Taxes have always been among the most difficult tasks to complete regardless of whether you’re running a business or not. More so if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when you’re packed with things to do. If you don’t have the budget to hire an accountant, doing it on your own could be dangerous. If you miss one detail, you might have to redo things again!
Most people want to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do ?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can help you. Even though this is a long read it is possible to gauge whether TaxJar is the tool you require in the present.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? Setting Up TaxJar In Shopify
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by online business owners to make their business more neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll want to check is that your accounting tax system perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key data in one location. This means that there is no need to collect information from multiple sources and organize it into one platform. All you have to do is to integrate TaxJar then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to file their sales taxes by hand or using TaxJar’s AutoFile feature. In this review, we’ll dig at both.
If you opt to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on managing the tax returns. However, it will be up to you and your team members to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you need to 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 the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax to recording and processing them. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you require, including the list of transactions, reports, as well as data.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to fully view the sales tax totals in your business. It is also possible to export the data to the form of a CSV file if you need it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. That means you won’t have to scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform but all things connected to sales tax. You can look through their webinars, guides, and blog for more information. 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 are aware of how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing structures and what each of those 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 to help you with filing requirements or reporting. It includes the tax on sales, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small-scale company proprietor, then this program will be perfect for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something a bit more than just the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large company, you may need to go for premium plans instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports API integrations, team members and AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. Setting Up TaxJar In Shopify
However, they did say that the plan is custom-made for every user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the service is the right choice for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar Let’s relax. To sum it all up Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then you ought to try this.
Not only will it assist you in keeping track of your revenue and products, but it can also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
The use of TaxJar can help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you live in an area with complex tax laws, this will certainly help you to get your head around the subject. Setting Up TaxJar In Shopify
But if handling your taxes is simple, then TaxJar could be a waste of investment. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ Setting Up TaxJar In Shopify
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using a different currency, you will need to convert it into USUSD before TaxJar determines the tax.
