Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. If you don’t have enough money to engage an accountant performing the task on yourself can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can always make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can assist you. Even though this is a long read it is possible to determine if TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? Does TaxJar Remit Taxes To Canada
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to ensure that you are in compliance with sales taxes. It streamlines processes that take days to complete and can be completed in a matter of minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to ensure that everything is in order. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one spot. This means that there is no requirement to collect information from multiple sources and sort it into a single platform. All you have to do is integrate TaxJar, it will do all the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. In our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns The team will guide you on how to manage the tax returns. It is up for you and your team to finish the tax returns within the timeframe. TaxJar is there to guide you on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales tax through recording, and then 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 mentioned earlier it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, such as an inventory of your transactions, reports and the data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve collected, but they also help you keep track of when the next payment is due.
The dashboard allows you to see the overall sales taxes within your company. Additionally, you can export the information in the form of a CSV file in case you require it in your financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operating expenses.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also all things that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more info. Additionally the sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It includes the tax on sales, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be ideal for you. It might not include all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for a bit more than just the basics and options, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive enterprise, you may want to opt for premium plans instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrationsfor team users, and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal the amount that the Premium plan is going to cost. Does TaxJar Remit Taxes To Canada
However, they did say that the plan is custom-made for each user. The cost of the plan will be different according to what you require to run your business.
Fortunately, you don’t need to risk your money to determine if this service is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- 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 have access to the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only will it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you 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 certainly help you to get your head around it. Does TaxJar Remit Taxes To Canada
If handling your taxes is simple and straightforward, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better in doing it all on your own.
FAQ Does TaxJar Remit Taxes To Canada
What areas does TaxJar offer 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 connect your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it to USdollars before TaxJar determines the tax.