Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have enough money to hire an accountant, doing it on your own could be risky. If you make a mistake it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can help you. Even though this is a long read, you should be able to gauge whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar? How To Set Up TaxJar Account
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all the sales channels you use to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure you have a tax accounting system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no requirement to collect information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar, and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For this review, we’ll dig at both.
If you choose 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 managing the tax returns. But, it is up for you and your team to finish the tax returns within the timeframe. TaxJar will only guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales in order to record and process it. However, there might be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into one dashboard using this platform. From there, you and your team can access everything you need, like the list of transactions, reports and information.
The best part about this option is the fact that it allows you to automatically update every day. They not only let to know the amount you’ve accumulated however, they can also help you track when your following payments are due.
Their dashboard can also allow you to see the overall sales taxes for your business. Additionally, you can export your data in CSV format. CSV file if you need it in your process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. It means you don’t need to search for your documents whenever you’re when you’re in a pinch. Even even if you already have an accountant, this feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have to cover other operating costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but all things related to sales tax. You can look through their webinars, guides as well as their blog to find more info. In addition the sales tax calculator should be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It includes the tax on sales, 4 autofiles for free each year, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company proprietor, then this program should be ideal for you. It might not include all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking for a bit more than just the basic features, 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 starter plan?
In addition to accessing all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large enterprise, you may want to choose the Premium plan instead. It comes with all the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
They also have a staff who are devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. How To Set Up TaxJar Account
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need for your business.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it assist you in keeping track of your products and revenue however, it will help you meet your deadlines. This is also an excellent option for accountants as they offer the Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Using TaxJar can help you reduce time and keep the track of each deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this can certainly help you to get your mind around it. How To Set Up TaxJar Account
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole process easy to do, you might be better off doing it by yourself.
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FAQ How To Set Up TaxJar Account
What areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in USdollars. If you’re using another currency, you’ll need to convert it into US$ before TaxJar determines your tax.
