Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is filled with tasks to complete. In the event that you do not have the funds to employ an accountant, doing it on yourself can be dangerous. If you miss one detail, you might need to repeat the process!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. While this is lengthy, you should be able to assess whether TaxJar is what you need in the present.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? Should I Hook Up My Shopify And Paypal Accounts To 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. In addition, you can apply it across all of the sales channels you use to make sure you’re in compliance with sales taxes. It streamlines processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything neat and simple. Let’s explore the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting system perfectly integrates with your sales channel. If you have multiple sales channels, it is essential to ensure that everything is in order. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one spot. So, there’s no need to gather data in multiple channels and sort it into a single platform. All you have to do is connect TaxJar then the system will do all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. In our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing income tax returns TaxJar will train you on how to handle the tax returns. It is up to you and your team to complete everything on time. TaxJar is there to guide you on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you require, including a list of your transactions, reports, as well as data.
The best part about this feature is that it allows you to update your account automatically each day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the sales tax totals within your company. Additionally, you can export your data in the form of a CSV file in case you require it in your process of financial planning and accounting or if your team needs 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 search for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature can make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials not only on their platform, but for anything related to sales tax. You can check out their webinars, guides as well as their blog to find more info. Additionally the sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these options can offer 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 best plan if you need help with filing requirements and reporting. It comes with the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company owner, this plan could be ideal for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach their customer support via their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking to get different from the basic features Professional might be the right one for you. The price starts at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to accessing every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to choose the Premium plan instead. It has all of the features needed to aid in your tax preparation. Additionally, they permit unlimited data import integrations, Integrations with APIs, teams of users, and AutoFiles.
There is also a team that is devoted in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. Should I Hook Up My Shopify And Paypal Accounts To TaxJar?
However, they did mention that this plan is tailor-fit to each 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 bet your life on it to see if this platform is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is a good fit for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar Let’s relax. To sum it all up we’ll go over the pros and cons of the use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms.
- It allows you to monitor 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 applicable to USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If that’s what you do, then you ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue however, it will help you meet your deadlines. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can allow you to get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this will definitely help you get your head around it. Should I Hook Up My Shopify And Paypal Accounts To TaxJar?
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete then you’re better in doing it all by yourself.
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FAQ Should I Hook Up My Shopify And Paypal Accounts To TaxJar?
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify together 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 doesn’t convert currencies. All transactions are in US$. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar can calculate your tax.
