Taxes have always been one of the hardest things to do regardless of whether you’re running 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 you’re filled with tasks to complete. If you don’t have the funds to engage an accountant doing it on your own could be risky. If you miss one detail it could mean you need to repeat the process!
Almost everyone wants to skipping this step. But since it’s required, we have no choice.
So what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. While this is a long read but you’ll be able to determine if TaxJar is the tool you require today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? Ryan Thompson TaxJar Linkedin
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to make their business more neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax platform perfectly integrates with your sales channel. If you have multiple sales channels, you must keep everything in place. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. So, there’s no need to collect data from different channels and then organize it on a single platform. All you have to do is integrate TaxJar, then the system will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle them. It is up for you and your team members to complete the process on time. TaxJar is only there to guide you on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. Through this feature, everything is automated, from calculating sales taxes in order to record and process it. However, there might be extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your staff can access everything you need, like the list of transactions, reports, and data.
The most appealing aspect of this feature is that it allows you to automatically update every day. They not only let you know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax in your business. It is also possible to export the information in CSV format. CSV file if you need it to aid in process of financial planning and accounting or if you require it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to scramble for your documents when you need them in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides or blog posts for additional info. Apart from that, their sales tax calculator can be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller company owner, this plan will be perfect for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features and options, then the Professional plan could be the one for you. The price starts at $99 but it can go higher when you add additional features.
What is the difference from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to choose premium plans instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrations, team members, and AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge the price of the Premium plan. costs you. Ryan Thompson TaxJar Linkedin
However, they did mention that the plan is custom-made to each user. So the costs will vary in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to see 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 know about TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to recheck local legislations
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 this sounds like the way you’re doing, then you ought to try this.
Not only can it help you track your revenue and products, but it can help you meet the deadlines you set. This is also an excellent option for accountants as they provide a Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
The use of TaxJar can help you get more done while keeping the track of each deadline and obligation you have to meet. If you’re living in an area with complex tax laws, this will certainly help you to get your head around the subject. Ryan Thompson TaxJar Linkedin
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do then you’re better in doing it all on your own.
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FAQ Ryan Thompson TaxJar Linkedin
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it to USUSD prior to when TaxJar can calculate your tax.
