Sales Tax Deductions TaxJar

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Taxes are always one of the most difficult tasks to complete regardless of whether you run your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. If you don’t have enough money to employ an accountant, performing the task on your own could be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!

Most people want to skipping this step. However, since it’s mandatory, we have no choice.

So what can we do ?

It is always possible to make our lives easier by using tools like TaxJar.

This article will take a look at this life-saving tool and explain how it can help you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is the tool you require right now.

Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.

If you prefer to read, let’s dive right in.

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What is TaxJar? Sales Tax Deductions TaxJar

Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.

TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.

What can it do to help you?

TaxJar is used extensively by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.

Sales Tax Deductions TaxJar

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Services and features

Integration

One of the first things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.

TaxJar allows you to show your key data in one location. So, there’s no requirement to collect data from different channels and organize it into a single platform. All you have to do is integrate TaxJar then the system will take care of the rest.

Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar lets customers make sales tax filings by hand or using the AutoFile feature. In this review, we’ll look at both.

If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to the filing of income tax returns, the team will instruct you on how to handle them. But, it is up to you and your team to complete everything within the timeframe. TaxJar is only there to provide guidance on what you have to accomplish, but not manage it.

If you’d prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales tax in order to record and process it. There could be extra fees if not included in the plan you chose.

Sales Tax Reports

As I mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to everything you need, such as an inventory of your transactions, reports, and information.

The greatest benefit of the feature you’ve chosen is it allows you to update automatically every day. Not only can they help to know the amount you’ve accumulated, but they also help you determine when your next payments are due.

The dashboard allows users to view in detail the overall sales taxes within your company. Additionally, you can export the data to CSV format. 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 helps you organize and keep track of all of the sales avenues you use. This means that you don’t have to scramble for your documents whenever you’re in a pinch. Even when you already have your accountant, this feature will make them more efficient.

Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.

But what’s even better is that TaxJar offers tutorials and training not only for their platform but for anything related to sales tax. Check out their guides, webinars, 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 are aware of how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.

Starter

Their Starter plan is priced at $19. They say it’s the most effective plan to help you in filing and reporting. It also includes sales tax reporting, 4 autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.

If you’re a small company proprietor, then this program should be perfect for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.

In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration features.

Professional

If you’re looking for that is more than the basic features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.

What is the difference from the starter plan?

Apart from having access to all of the Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.

Premium

If you own a huge business, you might need to choose an upgrade instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, API integrations, team users as well as AutoFiles.

There is also a team who are devoted for managing the account. They don’t reveal the amount that the Premium plan costs you. Sales Tax Deductions TaxJar

However, they did say that this plan is customized for each user. So the costs will vary depending on what you need to run your business.

Free Trial

It’s a good thing that you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine if the platform is an excellent fit for you.

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Pros and Pros and

Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your company.

Pros

  • Has a Tax Advisor option for some plans
  • AutoFile features can help you save time
  • Available in most USA states
  • Offers on the internet for sales tax calculator.
  • Support service team
  • The dashboard is easy to navigate
  • The company offers a 30-day trial for free.
  • It can be integrated with other platforms.
  • Allows you to track multiple sales channels

Cons

  • Limits on AutoFile are determined by the plan
  • AutoFile has extra fees
  • Some countries won’t be able to access the API feature.
  • Only applicable for USA customers
  • Needs accountants and owners to check local legislation

The Final Verdict

With everything clearly laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you must try TaxJar.

It’s not just a way to help you track your revenue and products It can assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.

Using TaxJar can help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this will definitely help you get your head around the subject. Sales Tax Deductions TaxJar

But if handling taxes is easy, 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 keep track of everything. If you’re finding the entire process easy to do then you’re better off doing it by yourself.

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FAQ Sales Tax Deductions TaxJar

Which areas does TaxJar offer API support?

TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.

Do I have the ability to connect Shopify with TaxJar?

Yes. You can connect 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 does not convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar determines your tax.

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