Taxes have always been one of the hardest things to do regardless of whether you run 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 your whole day is full of things to be done. In the event that you do not have the budget to hire an accountant, doing it on your own can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Although this is quite an extensive read, you should be able to assess whether TaxJar is exactly what you need right now.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, we’ll dive right into.
What is TaxJar Colorado Sales Tax TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check is your tax-reporting software seamlessly works well along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical data in one location. That way, there’s no need to collect data in multiple channels and then organize it on a single platform. All you need to do is integrate TaxJar, it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar lets customers file their sales taxes either manually or via the AutoFile feature. For our review we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on managing them. It is up to you and your team to complete the process in time. TaxJar will only provide guidance on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing it. However, there might be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. The orders you place through your online 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 everything you need, like an inventory of your transactions, reports, and the data.
The most appealing aspect of this feature is that it lets you to update automatically every day. Not only will they let to know the amount you’ve earned however, they can also help you determine when your next payments are due.
The dashboard allows you to see the sales tax totals in your business. It is also possible to export the information as the form of a CSV file if you need it to aid in financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
What’s more is that TaxJar provides training and tutorials, not just for their platform but everything related to sales tax. Check out their webinars, guides, and blog for more info. In addition, their sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan will be ideal for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
You can also contact the support team via their email support chart. You’ll also have access to their integration features.
If you’re looking for different from the standard features and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up by adding custom features.
How different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large 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 integrations with data imports, API integrations, team users as well as AutoFiles.
They also have a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. Colorado Sales Tax TaxJar
But they did state that this plan is customized for each user. Therefore, the cost will differ in line with what you require to run your business.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to determine whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing, here are the advantages and disadvantages of making use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that’s what you do, then you should try this.
Not only can it aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. It is also a great platform for an accountant since they provide tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you get more done while keeping the track of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will surely help you wrap your mind around it. Colorado Sales Tax TaxJar
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
FAQ Colorado Sales Tax TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar will calculate the tax.