Introducing TaxWallet: A Seamless Way to Save for Future Tax Bills

Shiloh Johnson
By Shiloh Johnson

Learn about ComplYant’s latest feature: TaxWallet, an automated savings tool designed to help small business owners avoid overspending and budget for future tax bills — seamlessly.  

The dreaded tax bill. It’s one of the most common pain points for small business owners, not to mention one of the most confusing aspects of running a business. With multiple different business tax categories to manage, it’s not hard to understand why many busy entrepreneurs miss tax deadlines — or fall behind on payments.

Besides trying to remember when tax bills are due, you also have to figure out how to squeeze your budget to come up with the money to satisfy your tax obligations. To make matters worse, many business owners overspend their earned sales revenue to pay business tax, funneling their profits into other areas of their life or business instead. The result? Thousands of dollars in tax penalties and fees, putting a potential dent in your bottom line.

What if you could automatically save the money you need for an upcoming tax bill without having to resort to cash and envelopes, or relying on your memory? Now you can — with TaxWallet Beta. 

We’re making saving for business tax easy 

We’ve added an incredible tool to our lineup of business tax solutions. TaxWallet is an automatic savings tool powered by Stripe Treasury (beta) designed to help you avoid having insufficient funds to pay tax bills when they come due. 

Our calendar feature (which helps you track your tax deadlines) works in tandem with our easy Tax Budgeting tool, so you can make a budget for how much you’ll need for those tax bills. And now, TaxWallet helps you automatically save for those bills by setting aside daily and/or weekly transfers into your TaxWallet. 

Here’s how it works: simply tell us about your business and hook us up to your bank account. Our intuitive business tax platform will automatically calculate how much you’ll need to save (weekly or monthly) to ensure you’re prepared and funded by the deadline.   

Even better? TaxWallet allows you to create a wallet for each of the tax types you might need to save for, like estimated tax or sales tax. All of these features work in unison to make ComplYant the best digital tax assistant a small business owner could ask for.

| TaxWallet was created to solve the pressing need entrepreneurs face when trying to navigate paying business tax -paying tax bills in full and on time.

Why TaxWallet 

TaxWallet was created to solve the pressing need entrepreneurs face when trying to navigate paying business tax. What I found during the days of running my tax practice is that business owners not only failed to understand what tax they were responsible for paying, they also had no idea how to afford their tax payments once their bills came due. 

Imagine owning an online retail store (like Etsy, Shopify, etc.) selling products all over the country, and the online store platform you're using is set up to properly collect sales tax when an item is sold. The money collected for sales taxes has to be paid to every state you sold goods to that requires sales tax payments. And even if for some reason the correct amount of sales tax was not collected or was calculated incorrectly, you are still required to have saved the correct amount to pay at the end of the month.

Unfortunately, many entrepreneurs end up spending money that should be set aside for business tax payments on other operating expenses. This common mistake can leave business owners unprepared for tax bills and cash-strapped. 

We created TaxWallet to help small business owners pay their tax bills in full and on-time — while stressing less about business tax. 

Focus on what you love with ComplYant business tax solutions 

When you’re a business owner, diving into the world of business tax can feel intimidating. Luckily, ComplYant has you covered. Our easy-to-navigate business tax tools empower you to take control of your tax deadlines and make payments on time — so you can focus your energy on turning your passions into a successful business. Not sure where to start? Try ComplYant’s tax tools absolutely free.   

Shiloh Johnson
By Shiloh Johnson
Shiloh Johnson is a long-time CPA and founder of ComplYant, a technology platform offering business owners and entrepreneurs a simple way to manage tax rules and requirements.

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