Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. In the event that you do not have the budget to employ an accountant, doing it on your own can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping 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 make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can assist you. Even though this is a long read it is possible to assess whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? South Carolina Sales TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and can be completed in a matter of minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s take a look at their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your key data in one location. This means that there is no requirement to collect 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.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income TaxJar will train you on managing these. But, it is up to you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance on 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 fill out all forms by hand. With this feature, everything will be automated from calculating sales tax through recording, and then processing them. But, it is possible to incur additional charges if they are not part of the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. From there you and your team will have access to everything you need, like a list of your transactions, reports, as well as the data.
The best part about 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 however, they can also help you track when your following payments are due.
The dashboard allows you to see the overall sales taxes for your business. Additionally, you can export the information in the form of a CSV file in case you require it for your accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this function can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operating expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform , but also everything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional information. Additionally the sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It also includes the tax on sales, four free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a small-scale company owner, this plan will be ideal for you. It may not offer all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the standard features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the starter plan?
Apart from having access to all of the Starter plan’s features, you also have their support via phone, API access, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose the Premium plan instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrationsfor team members and AutoFiles.
There is also a team dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. South Carolina Sales TaxJar
However, they did say that the plan is custom-made to each user. So the costs will vary according to what you require for your business.
It’s a good thing that you don’t have to bet your life on it to find out if the platform 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. This should be enough time to see whether the software is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar to run your business.
- 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.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then you should try this.
It’s not just a way to help you track your revenue and products however, it will help you meet the deadlines you set. It is also a great option for accountants as they provide a Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
The use of TaxJar will help you reduce time and keep the track of each deadline and requirement you have to meet. If you’re in a place with complicated tax regulations, this will surely help you wrap your head around it. South Carolina Sales TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
FAQ South Carolina Sales TaxJar
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar will calculate your tax.