Taxes have always been one of the hardest things to do, whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, performing the task on your own could be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
What can we do about it?
We can make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can benefit you. Even though this is an extensive read, you should be able to gauge whether TaxJar is what you need in the present.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What is TaxJar Ontraport TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, 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 your sales taxes. It simplifies the processes that take days to complete and finish within just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is your tax-reporting platform seamlessly works well in conjunction with the sales channels you use. If you have multiple sales channels, you need to keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to show your most important metrics in one spot. So, there’s no need to gather data from different channels and sort it into one platform. All you need to do is to integrate TaxJar, it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. For this review, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing tax returns for income TaxJar will train you on how to handle the tax returns. However, it will be up to you and your team members to complete everything within the timeframe. TaxJar is there to provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales tax to recording and processing them. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you require, including the list of transactions, reports, as well as the data.
The greatest benefit of this feature is that they allow you to automatically update every day. Not only will they let you know how much you’ve collected however, they can also help you track when your following payments are due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. It is also possible to export your data in a CSV file if you need it for your financial planning and accounting processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. This means that you don’t have to hunt for your paperwork when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature can make them 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 operating expenses.
What’s more is that TaxJar offers training and tutorials not only on their platform, but everything related to sales tax. You can check out their guides, webinars, and blog for more information. In addition, their sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small company manager, the plan will be perfect for you. It might not include all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the basic plan?
Apart from having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large company, you may need to go for the Premium plan instead. It comes with all the features you need to help with your taxes. Additionally, they permit unlimited import integrations of data API integrationsfor team members, and AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. Ontraport TaxJar
However, they did mention that the plan is custom-made for each user. The cost of the plan will be different according to what you require for your company.
Free Trial
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the service is the right choice for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include a 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 easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- You can track several sales channels
Cons
- AutoFile limit is 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then you should try this.
Not only can it help you track your products and revenue, but it can also help you meet the deadlines you set. It is also a great option for accountants as they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in a place with complicated tax regulations, this will surely help you wrap your head around it. Ontraport TaxJar
However, if managing taxes is easy and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole process easy to do, you might be better off doing it on your own.
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FAQ Ontraport TaxJar
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate the tax.
