Taxes have always been among the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
What can we do about it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. While this is an extensive read but you’ll be able to determine if TaxJar is exactly what you need right now.
Are you looking to watch videos instead? 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, then we’ll dive right into.
What exactly is TaxJar? Does TaxJar Do Income Tax
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating 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 your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to ensure that everything is simple and organized. Let’s take a look at their features and services.
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Features and services
Integration
One of the first things you’ll need to make sure you have a tax accounting system seamlessly works well along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. So, there’s no need to collect data in multiple channels and organize it into one platform. All you need to do is integrate TaxJar and the platform will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. For the purpose of this article, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to handle the tax returns. However, it will be up to you and your team to complete everything on time. TaxJar is there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting woes. 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 everything you require, including an inventory of your transactions, reports, as well as data.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. It is also possible to export the information to a CSV file in case you require it for your financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating costs.
The best part is that TaxJar offers tutorials and training, not just for their platform , but also all things related to sales tax. You can look through their webinars, guides as well as their blog to find more information. Additionally the sales tax calculator should be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and 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 will be ideal for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to go for premium plans instead. It includes all of the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data, API integrationsfor team members and AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. Does TaxJar Do Income Tax
However, they did mention that this plan is tailor-fit to each user. So the costs will vary according to what you require for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the software is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only can it aid in tracking your products and revenue It can help you meet the deadlines you set. It’s also an excellent option for accountants as they provide tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Using TaxJar will help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your mind around it. Does TaxJar Do Income Tax
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure easy to complete, you might be better to do it by yourself.
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FAQ Does TaxJar Do Income Tax
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar can calculate the tax.
