Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford the funds to employ an accountant, doing it on your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require right now.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? Nc Sales Tax TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s explore their features and services.
Features and services
One of the most important things you’ll want to check you have a tax accounting software is compatible along with sales funnels. If you have multiple sales channels, you must maintain everything in line. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. That way, there’s no requirement to collect data from different channels and sort it into a single platform. All you have to do is integrate TaxJar, and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. For the purpose of this article, we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on how to manage the tax returns. It is up to you and your staff to finish the tax returns in time. TaxJar is there to help you understand what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing it. There could be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. From there, you and your team will have access to everything you need, such as the list of transactions, reports, as well as data.
The best part about this option is the fact that it lets you to update your account automatically each day. They not only let you know how much you’ve collected, but they also help you determine when your next payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. You can also export the data as CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional details. Additionally, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale business manager, the plan should be ideal for you. It may not offer all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for something a bit more than just the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to go for an upgrade instead. It has all of the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrations, team members, and AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the price of the Premium plan. will cost you. Nc Sales Tax TaxJar
But they did state that this plan is customized for each user. Therefore, the cost will differ according to what you require for your company.
It’s a good thing that you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should be enough time to determine whether the service is the right choice for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- Allows you to track 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.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then should try this.
Not only will it aid in tracking the sales and profits of your business however, it will help you meet the deadlines you set. It is also a great platform for an accountant since they have tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re in a region with a lot of tax laws, this can definitely help you get your mind around it. Nc Sales Tax TaxJar
If handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole procedure simple to follow then you’re better off doing it by yourself.
FAQ Nc Sales Tax TaxJar
What areas does TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in US$. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar can calculate the tax.