Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the funds to engage an accountant making it your own could be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other 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 life-saving device and how it can benefit you. Even though this is a long read but you’ll be able to determine if TaxJar is exactly what you need right now.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What exactly is TaxJar? Does Paypal Support TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. 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 as well as medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check is your tax-reporting system seamlessly works well with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to collect information from multiple sources and then organize it on one platform. All you need to do is connect TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to make sales tax filings either manually or via the AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on managing these. But, it is up for you and your staff to finish the tax returns within the timeframe. TaxJar is only there to provide guidance on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes in order to record and process it. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you require, including a list of your transactions, reports and information.
The greatest benefit of this option is the fact that it allows you to update your account automatically each day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows you to fully view the total sales tax within your company. Additionally, you can export your data to CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if your team requires it to run centralized reports.
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 when you need them when you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform , but also for anything connected to sales tax. You can check out their webinars, guides, or blog posts for additional info. Apart from that the sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small-scale business manager, the plan should be perfect for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
You can also contact their customer support via their email support chart. You’ll also be able to use 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 if you add custom features.
So how different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive business, you might need to choose the Premium plan instead. It includes all of the features that you require to help with your taxes. In addition, they offer unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan is going to cost. Does Paypal Support TaxJar
However, they did say that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need for your company.
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still considering various options, they provide a 30-day free trial. This should be enough time to gauge if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To sum it all up, here are the pros and cons of using TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of your products and revenue however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they provide tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this will certainly help you to get your mind around it. Does Paypal Support TaxJar
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure easy to complete, you might be better in doing it all on your own.
FAQ Does Paypal Support TaxJar
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar will calculate your tax.