Ruby Money is built for ambitious soloprenuers who want to avoid making costly tax mistakes and grow their profits with less stress. Our members are sole proprietors and single member LLCs that work as creatives, consultants, coaches, health & wellness professionals, real estate agents, and more.
Your privacy and security are a priority to us. We follow industry-standard 256 bit SSL encryption and partner with industry leaders such as Plaid to secure your financial information and offer FDIC insurance on all deposits through our partner Blue Ridge Bank N.A. You can ready our full Privacy Policy here.
Yes! We believe in not breaking what's not broken. Ruby Money is designed to complement your existing bank and brokerage partners. We connect to these accounts and help you stay on top of taxes and retirement.
We store your funds in an FDIC-insured deposit account with our partner Blue Ridge Bank N.A. until it's time to make your quarterly IRS tax payment or retirement contributions. You can transfer funds anytime back to your connected bank account in the Ruby Money app.
Ruby Money is completely free to get started. We offer a subscription for access to premium features such as quarterly tax payments, 1:1 tax advice smart savings rules.
Yes. Ruby Money uses your bank account to identify taxable income, provide tax estimates and set-aside funds for taxes and retirement. We recommend that you have a separate bank account for your business income to make tracking your business income and expenses easier. This can be either a business bank account, or a personal account you only use for business purposes.
We get it. Estimating income when you run your business requires crystal ball. We use estimates to establish a target tax with-holding rate. From there, we use your real time income to help you calculate your taxes owed and eligible retirement contributions so you never have a surprise tax bill.
Your business income likely varies by week, month, and client. We’ve found that the best way to make sure you set aside the right amount for taxes and meet your retirement contribution goals is to set aside a percent of every payment vs. a dollar amount. A percentage rule fluctuates with you and allows you to contribute a lot when you're flush and just a little when you’re tight.
Ruby Money's tax calculator uses the taxable income detected from your connected bank account, as well as the information you provide in your tax profile (State, Filing Status, etc), to help you estimate federal, state and self-employed taxes. We are not able to account for other income reported on your tax returns (i.e investment income), nor other business taxes such as local tax and sales tax. Our calculators are for information only. Please consult a professional for financial advice and making financial decisions.
Ruby Money's tax calculator uses the taxable income detected from your connected bank account, as well as the information you provide in your tax profile (State, Filing Status, etc), to help you estimate your eligible contribution to an SEP-IRA. If you are a sole proprietor or a single member LLC, you can contribute a maximum of 20% of the profit from your business pre-tax.
If you receive a notification for a transaction that is not taxable income, you can “SKIP” the transaction and we will not set aside funds from that deposit. You can also delete past deposits from the income detail screen in the app which will exclude these transactions from all taxable income calculations.
You can make federal tax payments directly in the app. State tax payments are coming soon.
Estimated taxes are due four times a year roughly on the following dates: April 15, June 15, Sept 15, and Jan 15.
You may use any funds available in your Ruby Money Tax account to submit a tax payment to the IRS. You can always see the total funds available on your home dashboard.
This amount will be different for each person based on a number of factors. You can use our estimated taxes calculator to help estimate this amount yourself or ask a CPA. You can also learn more about how estimated taxes work.
If you paid an amount greater than your balance due, generally the overpaid amount will be refunded to you when you file your annual tax return. If you paid less than you intended, you can always submit a second payment through Ruby Money at any time.
You will receive confirmation and a 1040- ES receipt for your records from Ruby Money when you payment has been received by the IRS. You will be also receive a notice in the mail directly from the IRS with steps on tracking your payment in their Electronic Federal Taxes Payment System (EFTPS). The government will match the payment to your account based on the Social Security Number, name, date of birth, and ZIP code. Make sure you review and confirm the information in the Ruby Money tax payment matches the information listed on your tax return.
Free Masterclass: Tame the Tax Monster. April 28 @ 11am PT/2:00 pm ET. Sign up now!
