Cut Your Own Taxes with Lili's Tax Optimizer

You can easily categorize business expenses in your Lili banking app in real-time.

Whenever you spend money from your Lili account, you can categorize the expense as business or personal simply by swiping on your Lili app – swipe left for a personal expense and swipe right for a business expense.

You can generate expense reports in the Lili banking app by accessing the main menu > Statements and Sheets > Statements, and selecting the period of time for which you need an expense report.

You can open up a Tax Bucket to set aside money from your Lili account to cover your taxes.

To open a Tax Bucket via the Lili banking app, access the main menu > ‘Action’ > ‘Open a Tax Bucket’, and choose the percentage you would like to set aside. You can also manually add money to your Tax Bucket after opening one via ‘Tax Bucket’ > ‘Add or Use Bucket Funds’.

Yes – you can take money out of your Tax Bucket any time. To do so, access the Lili banking app menu > ‘Tax Bucket’ > ‘Add or Use Funds’ > ‘Use Funds’ and enter the amount you would like to use.

When you file your taxes with the IRS, you can let them know that you want to receive your tax refund to your Lili account by setting up direct deposit! Simply let the IRS know you would like to receive your refund via direct deposit and provide them with your Lili Routing and Account number.

If you file your taxes using the paper form, you’ll find the ‘Refund’ section on page 2 of the form 1040. Enter your Lili routing number on line 21b and account number on 21d. Make sure to check the ‘Checking Account’ box.