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 background in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. In the event that you do not have the funds to engage an accountant doing it on your own can be dangerous. If you overlook one thing, you might have to redo things again!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Although this is quite an extensive read, you should be able to determine if TaxJar is what you need right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
For those who like to read, let’s get right into it.
What is TaxJar Mn TaxJar
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with your 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 has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check is that your accounting tax system is compatible with your sales channel. If you’re selling through multiple channels, you must ensure that everything is in order. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar lets you display your most important metrics in one spot. That way, there’s no need to gather data in multiple channels and sort it into a single platform. All you need to do is to integrate TaxJar then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns The team will guide you on managing the tax returns. But, it is up for you and your staff to complete the process in time. TaxJar is only 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 submit any forms manually. With this feature, everything is automated, from calculating sales taxes to recording and processing it. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you need, like an inventory of your transactions, reports, as well as information.
The greatest benefit of this option is the fact that it allows you to update your account automatically each day. Not only will they let you keep track of how much you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes within your company. Additionally, you can export your data as CSV format. CSV file if you need it to aid in process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to scramble for your documents whenever you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides, as well as their blog to find more details. Additionally their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most effective plan to help you with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale company manager, the plan should be perfect for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking to get that is more than the basics, then the Professional plan might be the right one for you. It starts at $99, but it can go higher by adding custom features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
If you run a large enterprise, you may want to opt for premium plans instead. It comes with all the features needed to make your tax filing easier. Additionally, they permit unlimited import integrations of data API integrations, team users, and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. Mn TaxJar
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different depending on what you need to run your business.
Luckily, you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to determine whether the service is the right choice for you.
Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of making use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
- 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
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies that have many sales channels and utilizes many platforms. If that’s what you’re doing, then you should try this.
Not only will 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 platform for an accountant since they have the Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this will surely help you wrap your head around it. Mn TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
FAQ Mn TaxJar
What areas does TaxJar offer API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with 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 of the transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it to US$ before TaxJar determines your tax.