Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the budget to hire an accountant, performing the task on your own can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to skipping this step. But since it’s required, we have no choice.
What can we do ?
We can always simplify our lives with tools such as TaxJar.
We’ll look at this well-known life-saving tool and how it can assist you. While this is a long read, you should be able to assess whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? How To File Illinois TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized 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 widely used by online business owners to make their business more neat and simple. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll want to check is your tax-reporting platform is compatible with your sales channel. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one spot. That way, there’s no requirement to collect data from different channels and then organize it on one platform. All you need to do is connect TaxJar then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. For this review, we’ll look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns The team will guide you on how to handle them. It is up for you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance on what you need to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. However, there might be extra fees if not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, such as the list of transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. Not only can they help you know how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard also allows you to fully view the sales tax totals for your business. You can also export your data to a CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it to run centralized reports.
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’re in a pinch. Even if you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything connected to sales tax. You can look through their guides, webinars, and blog for more details. In addition the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they can be too costly for the business you run. For this reason we’ll examine TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan to help you in filing and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company manager, the plan could be ideal for you. It might not include all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking for something a bit more than just the standard features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
If you have a massive company, you may need to go for an upgrade instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations API integrations, team members, and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal the amount that the Premium plan costs you. How To File Illinois TaxJar
However, they did say that the plan is custom-made for every user. So the costs will vary in line with what you require for your company.
Luckily, you don’t have to bet your life on it to find out if the platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. It should give you enough time to determine whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you should know about 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.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to help you track the sales and profits of your business, but it can assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this can certainly help you to get your head around it. How To File Illinois TaxJar
But if handling your taxes is straightforward and straightforward, 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 all of it. Moreover, if you find the entire procedure simple to follow, you might be better in doing it all on your own.
FAQ How To File Illinois TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it into US$ before TaxJar can calculate the tax.