Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related issues 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 making it yourself can be risky. If you make a mistake and you don’t know it, you may 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 make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can benefit you. While this is lengthy it is possible to determine if TaxJar is the tool you require today.
Prefer to watch videos instead? Watch 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, then let’s get right into it.
What is TaxJar? Rhode Island TaxJar How To File
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s explore their features and services.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting system is compatible with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important data in one location. So, there’s no need to collect data in multiple channels and organize it into one platform. All you have to do is integrate TaxJar then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for the filing of income tax returns, the team will instruct you on how to manage these. However, it will be up for you and your team members to finish the tax returns within the timeframe. TaxJar will only guide you on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating taxes on sales to recording and processing it. There could be extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. From there, you and your team can access everything you need, such as an inventory of your transactions, reports, as well as information.
The best part about this feature is that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you determine when your next payments are due.
The dashboard allows users to view in detail the overall sales taxes in your business. You can also export the data to CSV format. CSV file if you need it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when you need them 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 the sales tax you pay in advance will help you plan your funds better. You’ll be aware of the budget you have available for other operational expenses.
What’s more is that TaxJar offers tutorials and training, not just for their platform but everything connected to sales tax. You can check out their webinars, guides, as well as their blog to find more info. Apart from that the sales tax calculator is helpful if you’re planning on complete everything yourself.
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 expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and an CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business manager, the plan will be ideal for you. It may not offer all of TaxJar’s features, but it has the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration features.
If you’re looking for something that is more than the basics, then the Professional plan could be the one for you. The price starts 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 all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
If you have a massive business, you might need to opt for premium plans instead. It comes with all the features needed to make your tax filing easier. In addition, they offer unlimited data import integrations API integrations, team members and AutoFiles.
They also have a staff who are devoted to managing your account. However, they don’t disclose how much the Premium plan will cost you. Rhode Island TaxJar How To File
However, they did say that the plan is custom-made for each user. So the costs will vary depending on what you need for your business.
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of using TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- 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
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If this sounds like the way you’re doing, then should try this.
Not only can it aid in tracking your revenue and products, but it can assist you in meeting the deadlines you set. It is also a great option for accountants as they have tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and requirement 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 the subject. Rhode Island TaxJar How To File
However, if managing your taxes is straightforward If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure easy to complete, you might be better to do it on your own.
FAQ Rhode Island TaxJar How To File
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar can calculate your tax.