How Does TaxJar Work

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Taxes have always been among the hardest things to do regardless of whether you run a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the budget to employ an accountant, performing the task on your own can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!

Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.

What can we do ?

We can make life easier by using tools like TaxJar.

This article will take a look at this well-known life-saving device and how it can help you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is what you need today.

Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.

If you prefer to read, then let’s dive right in.

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What exactly is TaxJar? How Does TaxJar Work

The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your channels of sales to ensure that you are in compliance with your sales taxes. It simplifies the processes that can 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 institutions.

How can it help you?

TaxJar is used extensively by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.

How Does TaxJar Work

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Services and features

Integration

One of the most important things you’ll need to ensure you have a tax accounting software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.

TaxJar lets you display your most important metrics in one spot. This means that there is no requirement to collect data in multiple channels and sort it into one platform. All you need to do is to integrate TaxJar and the platform will take care of the rest.

In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they are able to integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. In our review we’ll dig at both.

If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on how to manage the tax returns. But, it is up for you and your team to complete everything on time. TaxJar is there to guide you on what you should accomplish, but not manage it.

If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales in order to record and process them. However, there might be additional costs if the feature is not included in the plan you select.

Sales Tax Reports

As mentioned earlier, you can use TaxJar to help you with your accounting problems. The orders you place through your online channels can be put together into a single dashboard via this platform. From there, you and your team can access everything you require, including the list of transactions, reports, as well as information.

The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only can they help you know how much you’ve collected, but they also help you determine when your next payment is due.

Their dashboard can also allow you to fully view the total sales tax for your business. Additionally, you can export the data as CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it to run centralized reports.

Streamlining and Training

TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents when you need them in the event of a need. Even when you already have your accounting firm, the feature will aid them in being more efficient.

Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational expenses.

What’s more is that TaxJar offers training and tutorials not only for their platform , but also everything related to sales tax. Check out their webinars, guides, and blog for more details. Additionally, their sales tax calculator can be helpful if you’re planning on take on the entire task yourself.

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How much does TaxJar cost?

We understand how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.

Starter

Their Starter plan costs $19. They say it’s the best plan if you need help with filing requirements or reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax recommendations.

If you’re a small business owner, this plan could be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.

You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.

Professional

If you’re looking for a bit more than just the basics and options, 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.

So how different is it from the basic plan?

In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.

Premium

If you have a massive enterprise, you may want to opt for the Premium plan instead. It has all of the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrations, team members as well as AutoFiles.

They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. How Does TaxJar Work

But they did state that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require 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 right for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to see whether the software is the right choice for you.

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Pros and Pros and

We’ve covered everything you should be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of making 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
  • Provides an online sales tax calculator
  • Support service team
  • The dashboard is easy to navigate
  • Offers a 30-day free trial
  • It can be integrated with other platforms.
  • It allows you to monitor multiple sales channels

Cons

  • Limits on AutoFile are determined by the plan
  • AutoFile has extra fees
  • Certain countries will not have access to the API feature
  • Only applicable to USA customers
  • Owners and accountants should review local laws

The Final Verdict

With everything laid out, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you must try TaxJar.

It’s not just a way to aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. It’s also an excellent option for accountants as they have a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.

The use of TaxJar will help you get more done while keeping on top of each deadline or requirement you need to fulfill. If you live in a place with complicated tax regulations, this will certainly help you to get your head around it. How Does TaxJar Work

If handling your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure easy to complete then you’re better in doing it all on your own.

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FAQ How Does TaxJar Work

What are the areas in which TaxJar offer API assistance?

TaxJar currently supports countries like 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 kind of currency with TaxJar?

Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar determines the tax.

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