Taxes are always one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to engage an accountant making it yourself can be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
So , what can we do about it?
We can make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can assist you. While this is an extensive read it is possible to assess whether TaxJar is exactly what you need in the present.
Do you prefer video streaming instead? 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, let’s get right into it.
What exactly is TaxJar? Nc Tax Tables 2021 TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized 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 keep everything simple and organized. Let’s look into their features and services.
Features and services
One of the first things you’ll need to ensure you have a tax accounting platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. So, there’s no need to collect data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers submit their sales tax either manually or via TaxJar’s AutoFile feature. In this review, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for the filing of income tax returns TaxJar will train you on how to handle the tax returns. However, it will be up for you and your team to finish the tax returns on time. TaxJar is only there to help you understand what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales tax through recording, and then processing it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. All orders made through 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, such as a list of your transactions, reports, and the data.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to fully view the total sales tax within your company. Additionally, you can export the data to CSV format. CSV file, if you want to use it for your accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their guides, webinars, or blog posts for additional details. Apart from that, their 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 features, but they can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing tiers and the features that each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller company proprietor, then this program should be perfect for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking for something a bit more than just the basic features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large company, you may need to go for the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a staff who are devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan is going to cost. Nc Tax Tables 2021 TaxJar
However, they did mention that this plan is customized to each user. So the costs will vary according to what you require for your business.
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to determine if the platform is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it aid in tracking your revenue and products however, it will also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar can help you reduce time and keep track of every deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this will certainly help you to get your mind around it. Nc Tax Tables 2021 TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar could be a waste of expense. 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 to do it on your own.
FAQ Nc Tax Tables 2021 TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into US$ prior to when TaxJar determines the tax.