Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have any experience in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. If you don’t have the funds to engage an accountant performing the task on yourself can be risky. If you make a mistake, you might have to redo things again!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make our lives easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is the tool you require right now.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? Illinois Resale Certificate TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar has been used in different industries such as 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 ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check you have a tax accounting platform perfectly integrates along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. So, there’s no need to gather data from different channels and sort it into one platform. All you need to do is connect TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows customers to submit their sales tax manually or through their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income, the team will instruct you on how to handle the tax returns. However, it will be up to you and your team to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. This feature will ensure that 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 help you with your accounting woes. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your team will have access to everything you need, like a list of your transactions, reports and data.
The best part about the feature you’ve chosen is they allow you to update your account automatically each day. They not only let to know the amount you’ve accumulated, but they also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. You can also export the information to CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just on their platform, but all things connected to sales tax. You can look through their webinars, guides or blog posts for additional details. Additionally their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing tiers and what each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small-scale business owner, this plan will be perfect for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for a bit more than just the basic features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also have the support of their customer service via phone, API access, and advanced CSV import. You can also receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to opt for an upgrade instead. It comes with all the features you need to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan is going to cost. Illinois Resale Certificate TaxJar
However, they did say that the plan is custom-made to each user. The cost of the plan will be different according to what you require to run your business.
Fortunately, you don’t need to risk your money 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 gauge whether the service is a good fit for you.
Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has 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
- It allows you to monitor multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then you ought to try this.
Not only will it help you track the sales and profits of your business It can help you meet the deadlines you set. This is also an excellent option for accountants as they offer tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you live in a place with complicated tax laws, this will definitely help you get your head around it. Illinois Resale Certificate TaxJar
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure simple to follow, you might be better to do it on your own.
FAQ Illinois Resale Certificate TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to US$ prior to when TaxJar will calculate your tax.