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 a background in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have the budget to hire an accountant, doing it on your own could be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving device and how it can assist you. Even though this is lengthy, you should be able to determine if TaxJar is exactly what you need today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? Square TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you need to ensure that everything is in order. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar, and the platform will handle the rest.
In addition, 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 file their sales taxes manually or through TaxJar’s AutoFile feature. In our review we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns The team will guide you on how to manage these. However, it will be up for you and your team to complete everything in time. TaxJar will only guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing it. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, such as the list of transactions, reports, as well as data.
The greatest benefit of this feature is that it allows you to update automatically every day. They not only let you keep track of how much 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. It is also possible to export the information as CSV format. CSV file if you need it for your process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds better. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar offers training and tutorials, not just for their platform , but also all things connected to sales tax. Check out their guides, webinars, and blog for more details. Apart from that 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 understand how important it is to determine your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan to help you in filing and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as an CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small business manager, the plan could be ideal for you. It may not offer all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking to get different from the standard features Professional could be the one for you. The price starts at $99 however, it could go up if you add custom features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you have a massive enterprise, you may want to go for premium plans instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrations, team members, and AutoFiles.
They also have a team dedicated in managing your accounts. They don’t reveal the price of the Premium plan. is going to cost. Square TaxJar
However, they did mention that the plan is custom-made for every user. So the costs will vary according to what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to gauge if the platform is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- There is the 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
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with multiple sales channels and uses numerous platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it help you track the sales and profits of your business, but it can also help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Using TaxJar will help you get more done while keeping on top of each deadline and requirement you have to meet. If you’re living in a place with complicated tax laws, this can definitely help you get your head around the subject. Square TaxJar
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ Square TaxJar
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n US$. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar determines the tax.
