Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the budget to hire an accountant, performing the task on yourself can be risky. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
So what can we do about it?
It is always possible to simplify our lives with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can help you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is what you need right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? Elisa Campos TaxJar Linkedin
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales taxes. It makes the process simpler that could can take days to complete, and is completed in 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 used extensively by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is your tax-reporting system perfectly integrates with your sales channel. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one spot. This means that there is no requirement to collect data from different channels and then organize it on one platform. All you need to do is integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on how to manage the tax returns. But, it is up for you and your team to finish the tax returns within the timeframe. TaxJar is only there to guide you on what you should do , but not to handle it.
If you’d 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 taxes on sales through recording, and then processing it. But, it is possible to incur extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your team will have access to all the information you require, including an inventory of your transactions, reports, as well as information.
The best part about this feature is that they allow you to update automatically every day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. Additionally, you can export the data in a CSV file in case you require it for your accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to hunt for your paperwork when you’re in the event of a need. Even if you already have your accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operational expenses.
What’s more is that TaxJar offers tutorials and training not only on their platform, but for anything that has to do with sales tax. Check out their webinars, guides as well as their blog to find more info. Additionally, 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. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale business owner, this plan should be perfect for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for something that is more than the basic features Professional could be the one for you. It’s priced at $99 but it can go higher when you add additional features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to go for premium plans instead. It has all of the features you need to make your tax filing easier. Moreover, they allow unlimited integrations with data imports API integrationsfor team members as well as AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. Elisa Campos TaxJar Linkedin
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still looking into different options, they offer a 30-day 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 need to know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If this sounds like the way you do, then you ought to try this.
Not only can it help you track your revenue and products however, it will assist you in meeting your deadlines. It is also a great option for accountants as they have tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping on top of each deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will definitely help you get your mind around it. Elisa Campos TaxJar Linkedin
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the entire process easy to do and you’re comfortable with it, you may be better off doing it on your own.
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FAQ Elisa Campos TaxJar Linkedin
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in USdollars. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar will calculate your tax.
