Taxes have always been one of the hardest things to do regardless of whether you run an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is packed with things to do. In the event that you do not have enough money to employ an accountant, doing it on your own can be dangerous. If you make a mistake, you might have to redo things again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory, we have no choice.
What is the best way to deal with it?
We can make life easier by using tools like TaxJar.
This article will take a look at this life-saving device and how it can benefit you. While this is a long read, you should be able to gauge whether TaxJar is what you need right now.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? Tax Without Representation
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it in 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 is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. 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 want to check is that your accounting tax system seamlessly works well with your sales channel. If you’re using multiple sales channels, you must keep everything in place. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. This means that there is no requirement to collect data from different channels and sort it into one platform. All you have to do is connect TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via their AutoFile feature. For this review, we’ll look at both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on how to manage them. It is up for you and your team members to complete the process on time. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process it. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team will have access to all the information you require, including a list of your transactions, reports, and data.
The most appealing aspect of this feature is that it lets you to update automatically every day. Not only can they help you know how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to see the total sales tax for your business. It is also possible to export your data as the form of a CSV file in case you require it to aid in financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to search for your documents whenever you’re when you’re in a pinch. Even when you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have for other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform , but also for anything connected to sales tax. Check out their webinars, guides, or blog posts for additional details. In addition, their sales tax calculator should be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller company manager, the plan should be ideal for you. It may not offer all the features offered by TaxJar however, it does include the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something a bit more than just the standard features Professional may be the best option for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the original plan?
In addition to having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for the Premium plan instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of users and AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. Tax Without Representation
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 company.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to gauge whether the service is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a breather. To sum it all up Here are the pros and cons of making use of TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your products and revenue It can help you meet the deadlines you set. It is also a great option for accountants as they provide a Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar can help you get more done while keeping on top of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will surely help you wrap your head around it. Tax Without Representation
But if handling taxes is easy, then TaxJar could be a waste of expense. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire process easy to do and you’re comfortable with it, you may be better to do it by yourself.
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FAQ Tax Without Representation
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar determines the tax.
