Taxes have always been among the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have enough money to employ an accountant, doing it on your own could be risky. If you overlook one thing, you might need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
So what can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. While this is a long read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? Does I Need A Sales Tax Permit Illinois TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to make sure is that your accounting tax platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to maintain everything in line. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to gather data from different channels and then organize it on a single platform. All you need to do is integrate TaxJar, then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. In our review we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns The team will guide you on managing the tax returns. It is up for you and your team to finish the tax returns in time. TaxJar is only there to provide guidance on what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing them. There could be additional costs if the feature is 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. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your staff will have access to everything you need, like a list of your transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is they allow you to update automatically every day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to fully view the overall sales taxes for your business. You can also export your data in CSV format. CSV file if you need it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also all things connected to sales tax. Check out their webinars, guides, and blog for more information. Additionally their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They claim that it’s the most effective plan to help you with filing requirements or reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller company manager, the plan will be perfect for you. It might not include all of TaxJar’s features however, it does include the essentials that you need.
You can also contact the support team via their email support chart. You’ll also be able to use their integration tools.
If you’re looking for something different from the basics Professional could be the one for you. It starts at $99, but you can increase it by adding custom features.
So how different is it from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to their phone customer support, 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 business, you might need to choose the Premium plan instead. It comes with all the features needed to aid in your tax preparation. Moreover, they allow unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
There is also a team who are devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. Does I Need A Sales Tax Permit Illinois TaxJar
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still looking into various options, they provide 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 need to know about TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save 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 can be integrated with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t 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 clearly laid down, TaxJar is an excellent platform for companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it assist you in keeping track of your revenue and products, but it can also help you meet the deadlines you set. This is also an excellent option for accountants as they offer the Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to meet. If you’re in a place with complicated tax laws, this will definitely help you get your head around the subject. Does I Need A Sales Tax Permit Illinois TaxJar
But if handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure simple to follow, you might be better off doing it on your own.
FAQ Does I Need A Sales Tax Permit Illinois TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar determines the tax.