Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the budget to hire an accountant, doing it on your own could be risky. If you make a mistake it could mean you need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
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 tool and explain how it can assist you. Although this is quite a long read, you should be able to determine if TaxJar is the tool you require in the present.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? South Carolina Nexus TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is neat and simple. Let’s explore 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 platform is compatible along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. This means that there is no need to gather information from multiple sources and then organize it on a single platform. All you have to do is integrate TaxJar then the system will do the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via the AutoFile feature. In this review, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on managing them. It is up to you and your staff to finish the tax returns on time. TaxJar is there to help you understand what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything is automated, from calculating taxes on sales in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into one dashboard using this platform. From there, you and your team will have access to all the information you require, including the list of transactions, reports, as well as information.
The most appealing aspect of this option is the fact that they allow you to automatically update every day. Not only can they help you keep track of how much you’ve collected, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the sales tax totals in your business. Additionally, you can export your data to CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accountant, this function will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have available for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but for anything related to sales tax. You can check out their webinars, guides, or blog posts for additional information. Additionally, their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help with filing requirements or reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale business manager, the plan should be perfect for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the basic plan?
In addition to accessing all of the Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge business, you might need to opt for the Premium plan instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrations, team members, and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose how much the Premium plan costs you. South Carolina Nexus TaxJar
But they did state that this plan is tailor-fit for each 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 see if this platform is for you. If you’re still considering other options, they have a 30-day free trial. 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 should be aware of TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- 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 applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of your revenue and products, but it can also help you meet your deadlines. It’s also an excellent platform for an accountant since they offer the Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can allow you to get more done while keeping the track of each deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this will certainly help you to get your head around the subject. South Carolina Nexus TaxJar
But if handling your taxes is simple, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. If you find the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.
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FAQ South Carolina Nexus TaxJar
Which areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it to US$ before TaxJar determines your tax.
