Taxes have always been among the hardest things to do regardless of whether you run a business or not. More so if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to engage an accountant doing it on yourself can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. While this is lengthy it is possible to determine if TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Minnesota TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
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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Services and features
Integration
One of the most important things you’ll need to make sure you have a tax accounting software perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your most important data in one location. That way, there’s no need to gather data in multiple channels and then organize it on one platform. All you have to do is connect TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of 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 into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing tax returns for income, the team will instruct you on how to handle the tax returns. But, it is up for you and your team members to complete the process in time. TaxJar is only there to guide you on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales in order to record and process them. There could be extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting problems. 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 will have access to all the information you need, such as the list of transactions, reports, as well as information.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard also allows you to fully view the overall sales taxes for your business. It is also possible to export the data as a CSV file in case you require it to aid in financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even when you already have your accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your funds more effectively. You’ll know better how much budget you have available for other operational expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional information. Apart from that their sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you have access to their AI tax advice.
If you’re a small company proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get that is more than the standard features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
So how different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports API integrations, team users as well as AutoFiles.
They also have a team dedicated in managing your accounts. They don’t reveal how much the Premium plan costs you. Minnesota TaxJar
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is the right one for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to gauge whether the software is a good fit for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar Let’s relax. To summarize Here are the pros and cons of the use of TaxJar for your business.
Pros
- Has the 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 easy 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
Not only will it aid in tracking your products and revenue It can help you meet the deadlines you set. It is also a great opportunity for accountants since they have the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this can surely help you wrap your mind around it. Minnesota TaxJar
But if handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete then you’re better off doing it by yourself.
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FAQ Minnesota TaxJar
Which areas does TaxJar provide 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 connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate the tax.
