Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks aren’t easy, particularly 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 dangerous. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do about it?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can help you. Even though this is an extensive read it is possible to assess whether TaxJar is what you need today.
Do you prefer video streaming instead? Watch 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, then let’s get right into it.
What exactly is TaxJar? Is TaxJar Getting Sales Tax From Xero And Squarespace
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 all aspects of your sales tax cycle. In addition, you can apply it in all of the sales channels you use to ensure that you are in compliance with sales taxes. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is your tax-reporting software perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The most important thing is not to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. This means that there is no requirement to collect data from different channels and organize it into one platform. All you need to do is to integrate TaxJar then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on how to handle these. However, it will be up to you and your team members to complete the process in time. TaxJar is only there to help you understand what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard via this platform. From there you and your team will have access to all the information you need, like an inventory of your transactions, reports and data.
The best part about this option is the fact that it lets you to automatically update every day. Not only will they let you know how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the total sales tax within your company. You can also export the data as a CSV file if you need it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps you 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 a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform , but also for anything related to sales tax. You can look through their guides, webinars, or blog posts for additional information. Additionally, their 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 establish your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They say it’s the best plan for those who need assistance in filing and reporting. It includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a small-scale company owner, this plan should be ideal for you. It might not include all the features offered by TaxJar however, it does include all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for a bit more than just the basics Professional might be the right one for you. It starts at $99, but you can increase it if you add custom features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you own a huge business, you might need to opt for the Premium plan instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrations, team members as well as AutoFiles.
They also have a team that is devoted in managing your accounts. They don’t reveal the price of the Premium plan. costs you. Is TaxJar Getting Sales Tax From Xero And Squarespace
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. 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
Now that we’ve covered all you should be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it assist you in keeping track of your products and revenue, but it can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Using TaxJar can allow you to save more time while keeping the track of each deadline and obligation you have to fulfill. If you live in a region with a lot of tax laws, this will surely help you wrap your head around the subject. Is TaxJar Getting Sales Tax From Xero And Squarespace
If handling taxes is easy, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
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FAQ Is TaxJar Getting Sales Tax From Xero And Squarespace
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it into USUSD prior to when TaxJar will calculate your tax.
