Taxes have always been one of the most difficult things to handle regardless of whether you run an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have the funds to hire an accountant, making it yourself can be risky. If you miss one detail, you might need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
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 popular life-saving tool and how it can help you. Even though this is an extensive read, you should be able to assess whether TaxJar is exactly what you need today.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? Tax Id For Clothing Line TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that take days to complete and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s look into their features and services.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. This means that there is no requirement to collect data in multiple channels and organize it into one platform. All you need to do is connect TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
TaxJar lets customers file their sales taxes by hand or using the 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 it comes time to the filing of income tax returns, the team will instruct you on managing the tax returns. It is up for you and your team to complete everything on time. TaxJar will only help you understand what you need to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing it. However, there might be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize 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. Once you’re on the platform you and your staff will have access to everything you need, like an inventory of your transactions, reports, and data.
The most appealing aspect of the feature you’ve chosen is they allow you to update automatically every day. They not only let you know how much you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
The dashboard allows users to view in detail the overall sales taxes in your business. You can also export the information in CSV format. CSV file, if you want to use it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. That means you won’t have to search for your documents whenever you’re in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but for anything connected to sales tax. Check out their webinars, guides and blog for more details. Apart from that, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan costs $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It also includes the tax on sales, 4 autofiles for free each year, and an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller company proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration tools.
If you’re looking for something a bit more than just the basics Professional may be the best option for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to having access to every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive company, you may need to choose premium plans instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal the price of the Premium plan. costs you. Tax Id For Clothing Line TaxJar
However, they did say that the plan is custom-made for each user. So the costs will vary according to what you require for your business.
Fortunately, you don’t need 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 gauge whether the software is a good fit for you.
Pros and Pros and
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of using TaxJar for your company.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then must try TaxJar.
It’s not just a way to help you track the sales and profits of your business It can help you meet the deadlines you set. It’s also an excellent option for accountants as they provide tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you get more done while keeping on top of each deadline and obligation you have to meet. If you live in a place with complicated tax laws, this can surely help you wrap your mind around it. Tax Id For Clothing Line TaxJar
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire procedure simple to follow then you’re better in doing it all on your own.
FAQ Tax Id For Clothing Line TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in US$. If you’re using a different currency, you will need to convert it to USUSD before TaxJar determines your tax.