Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. More so if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, performing the task on your own can be risky. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Although this is quite lengthy but you’ll be able to assess whether TaxJar is what you need today.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What exactly is TaxJar? Rhode Island Sales Tax Settings TaxJar
Founded in 2013, TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure compliance with sales taxes. It streamlines processes that take days to complete and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s explore the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to ensure is that your accounting tax platform perfectly integrates along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your key data in one location. So, there’s no need to gather data from different channels and organize it into a single platform. All you need to do is to integrate TaxJar, then the system will do the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. In our review we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income, the team will instruct you on managing the tax returns. It is up for you and your team to complete everything on time. TaxJar is there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating sales taxes to recording and processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to all the information you need, such as an inventory of your transactions, reports, as well as information.
The most appealing aspect of this option is the fact that they allow you to update your account automatically each day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. Additionally, you can export your data to a CSV file in case you require it for your accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to scramble for your documents when you’re in a pinch. Even if you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but all things related to sales tax. You can check out their webinars, guides as well as their blog to find more info. Apart from that, their 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 set your budget. Certain platforms have amazing features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business manager, the plan should be ideal for you. It may not have all the features offered by TaxJar, but it has the basic features you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for different from the basic features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you own a huge business, you might need to choose the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited import integrations of data API integrationsfor team members as well as AutoFiles.
They also have a team dedicated for managing the account. They don’t reveal how much the Premium plan costs you. Rhode Island Sales Tax Settings TaxJar
However, they did say that this plan is customized to each user. Therefore, the cost will differ according to what you require to run your business.
Luckily, you don’t have to risk your money 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 gauge if the platform is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all 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 to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by 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 recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then should try this.
It’s not just a way to help you track your revenue and products however, it will help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have a Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
The use of TaxJar can help you save more time while keeping track of every deadline and requirement you have to fulfill. If you live in an area with complex tax regulations, this will definitely help you get your mind around it. Rhode Island Sales Tax Settings TaxJar
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure simple to follow, you might be better off doing it on your own.
FAQ Rhode Island Sales Tax Settings 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.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar determines your tax.