Does TaxJar Handle Social Security And Medicare

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Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a background in finance or accounting. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be dangerous. If you miss one detail it could mean you have to do it all over again!

Almost everyone wants to skipping this step. But since it’s required to be done, we can’t choose not to.

So , what can we do about it?

We can make our lives easier by using tools like TaxJar.

Here we’ll take a look at this popular life-saving device and how it can assist you. Although this is quite a long read it is possible to assess whether TaxJar is what you need today.

Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.

If you prefer to read, we’ll dive right into.

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What exactly is TaxJar? Does TaxJar Handle Social Security And Medicare

Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all of the sales channels you use to ensure compliance with sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.

TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.

How can it help you?

TaxJar is extensively used by online business owners to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.

Does TaxJar Handle Social Security And Medicare

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Services and features

Integration

One of the first things you’ll need to make sure you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.

TaxJar allows you to display your most important metrics in one spot. So, there’s no need to collect data in multiple channels and then organize it on one platform. All you have to do is connect TaxJar it will take care of all the rest.

Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms that they can connect with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows clients to file their sales taxes manually or through their AutoFile feature. For this review, we’ll take a look at both.

If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on how to handle them. But, it is up to you and your team members to finish the tax returns on time. TaxJar is only there to help you understand what you should accomplish, but not manage it.

If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating sales taxes in order to record and process it. However, there might be additional costs if the feature is not included in the plan you select.

Sales Tax Reports

As I mentioned earlier that you can utilize TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as the list of transactions, reports, as well as the data.

The best part about this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you determine when your next payment is due.

The dashboard allows you to fully view the total sales tax for your business. Additionally, you can export the data in the form of a CSV file if you need it for your financial planning and accounting processes or if your team requires it to run centralized reports.

Training and Streamlining

TaxJar helps you organize and keep on top of all your sales channels. It means you don’t need to search for your documents when you need them in a pinch. Even even if you already have an accountant, this feature 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 know exactly how much budget you have to cover other operational expenses.

The best part is that TaxJar offers training and tutorials not only for their platform but everything related to sales tax. You can check out their webinars, guides and blog for more info. Apart from that their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.

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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 expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and the features that each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.

Starter

Their Starter plan starts at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It comes with sales tax reporting, four autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.

If you’re a small business proprietor, then this program will be ideal for you. It may not offer all of TaxJar’s features however, it does include the essentials that you need.

You can also contact their customer support via their email support chart. You’ll also be able to use their integration tools.

Professional

If you’re looking for different from the basics, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.

So how different is it from the original plan?

In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as advanced CSV import. They also allow you to receive 12 free AutoFiles every year.

Premium

If you own a huge enterprise, you may want to opt for premium plans instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports API integrationsfor team members and AutoFiles.

They also have a team dedicated for managing the account. They don’t reveal the amount that the Premium plan will cost you. Does TaxJar Handle Social Security And Medicare

However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ according to what you require to run your business.

Free Trial

It’s a good thing that 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 30 days of free trial. It should give you enough time to determine if the platform is the right choice for you.

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Pros and Cons

We’ve covered everything you should know about TaxJar let’s take a breather. To summarize Here are the pros and cons of the use of TaxJar for your business.

Pros

  • Does the plan include a Tax Advisor option for some plans
  • AutoFile features save time
  • Available in most USA states
  • Provides an online sales tax calculator.
  • Support Service Team
  • The dashboard is easy to navigate
  • It offers a free trial of 30 days.
  • It is possible to integrate it with other platforms.
  • It allows you to monitor multiple sales channels

Cons

  • Limits for AutoFile are 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 review local laws

The Final Verdict

With everything clearly laid out, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you ought to try this.

It’s not just a way to aid in tracking the sales and profits of your business, but it can also help you meet the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.

Utilizing TaxJar will help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this will definitely help you get your head around the subject. Does TaxJar Handle Social Security And Medicare

However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. If you find the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.

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FAQ Does TaxJar Handle Social Security And Medicare

What areas does TaxJar offer API assistance?

TaxJar currently supports countries like the United States, the EU, Australia, and Canada.

Can I connect Shopify with TaxJar?

Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.

Do I have the ability to convert every type of currency with TaxJar?

Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate your tax.

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