Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford the budget to hire an accountant, doing it on your own can be risky. If you overlook one thing, you might need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar Drop Ship Vendor And Sales Tax TaxJar
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important 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’re selling through multiple channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for missing a single minor point.
TaxJar lets you display your most important data in one location. So, there’s no requirement to collect information from multiple sources and then organize it on one platform. All you need to do is to integrate TaxJar then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to manage these. But, it is up for you and your staff to complete the process in time. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. Through this feature, everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you need, like an inventory of your transactions, reports, and data.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard can also allow you to fully view the sales tax totals within your company. Additionally, you can export the information to CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping 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 when you already have your accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay 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 offers tutorials and training not only for their platform but for anything connected to sales tax. Check out their webinars, guides or blog posts for additional information. Additionally their sales tax calculator is useful if 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 establish your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small business manager, the plan could be perfect for you. It might not include all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for that is more than the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to opt for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as API integrations, team members and AutoFiles.
There is also a team that is devoted for managing the account. However, they don’t disclose how much the Premium plan is going to cost. Drop Ship Vendor And Sales Tax TaxJar
However, they did say that this plan is customized to each user. So the costs will vary according to what you require to run your business.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is right for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge if the platform is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of using TaxJar for your company.
Pros
- 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
- Offers a 30-day free trial
- It is able to be integrated 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 to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you do, then you must try TaxJar.
Not only will it help you track your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent option for accountants as they provide tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. Drop Ship Vendor And Sales Tax TaxJar
If handling taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ Drop Ship Vendor And Sales Tax TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar will calculate your tax.
