Taxes are always one of the most difficult things to handle regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the budget 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!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving device and how it can benefit you. Although this is quite an extensive read but you’ll be able to gauge whether TaxJar is the tool you require right now.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? Is TaxJar Correct On Sales Tax Nexus
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all the sales channels you use to ensure compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s take a look at their features and services.
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Features and services
Integration
One of the most important things you’ll need to make sure is that your accounting tax software seamlessly works well with your sales channel. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your key metrics in one place. That way, there’s no requirement to collect data from different channels and sort it into a single platform. All you have to do is to integrate TaxJar it will do all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax by hand or using the AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When the time is right for the filing of income tax returns The team will guide you on managing these. But, it is up for you and your team members to complete the process within the timeframe. TaxJar is only there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales tax to recording and processing them. 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 help you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there, you and your team will have access to everything you require, including an inventory of your transactions, reports, and data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only will they let you know how much you’ve collected however, they can also help you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. It is also possible to export your data in a CSV file, if you want to use it for your accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. It means you don’t need to scramble for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operational costs.
What’s more is that TaxJar provides training and tutorials not only on their platform, but for anything connected to sales tax. You can look through their webinars, guides or blog posts for additional info. In addition the sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business proprietor, then this program will be perfect for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration features.
Professional
If you’re looking for something that is more than the basics, then the Professional plan could be the one for you. The price starts at $99 but it can go higher by adding custom features.
What is the difference from the basic plan?
Apart from having access to all of the Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to choose premium plans instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as API integrationsfor team members and AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. Is TaxJar Correct On Sales Tax Nexus
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your company.
Free Trial
Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should be enough time to determine whether the software is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of making use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If that’s what you do, then you must try TaxJar.
Not only can it aid in tracking the sales and profits of your business however, it will help you meet your deadlines. This is also an excellent opportunity for accountants since they have a Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Using TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you’re living in an area with complex tax laws, this can surely help you wrap your head around it. Is TaxJar Correct On Sales Tax Nexus
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it on your own.
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FAQ Is TaxJar Correct On Sales Tax Nexus
Which areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar determines your tax.
