Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the funds to employ an accountant, making it your own can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory, we have no choice.
So what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. Although this is quite a long read it is possible to determine if TaxJar is exactly what you need right now.
Prefer watching videos rather than watch them? Check out 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, let’s dive right in.
What exactly is TaxJar? Connecting TaxJar With Teachers Pay Teachers
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check is your tax-reporting software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your most important metrics in one place. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar, it will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on managing them. It is up for you and your team members to finish the tax returns on time. TaxJar will only guide you on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that 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 through recording, and then processing it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there you and your staff can access everything you require, including a list of your transactions, reports and information.
The best part about this option is the fact that it allows you to update automatically every day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to see the sales tax totals within your company. You can also export the data to a CSV file in case you require it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know better how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything that has to do with sales tax. You can check out their guides, webinars, and blog for more info. Additionally the sales tax calculator is beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers 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. The company claims that it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with the tax on sales, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small company owner, this plan will be perfect for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something different from the standard features Professional could be the one for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to opt for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of users and AutoFiles.
They also have a staff who are devoted to managing your account. However, they don’t disclose how much the Premium plan is going to cost. Connecting TaxJar With Teachers Pay Teachers
However, they did say that this plan is customized for each user. The cost of the plan will be different in line with what you require for your business.
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still looking into various options, they provide a 30-day free trial. This should be enough time to determine whether the service is the right choice for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar to run your business.
- Has 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
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with multiple sales channels and uses many platforms. If that’s what you do, then you should try this.
Not only can it help you track your revenue and products however, it will assist you in meeting the deadlines you set. It is also a great option for accountants as they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re in an area with complex tax regulations, this will certainly help you to get your head around it. Connecting TaxJar With Teachers Pay Teachers
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Connecting TaxJar With Teachers Pay Teachers
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar can calculate your tax.