Taxes are always one of the most difficult tasks to complete 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 tasks can be overwhelming, particularly when you’re full of things to be done. If you don’t have enough money to engage an accountant performing the task on your own can be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to avoid this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. Even though this is lengthy, you should be able to assess whether TaxJar is what you need right now.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar Canada Sales Taxes TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by online business owners to keep everything neat and simple. Let’s explore their features and services.
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Features and services
Integration
One of the most important things you’ll need to ensure is your tax-reporting software perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. So, there’s no requirement to collect data in multiple channels and then organize it on one platform. All you need to do is connect TaxJar and the platform will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via their AutoFile feature. For our review we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When the time is right for filing income tax returns The team will guide you on how to manage them. It is up to you and your staff to complete everything in time. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales to recording and processing them. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from 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 all the information you need, like the list of transactions, reports, and information.
The greatest benefit of the feature you’ve chosen is it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard also allows you to fully view the sales tax totals in your business. You can also export the data to a CSV file if you need it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even when you already have your accountant, this function will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operating costs.
What’s more is that TaxJar offers training and tutorials, not just for their platform but everything that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional information. Additionally the sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have 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 plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small company owner, this plan could be ideal for you. It might not include all of TaxJar’s features but it comes with the basic features you require.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the basic features, then the Professional plan could be the one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large company, you may need to choose an upgrade instead. It comes with all the features needed to make your tax filing easier. In addition, they offer unlimited integrations with data imports as well as API integrationsfor team users as well as AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal the price of the Premium plan. costs you. Canada Sales Taxes TaxJar
However, they did mention that this plan is customized for each user. So the costs will vary in line with what you require to run your business.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to determine whether the software is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated 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 applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If this sounds like the way you do, then you should try this.
Not only will it aid in tracking your products and revenue however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they have a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you save more time while keeping the track of each deadline or requirement you need to fulfill. If you’re in an area with complex tax laws, this will surely help you wrap your mind around it. Canada Sales Taxes TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ Canada Sales Taxes TaxJar
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar can calculate the tax.
