Taxes are always one of the most difficult things to handle, whether you’re running your own business or not. More so if you don’t have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford enough money to hire an accountant, doing it on your own can be dangerous. If you make a mistake, you might have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement, we have no choice.
So , what can we do about it?
It is always possible to simplify our lives with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. Although this is quite a long read, you should be able to assess whether 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 give a complete review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? Missouri TaxJar
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of your sales channels to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax software is compatible along with sales funnels. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to show your key metrics in one place. So, there’s no requirement to collect information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. In the purpose of this article, we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect all your sales platforms. When it comes time to filing tax returns for income, the team will instruct you on how to manage the tax returns. It is up for you and your team members to complete everything on time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. Through this feature, everything will be automated from calculating sales tax in order to record and process them. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there, you and your team will have access to everything you need, like a list of your transactions, reports, as well as data.
The greatest benefit of this feature is that it allows you to update your account automatically each day. They not only let to know the amount you’ve collected, but they also help you track when your following payments are due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. You can also export the data as a CSV file if you need it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have available for other operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform but everything that has to do with sales tax. You can look through their webinars, guides as well as their blog to find more info. Apart from that the sales tax calculator is useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. They say it’s the best plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a smaller company manager, the plan could be perfect for you. It may not have all of TaxJar’s features, but it has the basic features you require.
You can also contact their support team with their support chart for email. You’ll also have access to their integration features.
If you’re looking for that is more than the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher when you add additional features.
How different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to choose premium plans instead. It includes all of the features needed to help with your taxes. Additionally, they permit unlimited import integrations of data API integrations, team members as well as AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the price of the Premium plan. costs you. Missouri TaxJar
However, they did mention that this plan is customized for every user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to risk your money to find out if the platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to see whether the software is a good fit for you.
Pros and Cons
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To summarize, here are the pros and cons of the use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to 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 aid in tracking the sales and profits of your business however, it will assist you in meeting the deadlines you set. It’s also an excellent option for accountants as they have a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to save more time while keeping track of every deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this can surely help you wrap your head around the subject. Missouri TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
FAQ Missouri TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into 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 using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in USdollars. If you’re using a different currency, you will need to convert it to USdollars before TaxJar determines your tax.