Getting Paid for Your Hard Work: A Guide for Tax Professionals
As a dedicated tax professional on Taxfyle, it's important to understand how you can receive payment for the jobs you successfully complete. Follow these steps to ensure a smooth payment process and get your hard-earned earnings:
Step 1: Set Up Your Stripe Account
To collect your payouts from jobs completed within the Taxfyle platform, you need to create a Stripe account. Stripe is Taxfyle's trusted third-party payment solutions provider, handling both online payments from clients and the transmission of earnings to tax professionals like you. To create your Stripe account, visit the Stripe website or click here to view a resource video and make sure to use the same email address that you initially registered as your Taxfyle username.
Step 2: Connect Your Stripe Account
Once you've created your Stripe account, it's time to connect it with your Taxfyle account. To do this, log into your Taxfyle Account dashboard and select the option "Connect with Stripe." This connection ensures that all payments for your completed jobs will be directed to your Stripe account going forward. It's important to complete this setup as your access to the dashboard will be restricted until your Taxfyle account is connected to Stripe.
Step 3: Receive Your Payments
With your Taxfyle account successfully linked to Stripe, you can now receive your payments for completed jobs. Taxfyle will securely process the payments and transfer them directly to your Stripe account. Rest assured that Stripe adheres to industry-leading security measures to protect your financial information.
Step 4: Form 1099-K for Tax Reporting
As the end of the calendar year approaches, it's essential to be aware of the tax reporting requirements. Stripe, like all US companies processing payments, is obligated by the Internal Revenue Service (IRS) to report the gross earnings of US customers who earn over $20,000 and have 200 or more transactions in a calendar year. If you meet both of these thresholds, Stripe will provide you with a Form 1099-K. This form summarizes your earnings and ensures compliance with IRS regulations.
Please note Stripe is a third party platform and any support questions regarding your Stripe dashboard may be answered here.
Conclusion
By following these steps, you can easily set up your Stripe account, integrate it with your Taxfyle account, and receive timely payments for the jobs you complete. Remember to create your Stripe account using the same email address as your Taxfyle username and connect it within your Account dashboard. Additionally, stay informed about the tax reporting requirements and keep track of your earnings throughout the year. Taxfyle and Stripe are committed to providing a secure and efficient payment process, allowing you to focus on delivering exceptional tax services to your clients.