Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have enough money to employ an accountant, making it yourself can be risky. If you make a mistake, you might need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do about it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can help you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need today.
Prefer watching videos rather than watch them? Watch 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, then we’ll dive right into.
What is TaxJar Chargebee TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to make their business more organized and straightforward. 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 you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. So, there’s no need to gather data from different channels and organize it into a single platform. All you need to do is connect TaxJar it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes either manually or via the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to manage the tax returns. But, it is up for you and your team members to complete everything in time. TaxJar is only there to provide guidance on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating taxes on sales in order to record and process them. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team can access everything you need, like an inventory of your transactions, reports and the data.
The greatest benefit of this option is the fact that it allows you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated, but they also help you determine when your next payment is due.
The dashboard allows you to see the overall sales taxes in your business. You can also export the data to the form of a CSV file, if you want to use it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even even if you already have an accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have for other operating expenses.
What’s more is that TaxJar offers tutorials and training, not just for their platform , but also everything related to sales tax. You can look through their webinars, guides, or blog posts for additional 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 know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small business proprietor, then this program could be ideal for you. It may not have all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the basic features and options, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to choose premium plans instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. Chargebee TaxJar
However, they did mention that this plan is customized for every user. So the costs will vary in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you enough time to determine if the platform is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize, here are the pros and cons of using TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this will certainly help you to get your head around the subject. Chargebee TaxJar
But if handling taxes is easy If it isn’t, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ Chargebee TaxJar
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar will calculate the tax.
