Taxes have always been among the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. In the event that you do not have enough money to employ an accountant, doing it on your own could be risky. If you overlook one thing, you might need to repeat the process!
Almost everyone wants to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. While this is lengthy but you’ll be able to determine if TaxJar is the tool you require today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar Nc TaxJar
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with your sales taxes. It streamlines processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by online business owners to keep everything simple and organized. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting system perfectly integrates along with sales funnels. If you have multiple sales 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 allows you to display your key metrics in one spot. This means that there is no need to gather data from different channels and sort it into a single platform. All you need to do is connect TaxJar, then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to make sales tax filings by hand or using their AutoFile feature. In the purpose of this article, we’ll dig at both.
If you decide to go it alone, TaxJar will allow you to connect all those sales tools. When the time is right for the filing of income tax returns TaxJar will train you on how to manage them. But, it is up to you and your team members to complete the process in time. TaxJar is there to guide you on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales to recording and processing them. But, it is possible to incur additional charges if they are you do not include this feature in the plan you chose.
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. From there, you and your team can access everything you need, like an inventory of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. They not only let you know how much you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard also allows you to see the sales tax totals in your business. It is also possible to export the information in the form of a CSV file in case you require it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even if you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also all things that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more details. Apart from that the sales tax calculator should be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing structures and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It includes the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small business proprietor, then this program could be perfect for you. It may not have all the features of TaxJar, but it has all the basics you require.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the basics Professional might be the right one for you. It’s priced at $99 but it can go higher by adding 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 their support via phone access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose premium plans instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrations, team users as well as AutoFiles.
They also have a team dedicated for managing the account. They don’t reveal the amount that the Premium plan costs you. Nc TaxJar
However, they did say that the plan is custom-made for each user. The cost of the plan will be different depending on what you need for your company.
Luckily, 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 other options, they have 30 days of free trial. It should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
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 the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to aid in tracking your revenue and products however, it will assist you in meeting the deadlines you set. This is also an excellent opportunity for accountants since they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you reduce time and keep track of every deadline or requirement you need to fulfill. If you’re living in a place with complicated tax regulations, this will certainly help you to get your head around the subject. Nc TaxJar
If handling your taxes is simple and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the entire process easy to do and you’re comfortable with it, you may be better in doing it all by yourself.
FAQ Nc TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in US$. If you’re using another currency, you’ll have to convert it to US$ before TaxJar can calculate the tax.