Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise 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 full of things to be done. If you don’t have enough money to hire an accountant, doing it on your own can be risky. If you miss one detail it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can benefit you. While this is a long read but you’ll be able to determine if TaxJar is the tool you require right now.
Are you looking to watch videos instead? Check out 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 we’ll dive right into.
What is TaxJar Paypal V2 TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your most important metrics in one place. This means that there is no need to gather information from multiple sources and sort it into one platform. All you need to do is integrate TaxJar and the platform will do the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers make sales tax filings manually or through their AutoFile feature. In this review, we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns The team will guide you on how to handle the tax returns. But, it is up to you and your team members to finish the tax returns on time. TaxJar will only guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything is automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur extra fees if not part of the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via 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, as well as data.
The greatest benefit of this feature is that it allows you to update automatically every day. They not only let to know the amount you’ve earned, but they also help you keep track of when the next payments are due.
The dashboard allows users to view in detail the total sales tax within your company. You can also export the data in the form of a CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. It means you don’t need to search for your documents when you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but all things connected to sales tax. Check out their guides, webinars, and blog for more info. In addition the sales tax calculator should be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they can be too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It comes with taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business owner, this plan should be perfect for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for something a bit more than just the basics and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to go for the Premium plan instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited import integrations of data as well as API integrationsfor team members, and AutoFiles.
They also have a staff that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. Paypal V2 TaxJar
However, they did say that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to determine if the platform is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of using TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you must try TaxJar.
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 offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you reduce time and keep track of every deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this can certainly help you to get your head around it. Paypal V2 TaxJar
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better off doing it by yourself.
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FAQ Paypal V2 TaxJar
Which areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar can calculate the tax.
