Taxes have always been one of the hardest things to do, whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, doing it on your own could be dangerous. If you make a mistake, you might have to redo things again!
Most people want to avoid this step. But since it’s required to be done, we can’t choose not to.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can help you. Although this is quite a long read it is possible to assess whether TaxJar is exactly what you need right now.
Are you looking video streaming instead? Check out 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 get right into it.
What is TaxJar? Setting TaxJar Not To Collect Tax On Wholesale Customers
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with sales taxes. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s take a look at their features and services.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax software is compatible with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar lets you display your most important metrics in one place. This means that there is no need to gather data from different channels and then organize it on one platform. All you have to do is connect TaxJar, and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns, the team will instruct you on managing them. But, it is up for you and your team members to complete everything within the timeframe. TaxJar is only there to guide you on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything will be automated, from calculating sales taxes to recording and processing them. However, there might be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your team will have access to everything you require, including a list of your transactions, reports and information.
The most appealing aspect of this option is the fact that it lets you to update automatically every day. They not only let to know the amount you’ve collected, but they also help you track when your following payment is due.
Their dashboard can also allow you to fully view the total sales tax for your business. You can also export the information as the form of a CSV file if you need it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re when you’re in a pinch. Even even if you already have an accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operational expenses.
The best part is that TaxJar offers training and tutorials not only for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides and blog for more information. Apart from that their sales tax calculator should be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business proprietor, then this program could be ideal for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the standard features Professional could be the one for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also have the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to go for the Premium plan instead. It has all of the features you need to aid in your tax preparation. In addition, they offer unlimited import integrations of data, API integrationsfor team users as well as AutoFiles.
There is also a team dedicated in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. Setting TaxJar Not To Collect Tax On Wholesale Customers
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 company.
Free Trial
Luckily, 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. It should give you enough time to determine whether the software is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- 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
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses numerous platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to help you track your revenue and products, but it can also help you meet the deadlines you set. This is also an excellent platform for an accountant since they offer a 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 on top of each deadline or requirement you need to fulfill. If you live in an area with complex tax regulations, this will surely help you wrap your mind around it. Setting TaxJar Not To Collect Tax On Wholesale Customers
But if handling your taxes is straightforward, then TaxJar might not be a good expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire process easy to do and you’re comfortable with it, you may be better off doing it on your own.
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FAQ Setting TaxJar Not To Collect Tax On Wholesale Customers
Which areas does 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 connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar can calculate the tax.
