Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have enough money to employ an accountant, making it your own could be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. Even though this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? How To Download Square Transactions From Previous Year To TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
Services and features
One of the most important things you’ll want to check you have a tax accounting platform seamlessly works well along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical metrics in one place. This means that there is no need to gather information from multiple sources and sort it into one platform. All you have to do is to integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing tax returns for income The team will guide you on how to manage the tax returns. However, it will be up for you and your team to complete the process in time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. Through this feature, everything is automated, from calculating sales tax in order to record and process it. There could be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, like the list of transactions, reports, and information.
The greatest benefit of this option is the fact that it lets you to automatically update every day. Not only will they let to know the amount you’ve earned, but they also help you track when your following payments are due.
The dashboard allows you to fully view the overall sales taxes in your business. It is also possible to export the information in the form of a CSV file, if you want to use it in your financial planning and accounting 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. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but for anything related to sales tax. Check out their guides, webinars, as well as their blog to find more info. Apart from that the sales tax calculator is helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes sales tax reporting, four autofiles for free each year, and a CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller business manager, the plan could be perfect for you. It may not have all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking for something that is more than the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s options, you also have access to their support via phone, API access, and sophisticated CSV import. You can also receive 12 free AutoFiles every 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 aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrations, team users as well as AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge the amount that the Premium plan is going to cost. How To Download Square Transactions From Previous Year To TaxJar
However, they did mention that this plan is customized for every user. So the costs will vary according to what you require for your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is right for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If that’s what you do, then you must try TaxJar.
Not only can it aid in tracking the sales and profits of your business, but it can also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to save more time while keeping track of every deadline or requirement you need to meet. If you live in a place with complicated tax laws, this can certainly help you to get your mind around it. How To Download Square Transactions From Previous Year To TaxJar
However, if managing taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
FAQ How To Download Square Transactions From Previous Year To TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar determines your tax.