Taxes have always been one of the hardest things to do regardless of whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to engage an accountant performing the task on your own could be risky. If you miss one detail, you might have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. Even though this is a long read but you’ll be able to determine if TaxJar is exactly what you need today.
Prefer to watch videos 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? File W2 Tax Returns With TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore their features and services.
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Features and services
Integration
One of the first things you’ll want to check you have a tax accounting system seamlessly works well along with sales funnels. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key data in one location. That way, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar, then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. For our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income TaxJar will train you on managing them. But, it is up for you and your team members to complete everything within the timeframe. TaxJar is there to help you understand what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything is automated, from calculating sales tax through recording, and then processing it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you require, including an inventory of your transactions, reports, as well as data.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve collected however, they can also help you track when your following payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. It is also possible to export the data to a CSV file if you need it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents whenever you’re when you’re in a pinch. Even even if you already have an accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds better. You’ll be aware of the budget you have for other operating expenses.
The best part is that TaxJar provides training and tutorials not only on their platform, but all things related to sales tax. You can check out their guides, webinars, as well as their blog to find more information. Additionally, their sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller business manager, the plan will be perfect for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for different from the basics, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the starter plan?
Apart from having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to choose the Premium plan instead. It includes all of the features that you require to help with your taxes. Moreover, they allow unlimited import integrations of data, API integrations, team users, and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. File W2 Tax Returns With TaxJar
But they did state that the plan is custom-made for each user. So the costs will vary according to what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to see whether the service is an excellent fit for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple 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
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then must try TaxJar.
Not only can it assist you in keeping track of your revenue and products, but it can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they provide the Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar can allow you to get more done while keeping track of every deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this will definitely help you get your head around it. File W2 Tax Returns With TaxJar
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the whole procedure easy to complete, you might be better to do it by yourself.
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FAQ File W2 Tax Returns With TaxJar
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USUSD prior to when TaxJar will calculate your tax.
