Taxes have always been among the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to engage an accountant making it your own could be risky. If you make a mistake it could mean you need to repeat the process!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
What can we do ?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Although this is quite an extensive read it is possible to gauge whether TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar Arkansas Sales Tax TaxJar
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting platform seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and organize it into one platform. All you need to do is to integrate TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings by hand or using the AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on managing these. But, it is up to you and your staff to complete everything in time. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. From there, you and your team will have access to everything you need, such as an inventory of your transactions, reports, and information.
The best part about this option is the fact that it allows you to update your account automatically each day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payments are due.
The dashboard allows users to view in detail the overall sales taxes within your company. It is also possible to export the information in the form of a CSV file in case you require it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials, not just on their platform, but everything connected to sales tax. Check out their webinars, guides, and blog for more details. Additionally the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company owner, this plan should be ideal for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for a bit more than just the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the basic plan?
In addition to having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose premium plans instead. It has all of the features needed to aid in your tax preparation. Additionally, they permit unlimited data import integrations API integrationsfor team members and AutoFiles.
They also have a staff that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. Arkansas Sales Tax TaxJar
But they did state that the plan is custom-made for each user. The cost of the plan will be different in line with what you require to run your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they have the Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this will certainly help you to get your head around it. Arkansas Sales Tax TaxJar
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the entire process easy to do, you might be better to do it by yourself.
FAQ Arkansas Sales Tax 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 incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate the tax.