Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when you’re packed with things to do. If you don’t have enough money to hire an accountant, making it your own could be risky. If you overlook one thing, you might need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with 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 assist you. While this is lengthy but you’ll be able to assess whether TaxJar is what you need right now.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar Minnesota Sales Tax TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is your tax-reporting system perfectly integrates with your sales channel. If you have multiple sales channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. So, there’s no need to gather information from multiple sources and sort it into a single platform. All you have to do is to integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. In our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns, the team will instruct you on how to handle these. But, it is up for you and your staff to finish the tax returns on time. TaxJar is 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 – that means you don’t have to submit any forms manually. Through this feature, everything will be automated from calculating sales tax in order to record and process it. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, like the list of transactions, reports and the data.
The best part about this option is the fact that it lets you to update your account automatically each day. Not only can they help you know how much you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard can also allow you to fully view the sales tax totals in your business. It is also possible to export your data to the form of a CSV file in case you require it for your financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials not only on their platform, but everything connected to sales tax. Check out their webinars, guides and blog for more info. Apart from that, their sales tax calculator can be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. For this reason we’ll examine TaxJar’s pricing tiers and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the best plan to help you with filing requirements and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small company proprietor, then this program should be ideal for you. It may not offer all of TaxJar’s features however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking to get different from the basic features Professional may be the best option for you. It 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 each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large company, you may need to choose the Premium plan instead. It has all of the features you need to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrations, team users as well as AutoFiles.
They also have a team that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. costs you. Minnesota Sales Tax TaxJar
But they did state that this plan is tailor-fit for every user. So the costs will vary according to what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is 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 an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to help you track your revenue and products, but it can help you meet your deadlines. It’s also an excellent option for accountants as they have tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to get more done while keeping track of every deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this can certainly help you to get your mind around it. Minnesota Sales Tax TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure simple to follow then you’re better off doing it by yourself.
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FAQ Minnesota Sales Tax TaxJar
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar can calculate your tax.
