Taxes have always been among the hardest things to do regardless of whether you’re running an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have enough money to hire an accountant, making it yourself can be dangerous. If you make a mistake it could mean you have to do it all over again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
We can always make our lives easier with tools such as TaxJar.
This article will take a look at this life-saving device and how it can benefit you. Even though this is an extensive read, you should be able to assess whether TaxJar is exactly what you need today.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? Add Paypal Invoices To TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by online business owners to make their business more neat and simple. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your critical metrics in one place. So, there’s no need to collect information from multiple sources and sort it into one platform. All you have to do is to integrate TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax either manually or via TaxJar’s AutoFile feature. For our review we’ll look into both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns, the team will instruct you on how to handle these. However, it will be up to you and your staff to finish the tax returns within the timeframe. TaxJar is there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales taxes in order to record and process it. However, there might be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you require, including an inventory of your transactions, reports, and data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only will they let to know the amount you’ve earned however, they can also help you determine when your next payments are due.
Their dashboard also allows you to see the overall sales taxes in your business. Additionally, you can export the data to the form of a CSV file if you need it for your process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
What’s more is that TaxJar offers training and tutorials not only on their platform, but for anything related to sales tax. You can check out their webinars, guides or blog posts for additional information. Additionally, their sales tax calculator should be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and what each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan to help you in filing and reporting. It also includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a smaller business manager, the plan could be ideal for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the basics, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher when you add additional features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to choose the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports, API integrations, team users and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge how much the Premium plan is going to cost. Add Paypal Invoices To TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to determine whether the service is the right choice for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you must try TaxJar.
Not only can it aid in tracking your products and revenue however, it will assist you in meeting your deadlines. This is also an excellent platform for an accountant since they have the Tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you save more time while keeping track of every deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your mind around it. Add Paypal Invoices To TaxJar
But if handling your taxes is straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure easy to complete then you’re better off doing it by yourself.
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FAQ Add Paypal Invoices To TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines the tax.
