Taxes have always been one of the hardest things to do, whether you’re running your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have enough money to employ an accountant, making it your own could be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
So what can we do ?
We can always make life easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. While this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar? Shopify And TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure is that your accounting tax platform is compatible along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key data in one location. This means that there is no need to collect information from multiple sources and then organize it on one platform. All you need to do is integrate TaxJar, it will handle 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:
Filing
TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns TaxJar will train you on how to handle them. It is up for you and your staff to complete the process within the timeframe. TaxJar is only there to guide you on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process it. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to all the information you require, including a list of your transactions, reports, and data.
The most appealing aspect of this feature is that they allow you to update automatically every day. Not only can they help to know the amount you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. Additionally, you can export the data as CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need to scramble for your documents whenever you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but everything connected to sales tax. Check out their webinars, guides or blog posts for additional details. Additionally the sales tax calculator should be helpful if you’re planning on complete everything yourself.
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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 your business. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most effective plan to help you in filing and reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as 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 will be perfect for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get different from the basics Professional might be the right one for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also have their support via phone, API access, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to choose premium plans 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 and AutoFiles.
They also have a staff that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan will cost you. Shopify And TaxJar
But they did state that this plan is customized to each user. Therefore, the cost will differ according to what you require for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to find out if the platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should be enough time to determine whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of the use of 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
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated 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 be able to access the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If this sounds like the way you do, then you must try TaxJar.
Not only will it help you track your revenue and products It can also help you meet your deadlines. It is also a great opportunity for accountants since they have the Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Using TaxJar will help you get more done while keeping track of every deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this can definitely help you get your head around it. Shopify And TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you have only one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
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FAQ Shopify And TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USUSD prior to when TaxJar can calculate your tax.
