Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. When you’re not able to afford the funds to engage an accountant making it your own can be dangerous. If you miss one detail it could mean you need to repeat the process!
Nearly everyone would prefer to skip this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can help you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar How To Set Up TaxJar 2021
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s explore their features and services.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax software seamlessly works well with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your most important 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 to integrate TaxJar and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to file their sales taxes by hand or using the AutoFile feature. In this review, we’ll dig into both.
If you opt to do it manually, TaxJar will allow you to connect all those sales tools. Once the time comes for filing income tax returns The team will guide you on managing these. It is up to you and your team members to complete everything in time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, such as a list of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is it allows you to automatically update every day. They not only let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax within your company. It is also possible to export the information as CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even if you already have your accounting firm, the feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your funds more effectively. You’ll be aware of the budget you have to cover other operating expenses.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just for their platform but everything related to sales tax. Check out their webinars, guides or blog posts for additional information. In addition, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the best plan to help you with filing requirements and reporting. It includes sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller business proprietor, then this program could be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking for something different from the standard features and options, then the Professional plan may be the best option for you. It starts at $99, but it can go higher when you add additional features.
So how different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge enterprise, you may want to go for an upgrade instead. It includes all of the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports as well as API integrationsfor team users, and AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the price of the Premium plan. will cost you. How To Set Up TaxJar 2021
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different depending on what you need to run your business.
Fortunately, you don’t need to risk your money to determine if this service is for you. If you’re still considering other options, they have a 30-day free trial. This should be enough time to gauge whether the software is a good fit for you.
Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several 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 for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If this sounds like the way you do, then you ought to try this.
Not only will it aid in tracking the sales and profits of your business, but it can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this can surely help you wrap your mind around it. How To Set Up TaxJar 2021
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better to do it on your own.
FAQ How To Set Up TaxJar 2021
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of 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 for easier monitoring and updates.
Do I have the ability to convert every type of currency with 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 to US$ before TaxJar can calculate your tax.