Taxes are always one of the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have enough money to engage an accountant performing the task on your own can be dangerous. If you make a mistake and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do ?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can benefit you. Even though this is a long read, you should be able to gauge whether TaxJar is the tool you require today.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar? Lee Hadsoc TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to make their business more neat and simple. Let’s look into 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 that your accounting tax software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. This means that there is no need to gather information from multiple sources and sort it into a single platform. All you need to do is to integrate TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar lets customers make sales tax filings by hand or using their AutoFile feature. For the purpose of this article, we’ll look at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns, the team will instruct you on how to manage them. It is up for you and your staff to complete the process in time. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. With this feature, everything is automated, from calculating sales tax through recording, and then processing them. There could be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. The orders you place through your online 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 everything you need, like an inventory of your transactions, reports and data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected, but they also help you keep track of when the next payments are due.
The dashboard allows you to see the sales tax totals for your business. Additionally, you can export your data as the form of a CSV file in case you require it for your accounting and financial planning processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to search for your documents when you need them in the event of a need. Even when you already have your accounting firm, the feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have available for other operating expenses.
What’s more is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. You can look through their webinars, guides, as well as their blog to find more info. Apart from that their sales tax calculator is useful if you’re planning to do everything on your own.
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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 can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program should be perfect for you. It may not have all of TaxJar’s features, but it has all the basics you require.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for different from the basics, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher by adding custom features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you own a huge business, you might need to go for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. Lee Hadsoc TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different according to what you require for your business.
Free Trial
Fortunately, you don’t need to bet your life on it to find out if the platform is for you. If you’re still looking into various options, they provide a 30-day free trial. It should give you 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 must know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- 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
- Some countries won’t have access to 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 businesses with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then should try this.
Not only will it aid in tracking your revenue and products, but it can help you meet your deadlines. This is also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to meet. If you’re living in an area with complex tax regulations, this will surely help you wrap your mind around it. Lee Hadsoc TaxJar
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete, you might be better in doing it all on your own.
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FAQ Lee Hadsoc TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to USUSD before TaxJar can calculate your tax.
