Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. When you’re not able to afford enough money to engage an accountant doing it on yourself can be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can help you. Although this is quite lengthy, you should be able to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? Filing For Co TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to ensure that everything is organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting platform is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you need to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your most important metrics in one spot. This means that there is no requirement to collect data from different channels and sort it into a single platform. All you have to do is connect TaxJar it will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers submit their sales tax by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on managing these. But, it is up for you and your staff to finish the tax returns in time. TaxJar is there to provide guidance on 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 won’t need to fill out any forms manually. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff will have access to all the information you require, including a list of your transactions, reports, as well as the data.
The most appealing aspect of this feature is that it lets you to update automatically every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow you to see the overall sales taxes within your company. You can also export your data as a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. This means that you don’t have to search for your documents when you need them in a pinch. Even even if you already have an accountant, this function will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things connected to sales tax. You can look through their webinars, guides, or blog posts for additional info. Additionally the sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan is priced at $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a smaller company owner, this plan will be perfect for you. It may not have all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking to get a bit more than just the basics Professional may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
How different is it from the original plan?
In addition to accessing each of Starter plan’s options, you also have access to their phone customer support, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to go for the Premium plan instead. It comes with all the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a staff dedicated to managing your account. But, they don’t divulge the price of the Premium plan. costs you. Filing For Co TaxJar
However, they did say that this plan is customized for every user. Therefore, the cost will differ according to what you require for your company.
Fortunately, you don’t need to gamble your money just to determine if this service is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then ought to try this.
Not only will it assist you in keeping track of your products and revenue, but it can help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this will definitely help you get your head around it. Filing For Co TaxJar
If handling your taxes is simple, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire process easy to do, you might be better in doing it all by yourself.
FAQ Filing For Co TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can connect 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 currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar can calculate your tax.