Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. In the event that you do not have the budget to hire an accountant, doing it on your own can be risky. If you miss one detail it could mean you have to do it all over again!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
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 life-saving device and how it can help you. Even though this is an extensive read, you should be able to gauge whether TaxJar is the tool you require today.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? How Accurate Is TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used 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 business owners who run online businesses to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is that your accounting tax software is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one spot. So, there’s no need to gather data from different channels and then organize it on a single platform. All you have to do is integrate TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. In the purpose of this article, we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect those sales tools. When it comes time to the filing of income tax returns The team will guide you on managing them. It is up for you and your team members to complete the process on time. TaxJar is only there to provide guidance on 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 the forms in a manual manner. With this feature, everything is automated, from calculating taxes on sales to recording and processing them. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your team will have access to everything you need, such as the list of transactions, reports, as well as information.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. They not only let you keep track of how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the sales tax totals in your business. You can also export the information as the form of a CSV file, if you want to use it to aid in process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have available for other operational costs.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more information. Apart from that their sales tax calculator should be 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 determine your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes sales tax reporting, four autofiles for free each year, and a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small company proprietor, then this program could be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for that is more than the standard features, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to go for the Premium plan instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose how much the Premium plan is going to cost. How Accurate Is TaxJar
However, they did mention that this plan is customized to each user. So the costs will vary in line with what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is the right one for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
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Pros and Pros and
We’ve covered everything you must be aware of TaxJar Let’s relax. To sum it all up Here are the pros and cons of using TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several 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 review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then ought to try this.
Not only will it assist you in keeping track of your revenue and products however, it will help you meet your deadlines. This is also an excellent platform for an accountant since they offer the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax regulations, this will certainly help you to get your mind around it. How Accurate Is TaxJar
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ How Accurate Is TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like 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 to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.
