Intro to stacks
Every time a payment comes into your Lance account, a portion of that money is automatically allocated toward your salary, taxes, and savings in convenient, configurable sub-accounts. We call them stacks.
How do stacks work?
As soon as you open your Lance account, you set your stack preferences. Taxes are calculated by Lance, but you get to choose how much goes toward savings and salary stacks.
- The rest of your money stays in your main balance, which you can spend on business expenses via your Lance Visa debit card. Though this isn't a stack, we let you take it into account when you decide your allocation preferences:
The taxes stack
Lance first calculates and withholds a percentage of every taxable payment for your taxes. This money goes in the taxes stack. Lance Pro also pays your quarterly taxes to the IRS, straight from this stack.
The salary stack
When you open an account, you get to decide what percentage of your income your salary will be. (We'll work with you to fine-tune the best percentage.) This money goes in your salary stack, and - if you're a Lance Pro user - is deposited straight into your linked personal bank account twice a month.
The savings stack
Lance puts a slice of the pie toward your business savings, in your savings stack. This way, you'll gradually build up business savings, and never worry about having enough to support yourself.
Can I create custom stacks?
You sure can! We call them Goal stacks. Click here to read more about that.