How does Taxually calculate how much tax I owe?

Taxually makes calculating your tax obligations easy by pulling transaction data directly from Stripe Tax. Here’s how it works:

1. Data Collection from Stripe: We automatically pull all the relevant transaction data from your Stripe account, including sales, customer details, and any existing tax information. This ensures we have everything we need to calculate your taxes accurately.

2. Advanced Tax Logic: Once we have the data, we apply advanced tax logic to determine the appropriate tax jurisdiction for each transaction. Whether your customers are local or international, our system takes into account where the sale occurred, the type of product or service sold, and any local tax regulations that apply.

3. Hundreds of Data Checks: To ensure everything is accurate, we carry out hundreds of checks on the data. We validate customer addresses, check that the tax rates applied are correct, and make sure everything lines up with the latest tax rules in each jurisdiction. This helps ensure that no details slip through the cracks.

4. Tax Rate Validation & Currency Conversion: We also validate all tax details, such as the tax rates applied to each transaction. If you're selling internationally, we ensure any currency conversions are handled correctly so that the right tax amounts are applied based on the local currency of the jurisdiction.

Comprehensive Accuracy: All of these steps help us provide you with a reliable calculation of how much tax you owe. Our goal is to reduce your administrative burden and ensure compliance, so you can focus on running your business while we handle the complexities of global filings for you.