Taxes have always been one of the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to employ an accountant, performing the task on yourself can be dangerous. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
We can make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. While this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require today.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? Capital Projects TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure is that your accounting tax system is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your most important data in one location. That way, there’s no requirement to collect data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. For the purpose of this article, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle these. It is up to you and your team to complete everything in time. TaxJar is there to provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating taxes on sales in order to record and process them. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard via this platform. From there you and your staff can access everything you require, including an inventory of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update your account automatically each day. They not only let to know the amount you’ve earned, but they also help you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax in your business. Additionally, you can export the information in CSV format. CSV file if you need it for your accounting and financial planning processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to search for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials not only on their platform, but all things related to sales tax. Check out their webinars, guides, and blog for more information. In addition, their sales tax calculator is useful if you’re planning to 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 expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small business manager, the plan should be ideal for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basics and options, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
What is the difference from the basic plan?
Apart from having access to each of Starter plan’s features, you also get 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 own a huge enterprise, you may want to opt for premium plans instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. Capital Projects TaxJar
But they did state that this plan is customized for each user. So the costs will vary in line with what you require for your company.
Free Trial
Fortunately, you don’t need to bet your life on it to find out if the platform is right for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to determine if the platform is the right choice for you.
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Pros and Pros and
We’ve covered everything you must know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then should try this.
Not only can it assist you in keeping track of your revenue and products, but it can help you meet the deadlines you set. It’s also an excellent option for accountants as they have the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around it. Capital Projects TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do then you’re better off doing it by yourself.
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FAQ Capital Projects TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify 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 cannot convert currency values. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar determines your tax.
