Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have the budget to employ an accountant, making it your own can be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to skip this step. But since it’s required and mandatory, there’s no other choice.
What is the best way to deal with it?
We can always simplify our lives 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 gauge whether TaxJar is exactly what you need today.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? Does TaxJar Report Nexus Correctly
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by owners of online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is your tax-reporting platform is compatible along with sales funnels. If you’re using multiple sales 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 most important data in one location. That way, there’s no need to gather data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, it will handle 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 that they can connect with:
Filing
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. For this review, we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for filing tax returns for income, the team will instruct you on how to handle these. But, it is up to you and your team to complete everything within the timeframe. TaxJar is there to guide you on what you should do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales to recording and processing them. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, such as the list of transactions, reports and the data.
The most appealing aspect of this feature is that they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to see the total sales tax for your business. It is also possible to export your data as CSV format. CSV file if you need it for your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll know better how much budget you have to cover other operating costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things 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 do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features Professional may be the best option for you. It starts at $99, but it can go higher when you add additional features.
How different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to go for the Premium plan instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as 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 costs you. Does TaxJar Report Nexus Correctly
However, they did say that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to see whether the service is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Has the 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 easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only can it help you track your revenue and products however, it will also help you meet the deadlines you set. This is also an excellent platform for an accountant since they provide a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this can definitely help you get your head around it. Does TaxJar Report Nexus Correctly
But if handling your taxes is 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 keep track of all of it. If you’re finding the entire process easy to do then you’re better off doing it by yourself.
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FAQ Does TaxJar Report Nexus Correctly
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to US$ prior to when TaxJar will calculate your tax.
