The partnership between Etsy and OnePriceTaxes will offer Etsy sellers the ability to quickly and easily file their annual taxes, said OnePriceTaxes CEO Robbie Edwards. The process can be automated for Etsy sellers, using the Etsy API, meaning that sellers can rely on Etsy and OnePriceTaxes to file taxes, freeing up sellers to spend more time on other aspects of their business.
“We're thrilled to have the opportunity to help so many Etsy sellers get their taxes filed next tax season. Sellers will no longer have to worry about how and where to report their earnings from Etsy on their tax forms," said Edwards, in a statement.
We recently caught up with Robbie Edwards, the CEO of OnePriceTaxes, to get his take on the partnership, what it means for OnePriceTaxes, and his CED Venture Mentoring Service team. Read the full interview below.
CED: This is great news! Will you walk me through a brief timeline of how this partnership came about?
Edwards: Sure! We reached out to Etsy shortly after the end of the tax season this year. Both Etsy and OnePriceTaxes had partnered with Outright. The team at Outright came up with the idea to approach Etsy and discuss how we could help Etsy sellers. The introduction was made, and during our discussion with Etsy, they informed us that Etsy sellers most often needed help filing their taxes - it was their #1 need.
CED: Can you give me a scenario/example of an Etsy seller who will, as you say, “have a much easier tax filing process”?
Edwards: Of course! When we approached Etsy we wanted to offer Etsy sellers more than just a discount on our tax preparation services. We truly wanted to make their tax filing process easier by helping them correctly enter in information about their Etsy shop. Using Etsy's API we were able to import all the information about an Etsy seller's shop (sales, fees, etc) into our tax software and create the necessary tax forms that Etsy sellers will need to file with the IRS.
CED: On average, how much do you expect Etsy sellers to save with this value-add solution?
Edwards: So, if an Etsy seller wanted to file their taxes with TurboTax, they would be forced into using TurboTax's highest tier. This is due to their tax status as a "home business" and TurboTax currently charges $99.95 for a federal return and close to $30 for most state returns. With OnePriceTaxes' online tax preparation software, Etsy sellers will be able to file their federal and state taxes for just $14.95 - more than $100 less than what they would pay to use TurboTax. This is why we believe we are the best value in online tax preparation.
CED: What other partnerships does OnePriceTaxes have running?
Edwards: Currently we have partnerships in place with Etsy, Shoeboxed, and Outright. We have another major partnership that we will be announcing soon - make sure to pay attention to OnePriceTaxes!
CED: What does this partnership mean for OnePriceTaxes?
Edwards: This partnership is a great opportunity for us at OnePriceTaxes to offer our software to all the creative and wonderful small business owners that utilize Etsy to sell their creations. We're excited about being able to expand into the small business market.
CED: How has your participation in CED's programs, most specifically FastTrac TechVenture and CED Venture Mentoring Service (VMS), shaped the growth of your company? What’s a MAJOR change you’ve made in focus, the biz model, prioritizing time, hiring decisions, etc. that have affected you/the company positively?
Edwards: When we joined CED back in 2011, we took advantage of two of the great programs CED offered - FastTrac Tech Venture and CED Venture Mentoring Service. Participating in these two programs connected us to some very intelligent professionals, entrepreneurs and mentors, who provided us with incredibly valuable guidance on how to grow our company. One of the many ways they advised us on how to grow our company is through partnerships, like the one we just finalized with Etsy. Our mentors have continued to advise us on all the ins and outs of partnering with companies and that sage advice led directly to successful partnerships with Shoeboxed, Outright, and Etsy.