Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. In the event that you do not have the funds to hire an accountant, doing it on your own could be dangerous. If you overlook one thing, you might need to repeat the process!
Almost everyone wants 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?
It is always possible to make life easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can benefit you. Even though this is a long read, you should be able to determine if TaxJar is exactly what you need today.
Prefer to watch videos instead? 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 let’s dive right in.
What exactly is TaxJar? How To Set-Up Quickbooks Online For TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for 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 streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to make sure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key data in one location. That way, there’s no need to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar, and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms that they can connect with:
TaxJar lets customers file their sales taxes manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on managing these. However, it will be up for you and your team to complete everything within the timeframe. TaxJar is only there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing it. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports, and data.
The greatest benefit of this feature is that it lets you to update your account automatically each day. Not only will they let you know how much you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the overall sales taxes for your business. It is also possible to export the information to the form of a CSV file if you need it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. It means you don’t need to scramble for your documents when you’re in a pinch. Even if you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds better. You’ll know exactly how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything related to sales tax. You can check out their webinars, guides, as well as their blog to find more details. Additionally, their sales tax calculator can be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan is priced at $19. They say it’s the most suitable plan for you to help you in filing and reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small company proprietor, then this program should be ideal for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration features.
If you’re looking to get that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
If you run a large business, you might need to go for an upgrade instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. How To Set-Up Quickbooks Online For TaxJar
But they did state that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need to run your business.
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge if the platform is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. To summarize, here are the pros and cons of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Has 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
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track the sales and profits of your business however, it will also help you meet your deadlines. It is also a great platform for an accountant since they offer a Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Using TaxJar can help you save more time while keeping on top of each deadline or requirement you need to meet. If you’re in an area with complex tax laws, this will definitely help you get your mind around it. How To Set-Up Quickbooks Online For TaxJar
However, if managing your taxes is straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
FAQ How To Set-Up Quickbooks Online For TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to US$ prior to when TaxJar determines the tax.