Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. More so if you don’t have a background in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the budget to engage an accountant performing the task on your own can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. Although this is quite an extensive read it is possible to gauge whether 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 the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? Nexus TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to display your key data in one location. That way, there’s no need to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar then the system will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar allows customers to submit their sales tax manually or through their AutoFile feature. In the purpose of this article, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income The team will guide you on how to handle these. However, it will be up to you and your team members to complete the process in time. TaxJar is only there to provide guidance on what you need to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing it. But, it is possible to incur additional costs if the feature is you do not include this feature 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 combined into one dashboard using this platform. From there you and your staff will have access to everything you need, such as the list of transactions, reports and the data.
The greatest benefit of the feature you’ve chosen is they allow you to update your account automatically each day. They not only let to know the amount you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. It is also possible to export the data as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to scramble for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature can make them 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 to cover other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but everything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional details. In addition the sales tax calculator can be beneficial when you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It includes sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale company owner, this plan will be perfect for you. It might not include all the features offered by TaxJar but it comes with all the basics you require.
Additionally, you can contact their support team with their email support chart. You’ll also be able to use their integration tools.
If you’re looking for a bit more than just the standard features and options, then the Professional plan could be the one for you. It starts at $99, but it can go higher by adding custom features.
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 phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge business, you might need to choose premium plans instead. It has all of the features you need to aid in your tax preparation. Additionally, they permit unlimited data import integrations as well as API integrations, team users, and AutoFiles.
They also have a staff who are devoted to managing your account. They don’t reveal the amount that the Premium plan is going to cost. Nexus TaxJar
However, they did mention that this plan is tailor-fit for every user. The cost of the plan will be different depending on what you need to run your business.
It’s a good thing that you don’t have to gamble your money just to determine if this service is for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to see whether the software is a good fit for you.
Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. To summarize Here are the pros and cons of using TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides 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 on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes many platforms. If that’s what you do, then you ought to try this.
Not only can it aid in tracking the sales and profits of your business It can help you meet the deadlines you set. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this can surely help you wrap your head around it. Nexus TaxJar
However, if managing your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. If you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
FAQ Nexus TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n US$. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar will calculate the tax.