Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to engage an accountant making it yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can benefit you. Even though this is lengthy it is possible to determine if TaxJar is exactly what you need today.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar? Amazon Maryland TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s explore their features and services.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting system seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one place. So, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar, and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes either manually or via the AutoFile feature. For our review we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income, the team will instruct you on how to handle the tax returns. But, it is up for you and your team to complete the process in time. TaxJar will only help you understand what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. With this feature, everything will be automated from calculating sales tax through recording, and then processing them. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to everything you require, including a list of your transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. They not only let you know how much you’ve accumulated, but they also help you keep track of when the next payments are due.
The dashboard allows you to fully view the overall sales taxes for your business. It is also possible to export the data to CSV format. CSV file if you need it for your financial planning and accounting processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even if you already have your accountant, this feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform , but also everything that has to do with sales tax. You can check out their guides, webinars, and blog for more info. Apart from that, their sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They say it’s the best plan to help you in filing and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller business proprietor, then this program should be perfect for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking to get a bit more than just the basics, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it when you add additional features.
What is the difference from the original plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge business, you might need to opt for an upgrade instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of users and AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. Amazon Maryland TaxJar
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different according to what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to see 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 sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then should try this.
Not only will it aid in tracking the sales and profits of your business, but it can also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around it. Amazon Maryland TaxJar
But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
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FAQ Amazon Maryland TaxJar
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar determines your tax.
