Taxes are always one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a background in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to employ an accountant, performing the task on your own can be risky. If you overlook one thing, you might have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
What can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can help you. Even though this is an extensive read, you should be able to assess whether TaxJar is what you need right now.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar? How To Start A TaxJar Account
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything neat and simple. Let’s explore the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting software is compatible with your sales channel. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your most important data in one location. So, there’s no need to collect data in multiple channels and sort it into one platform. All you have to do is integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. When it comes time to filing tax returns for income The team will guide you on how to manage them. It is up to you and your staff to complete the process on time. TaxJar is there to guide you on what you need to do but not 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. Through this feature, everything is automated, from calculating sales taxes in order to record and process them. However, there might be additional charges if they are not part of the plan you chose.
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 combined into one dashboard using this platform. From there you and your team can access everything you require, including an inventory of your transactions, reports, as well as data.
The most appealing aspect of this feature is that it lets you to automatically update every day. They not only let you know how much you’ve accumulated, but they also help you keep track of when the next payments are due.
The dashboard allows you to see the sales tax totals within your company. Additionally, you can export the data to the form of a CSV file in case you require it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all your sales channels. That means you won’t have to search for your documents whenever you’re in the event of a need. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional info. In addition the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It comes with sales tax reporting, 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 tips.
If you’re a smaller business owner, this plan will be perfect for you. It might not include all the features offered by TaxJar, but it has the basic features you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also have the support of their customer service via phone, API access, and 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 business, you might need to opt for an upgrade instead. It comes with all the features you need to help with your taxes. Moreover, they allow unlimited data import integrations as well as API integrationsfor team users, and AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose how much the Premium plan costs you. How To Start A TaxJar Account
However, they did say that the plan is custom-made to each user. The cost of the plan will be different in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To sum it all up, here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then ought to try this.
Not only can it aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re in an area with complex tax laws, this will surely help you wrap your mind around it. How To Start A TaxJar Account
But if handling your taxes is straightforward, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure easy to complete then you’re better to do it on your own.
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FAQ How To Start A TaxJar Account
What areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar determines the tax.
