Taxes are always one of the most difficult tasks to complete regardless of whether you run an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to employ an accountant, performing the task on yourself can be dangerous. If you overlook one thing, you might have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
We’ll look at this popular life-saving tool and how it can assist you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is what you need today.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? Can I Use TaxJar Just For Sales Tax
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your channels of sales to ensure compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything simple and organized. Let’s take a look at their features and services.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting software is compatible along with sales funnels. If you have multiple sales channels, you must keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. This means that there is no need to gather data from different channels and organize it into one platform. All you have to do is to integrate TaxJar, it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. In this review, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on managing the tax returns. However, it will be up to you and your staff to complete everything within the timeframe. TaxJar is there to help you understand what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating taxes on sales to recording and processing it. There could be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff will have access to everything you need, such as the list of transactions, reports, and the data.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to see the overall sales taxes within your company. You can also export your data to a CSV file, if you want to use it in your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds better. You’ll know exactly how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform but everything connected to sales tax. You can check out their webinars, guides, as well as their blog to find more details. 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 are aware of how important it is to set your budget. Some platforms provide amazing features, but they can be too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that 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. The company claims that it’s the most effective plan if you need help with filing requirements or reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a smaller business owner, this plan could be ideal for you. It may not have all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something that is more than the standard features Professional might be the right one for you. It’s priced at $99 but you can increase it by adding custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to go for an upgrade instead. It includes all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrationsfor team users and AutoFiles.
There is also a team that is devoted in managing your accounts. However, they don’t disclose how much the Premium plan is going to cost. Can I Use TaxJar Just For Sales Tax
However, they did mention that the plan is custom-made to each user. The cost of the plan will be different in line with what you require for your company.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to determine if the platform is a good fit for you.
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Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business, but it can also help you meet the deadlines you set. It is also a great platform for an accountant since they have a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this will definitely help you get your head around it. Can I Use TaxJar Just For Sales Tax
However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better off doing it by yourself.
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FAQ Can I Use TaxJar Just For Sales Tax
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into USdollars prior to when TaxJar can calculate the tax.
