Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. In the event that you do not have the budget to hire an accountant, performing the task on your own could be risky. If you miss one detail, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. Even though this is lengthy, you should be able to determine if TaxJar is the tool you require right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar Nexus In A State TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all the sales channels you use to ensure that you are in compliance with sales tax requirements. 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 institutions.
What can it do to help you?
TaxJar is widely used by online business owners to ensure that everything is neat and simple. Let’s take a look at their features and services.
Features and services
One of the first things you’ll need to make sure is that your accounting tax platform is compatible along with sales funnels. If you’re using multiple sales channels, you need to keep everything in place. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. For our review we’ll take a look into both.
If you opt to go it alone, 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 guide you on how to manage the tax returns. But, it is up to you and your team to finish the tax returns in time. TaxJar is there to provide guidance on what you need to 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 the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes through recording, and then processing them. There could be additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. From there you and your staff can access everything you need, such as the list of transactions, reports, and data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only will they let to know the amount you’ve earned however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. Additionally, you can export the information as a CSV file in case you require it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the sales avenues you use. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have to cover other operational costs.
But what’s even better is that TaxJar offers training and tutorials not only on their platform, but everything that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional details. In addition their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. For this reason we’ll examine TaxJar’s pricing levels and what each of those plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It comes with taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small company proprietor, then this program will be ideal for you. It may not have all the features of 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 to get different from the basics and options, then the Professional plan may be the best option for you. It starts at $99, but you can increase it if you add custom features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to opt for an upgrade instead. It includes all of the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations API integrationsfor team users and AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the amount that the Premium plan costs you. Nexus In A State TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different according to what you require for your company.
It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to see if the platform is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of using TaxJar to run your business.
- There is 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.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple 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 for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that sounds like what you do, then you must try TaxJar.
Not only will it aid in tracking your products and revenue, but it can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they have the Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
The use of TaxJar can allow you to get more done while keeping track of every deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this can definitely help you get your head around the subject. Nexus In A State TaxJar
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure easy to complete, you might be better in doing it all by yourself.
FAQ Nexus In A State TaxJar
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar determines the tax.