Taxes have always been among the hardest things to do, whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. When you’re not able to afford the funds to hire an accountant, performing the task on your own could be risky. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement, we have no choice.
So what can we do ?
We can simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. Even though this is a long read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Click Through Nexus TaxJar
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your channels of sales to ensure compliance with your sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting system is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to gather data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect those sales tools. Once the time comes for filing tax returns for income The team will guide you on managing them. But, it is up to you and your staff to complete the process on time. TaxJar will only help you understand what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team will have access to all the information you need, like a list of your transactions, reports, and data.
The best part about the feature you’ve chosen is they allow you to automatically update every day. Not only can they help you know how much you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the sales tax totals within your company. 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 needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents when you need them in the event of a need. Even when you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds better. You’ll know better how much budget you have available for other operating costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just on their platform, but all things that has to do with sales tax. You can look through their webinars, guides and blog for more information. Additionally their 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 establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and the features that each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most effective plan for those who need assistance in filing and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller business owner, this plan will be perfect for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking for different from the basics, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to opt for an upgrade instead. It has all of the features that you require to make your tax filing easier. In addition, they offer unlimited integrations with data imports API integrationsfor team users and AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. Click Through Nexus TaxJar
However, they did mention that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require to run your business.
Luckily, you don’t have to bet your life on it to determine if this service is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.
It’s not just a way to help you track your products and revenue It can assist you in meeting the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. You can find tips and gain knowledge from their workshops 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 live in an area with complex tax laws, this will certainly help you to get your mind around it. Click Through Nexus TaxJar
If handling taxes is easy, then TaxJar might not be a good expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete, you might be better in doing it all on your own.
FAQ Click Through Nexus TaxJar
What areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USdollars before TaxJar determines your tax.