Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford the funds to engage an accountant making it your own can be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to skip this step. However, since it’s mandatory, we have no choice.
So , what can we do about it?
We can simplify our lives by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can benefit you. Although this is quite lengthy but you’ll be able to determine if TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar? Lularoe TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to make sure you’re in compliance with your sales taxes. It streamlines processes that take days to complete and finish within only 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 widely used by business owners who run online businesses to make their business more simple and organized. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting system is compatible with your sales channel. If you’re selling through multiple 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 key metrics in one place. That way, there’s no requirement to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar then the system will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on managing these. It is up to you and your team members to complete everything on time. TaxJar is there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. All orders made through 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 everything you need, such as the list of transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to see the total sales tax in your business. It is also possible to export the data in the form of a CSV file if you need it for your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents whenever you’re in a pinch. Even even if you already have an accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform but for anything connected to sales tax. You can check out their guides, webinars, or blog posts for additional info. In addition their sales tax calculator is beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the best plan if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small business manager, the plan will be perfect for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for something that is more than the basic features, then the Professional plan could be the one for you. The price starts at $99 but it can go higher by adding custom features.
So how different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive enterprise, you may want to opt for the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. will cost you. Lularoe TaxJar
However, they did mention that this plan is customized for 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 bet your life on it 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. This should be enough time to gauge 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 be aware of TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- You can track several 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 applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it aid in tracking your revenue and products however, it will assist you in meeting your deadlines. This is also an excellent option for accountants as they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around it. Lularoe TaxJar
If handling your taxes is simple and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete then you’re better off doing it by yourself.
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FAQ Lularoe TaxJar
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 together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into US$ prior to when TaxJar determines the tax.
