Taxes are always one of the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have enough money to hire an accountant, performing the task on your own could be risky. If you overlook one thing it could mean you need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
What can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can assist you. Although this is quite lengthy, you should be able to gauge whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar? How To Set Up TaxJar In Nc
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is organized and straightforward. Let’s take a look at their features and services.
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Services and features
Integration
One of the most important things you’ll need to ensure is your tax-reporting system perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to display your most important metrics in one spot. This means that there is no need to gather information from multiple sources and then organize it on one platform. All you have to do is integrate TaxJar it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. In this review, we’ll take a look into both.
If you decide to do it manually, 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 how to manage these. It is up for you and your team to complete everything within the timeframe. TaxJar will only guide you on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. Through this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team can access everything you need, such as a list of your transactions, reports and data.
The most appealing aspect of this feature is that they allow you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you track when your following payments are due.
Their dashboard can also allow you to fully view the overall sales taxes within your company. You can also export your data as the form of a CSV file if you need it for your financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform but for anything that has to do with sales tax. You can check out their webinars, guides and blog for more information. In addition, their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business owner, this plan could be ideal for you. It may not offer all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for something that is more than the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher when you add additional features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to opt for an upgrade instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. How To Set Up TaxJar In Nc
However, they did mention that the plan is custom-made to each user. So the costs will vary in line with what you require for your company.
Free Trial
It’s a good thing that you don’t have to gamble your money just to see if this platform is right for you. If you’re still looking into other options, they have 30 days of free trial. This should give you enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- 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
- It allows you to monitor multiple sales channels
Cons
- 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 out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you do, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you get more done while keeping track of every deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this will certainly help you to get your head around the subject. How To Set Up TaxJar In Nc
But if handling your taxes is simple and straightforward, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire process easy to do then you’re better in doing it all by yourself.
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FAQ How To Set Up TaxJar In Nc
What areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar can calculate your tax.
