Taxes are always one of the hardest things to do regardless of whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the funds to hire an accountant, performing the task on yourself can be dangerous. If you make a mistake it could mean you have to redo things again!
Almost everyone wants to skip this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. Even though this is an extensive read, you should be able to assess whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? Integrate Paypal With TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it in all of your sales channels to ensure compliance with sales tax requirements. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more neat and simple. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is your tax-reporting system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your key data in one location. So, there’s no need to collect information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers file their sales taxes by hand or using the AutoFile feature. For our review we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns The team will guide you on how to handle them. But, it is up for you and your staff to finish the tax returns within the timeframe. TaxJar is there to help you understand what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated, from calculating sales tax in order to record and process it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be compiled 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 the list of transactions, reports and the data.
The best part about this option is the fact that it lets you to automatically update every day. Not only can they help you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export the data in the form of a CSV file if you need it for your process of financial planning and accounting or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even even if you already have an accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your money more efficiently. You’ll know exactly how much budget you have for other operating costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just on their platform, but for anything connected to sales tax. You can check out their guides, webinars, and blog for more information. Additionally their sales tax calculator is beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale company owner, this plan could be perfect for you. It might not include all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the standard features Professional could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large enterprise, you may want to go for premium plans 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 integrations, team users as well as AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal how much the Premium plan costs you. Integrate Paypal With TaxJar
However, they did say that this plan is customized for every user. Therefore, the cost will differ according to what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is right for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge if the platform is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you need to know about TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of using TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you should try this.
It’s not just a way to assist you in keeping track of your revenue and products, but it can assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Using TaxJar will help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re in a place with complicated tax laws, this can definitely help you get your head around the subject. Integrate Paypal With TaxJar
However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you’re finding the entire procedure simple to follow then you’re better off doing it by yourself.
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FAQ Integrate Paypal With TaxJar
What areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.
