Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford the funds 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!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this popular life-saving device and how it can benefit you. Even though this is a long read, you should be able to assess whether TaxJar is the tool you require in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? Sales Tax Maryland TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to ensure compliance with sales taxes. It streamlines processes that require days to complete and is completed in just a few only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at 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 software is compatible with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax manually or through the AutoFile feature. In this review, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income The team will guide you on how to manage them. But, it is up for you and your team to complete everything in time. 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 – that means you don’t have to submit any forms manually. With this feature, everything is automated, from calculating taxes on sales in order to record and process them. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you require, including the list of transactions, reports, as well as the data.
The best part about this feature is that they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
Their dashboard also allows you to see the total sales tax for your business. It is also possible to export the data as CSV format. CSV file, if you want to use it in your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds better. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar offers training and tutorials, not just for their platform , but also for anything connected to sales tax. Check out their webinars, guides and blog for more details. Additionally, their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for a bit more than just the basics and options, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to go for an upgrade instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of users and AutoFiles.
There is also a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. Sales Tax Maryland TaxJar
But they did state that this plan is tailor-fit for every user. So the costs will vary in line with what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to gauge whether the service is an excellent fit for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- Limits for AutoFile are based on 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 check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then must try TaxJar.
Not only will it aid in tracking your products and revenue however, it will also 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 gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to meet. If you live in a place with complicated tax regulations, this will surely help you wrap your head around the subject. Sales Tax Maryland TaxJar
If handling taxes is easy 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 keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better in doing it all on your own.
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FAQ Sales Tax Maryland TaxJar
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar will calculate your tax.
