Taxes are always one of the hardest things to do regardless of whether you run a business or not. Even more so if you do not have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. In the event that you do not have enough money to hire an accountant, making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. While this is an extensive read it is possible to determine if TaxJar is the tool you require in the present.
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.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Does TaxJar Work In Canada
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax software seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important data in one location. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you have to do is integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect those sales tools. When the time is right for filing tax returns for income, the team will instruct you on managing them. However, it will be up for you and your team members to complete everything on time. TaxJar is only there to provide guidance on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing them. However, there might be additional charges if they are not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. 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 the list of transactions, reports, as well as the data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let you know how much you’ve collected, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the overall sales taxes within your company. It is also possible to export your data to the form of a CSV file in case you require it in your accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. This means that you don’t have to search for your documents when you need them in the event of a need. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational expenses.
The best part is that TaxJar offers training and tutorials, not just on their platform, but everything related to sales tax. You can look through their webinars, guides or blog posts for additional info. Additionally the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the most effective plan to help you with filing requirements and reporting. It comes with sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a smaller company owner, this plan will be ideal for you. It may not offer all the features of TaxJar however, it does include the basic features you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration features.
If you’re looking to get different from the basic features Professional could be the one for you. The price starts at $99 however, it could go up by adding custom features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large company, you may need to go for the Premium plan instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrations, team users, and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal how much the Premium plan is going to cost. Does TaxJar Work In Canada
But they did state that this plan is customized to each user. The cost of the plan will be different in line with what you require for your company.
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer 30 days of free trial. It should give you enough time to gauge whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of the use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save 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.
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business however, it will help you meet your deadlines. It’s also an excellent option for accountants as they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you reduce time and keep the track of each deadline and requirement you have to meet. If you’re living in an area with complex tax regulations, this will definitely help you get your mind around it. Does TaxJar Work In Canada
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete then you’re better in doing it all on your own.
FAQ Does TaxJar Work In Canada
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar will calculate the tax.