatically deposits your salary into your personal bank account every two weeks (or whenever you prefer to get paid).
- You use Lance’s Visa debit card for all your business needs. (It's what helps us take just the right amount out for taxes, no more or less!)