Taxes are always one of the most difficult tasks to complete regardless of whether you’re running a 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 full of things to be done. When you’re not able to afford the budget to engage an accountant performing the task on your own can be dangerous. 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, we have no choice.
What can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this life-saving device and how it can benefit you. While this is lengthy it is possible to gauge whether TaxJar is the tool you require right now.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Deductions/Exemptions TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with sales taxes. It makes the process simpler that could require 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.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting software perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. This means that there is no need to collect data from different channels and sort it into a single platform. All you have to do is connect TaxJar it will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for the filing of income tax returns TaxJar will train you on managing these. It is up to you and your team members to complete the process in time. TaxJar is there to guide you on what you should do , but not to 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. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. There could be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your team will have access to all the information you need, like an inventory of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is it lets you to automatically update every day. Not only can they help to know the amount you’ve accumulated however, they can also help you determine when your next payment is due.
The dashboard allows users to view in detail the total sales tax for your business. Additionally, you can export the information in the form of a CSV file if you need it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to scramble for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have available for other operational expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform but for anything related to sales tax. You can look through their webinars, guides as well as their blog to find more information. Additionally their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a smaller company manager, the plan will be ideal for you. It may not offer all of TaxJar’s features, but it has the basic features you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for something that is more than the basics Professional could be the one for you. The price starts at $99 however, it could go up if you add custom features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to choose premium plans instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of members as well as AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the amount that the Premium plan will cost you. Deductions/Exemptions TaxJar
However, they did say that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need for your company.
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to determine whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you need to be aware of TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your revenue and products It can also help you meet the deadlines you set. It is also a great option for accountants as they provide tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Using TaxJar can allow you to get more done while keeping track of every deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this can surely help you wrap your head around it. Deductions/Exemptions TaxJar
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire process easy to do then you’re better in doing it all by yourself.
FAQ Deductions/Exemptions TaxJar
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar can calculate your tax.