How-to add Taxes Overview

1. How to use the Tax Settings feature in Payments

• Step 1: Creating and Adding Taxes
• Navigate to Payments > Settings > Taxes > Click 'Add Tax' OR Click 'Create Tax'. Fill out the popup information: tax name, rate, optional description, tax ID number and tax Agency.
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• Step 2: Managing and Using Your Taxes
• Attaching a Tax Rate to the Products: While adding or editing a product, click on the checkbox against 'Attach Tax Rates' option to view all manually added tax rates.
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2. Process for having tax rates on Invoices

• Head to Payments > Invoices. When creating an invoice or editing a draft Invoice, click 'Add Tax' next to a product.
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• In the 'Add Taxes' popup, check the box for the tax(es) you wish to add. Click Save to confirm your changes. The tax(es) will be calculated in the invoice.

3. Implementing Stripe Tax Management as a Workaround for SaaS

• SaaS agencies operating in regions like the EU, UK, and North America can benefit from implementing the Stripe tax management workaround. The Stripe tax management workaround involves configuring tax categories like VAT or Sales Tax in Stripe for your SaaS products.
• Set up tax rates in Stripe: Log in to your Stripe account. Navigate to 'Products' > 'Tax Rates.' > Click on 'New.'
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• Apply tax rates for new customers: Once you have activated Stripe's Tax management service on your account, you will be able to pick tax categories on your SaaS products.
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4. Tax rate precision and rounding

• RevStackr calculates and displays tax rates up to 4 decimal places (for example, 7.1250%) to improve accuracy for fractional tax rates. Tax amounts still round to 2 decimal places based on currency standards.
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• Tags: taxes, tax settings, stripe tax management, invoice taxes, saas tax workaround, tax rates