Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the budget to employ an accountant, performing the task on yourself can be dangerous. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. Although this is quite a long read, you should be able to gauge whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, we’ll dive right into.
What is TaxJar Quickbooks Connect TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with your sales taxes. 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 different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything neat and simple. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is your tax-reporting platform is compatible with your sales channel. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. That way, there’s no need to collect data in multiple channels and sort 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 help with payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax manually or through the AutoFile feature. For the purpose of this article, we’ll look 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 the filing of income tax returns, the team will instruct you on how to manage the tax returns. However, it will be up for you and your team members to finish the tax returns on time. TaxJar will only guide you on what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes in order to record and process it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help 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 team will have access to all the information you need, like the list of transactions, reports, and data.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard also allows you to fully view the sales tax totals within your company. You can also export the data 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 to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you’re in the event of a need. Even when you already have your accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have to cover other operating costs.
The best part is that TaxJar provides training and tutorials, not just for their platform but all things that has to do with sales tax. You can check out their webinars, guides as well as their blog to find more information. In addition, their 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 are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you can access their AI tax tips.
If you’re a small-scale company owner, this plan should be ideal for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for different from the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up by adding custom features.
So how different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you own a huge business, you might need to opt for the Premium plan instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited integrations with data imports as well as API integrationsfor team members and AutoFiles.
There is also a team dedicated for managing the account. But, they don’t divulge the price of the Premium plan. will cost you. Quickbooks Connect TaxJar
However, they did say that the plan is custom-made for every user. So the costs will vary according to what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform 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. This should give you enough time to gauge if the platform is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only can it assist you in keeping track of your revenue and products It can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer a Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar will help you save more time while keeping track of every deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around the subject. Quickbooks Connect TaxJar
If handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
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FAQ Quickbooks Connect TaxJar
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar determines your tax.
