Taxes have always been among the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to engage an accountant performing the task on yourself can be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
What can we do ?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can help you. While this is a long read it is possible to determine if TaxJar is the tool you require today.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? Sales Tax 101 TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no need to collect data from different channels and sort it into a single platform. All you have to do is integrate TaxJar, then the system will do all the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. For our review we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns The team will guide you on how to manage the tax returns. It is up to you and your team to complete everything within the timeframe. TaxJar will only guide you on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit any forms manually. This feature will ensure that everything will be automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur additional costs if the feature is 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 issues. All orders made through your e-commerce channels can be combined into one dashboard using this platform. From there you and your team can access everything you need, such as an inventory of your transactions, reports, as well as data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help to know the amount you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. It is also possible to export the data as CSV format. CSV file if you need it in your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all your sales channels. This means that you don’t have to search for your documents when you need them in a pinch. Even when you already have your accountant, this feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have to cover other operating costs.
What’s more is that TaxJar provides training and tutorials, not just for their platform but everything connected to sales tax. You can look through their webinars, guides, or blog posts for additional information. In addition, their sales tax calculator can be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they can be too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing levels and the features that each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company owner, this plan will be ideal for you. It may not have all the features offered by TaxJar but it comes with the basic features you require.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking to get a bit more than just the standard features and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up if you add custom features.
How different is it from the basic plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive business, you might need to choose an upgrade instead. It includes all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of users, and AutoFiles.
They also have a staff who are devoted in managing your accounts. They don’t reveal how much the Premium plan will cost you. Sales Tax 101 TaxJar
But they did state that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need for your company.
Free Trial
Fortunately, you don’t need to bet your life on it to determine if this service is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge whether the service is the right choice for you.
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Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of the use of TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Support Service Team
- The dashboard is simple 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
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then must try TaxJar.
Not only will it assist you in keeping track of your products and revenue, but it can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar can allow you to reduce time and keep on top of each deadline and obligation you have to meet. If you’re living in a place with complicated tax laws, this can definitely help you get your head around the subject. Sales Tax 101 TaxJar
If handling your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ Sales Tax 101 TaxJar
Which areas does TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in US$. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar determines your tax.
