Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have enough money to hire 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. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can help you. While this is an extensive read but you’ll be able to gauge whether TaxJar is what you need today.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar? Does TaxJar File Local Tax Or Must State Tax
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to make their business more neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting software is compatible with your sales channel. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to collect data from different channels and sort it into one platform. All you have to do is integrate TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax by hand or using the AutoFile feature. For our review we’ll dig into both.
If you choose 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, the team will instruct you on how to manage them. However, it will be up to you and your team members to finish the tax returns within the timeframe. TaxJar is there to guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. With this feature, everything will be 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 select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there you and your staff will have access to everything you require, including the list of transactions, reports, and data.
The greatest benefit of this feature is that they allow you to update automatically every day. Not only will they let you know 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 users to view in detail the overall sales taxes for your business. You can also export your data as the form of a CSV file, if you want to use it in your accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to search for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds better. You’ll know better how much budget you have for other operating costs.
What’s more is that TaxJar provides training and tutorials, not just for their platform , but also for anything related to sales tax. You can look through their guides, webinars, and blog for more info. Additionally the sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the most effective plan for those who need assistance with filing requirements and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a smaller company owner, this plan should be ideal for you. It may not offer all of TaxJar’s features however, it does include the basic features you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features and options, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to go for premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data, API integrationsfor team users as well as AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. Does TaxJar File Local Tax Or Must State Tax
However, they did mention that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to determine if the platform is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only will it aid in tracking the sales and profits of your business however, it will also help you meet the deadlines you set. It is also a great option for accountants as they provide tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar can help you get more done while keeping track of every deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this can surely help you wrap your head around the subject. Does TaxJar File Local Tax Or Must State Tax
But if handling your taxes is simple If it isn’t, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ Does TaxJar File Local Tax Or Must State Tax
Which areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in USdollars. If you’re using a different currency, you’ll have to convert it into USUSD before TaxJar can calculate your tax.
