Taxes are always one of the most difficult things to handle regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the budget to engage an accountant performing the task on your own could be dangerous. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. But since it’s required to be done, we can’t choose not to.
What can we do ?
We can make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can assist you. Although this is quite an extensive read, you should be able to assess whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Account
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax system perfectly integrates with your sales channel. If you’re selling through multiple channels, you need to maintain everything in line. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important data in one location. This means that there is no need to gather data in multiple channels and then organize it on one platform. All you need to do is to integrate TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar lets customers file their sales taxes either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns The team will guide you on how to manage them. However, it will be up for you and your team members to complete the process 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, which means you don’t have to submit the forms in a manual manner. Through this feature, everything will be automated from calculating sales taxes in order to record and process it. There could be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, like an inventory of your transactions, reports and information.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
The dashboard allows you to fully view the overall sales taxes within your company. Additionally, you can export the information as a CSV file, if you want to use it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this function can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have available for other operating costs.
What’s more is that TaxJar provides training and tutorials, not just for their platform , but also everything connected to sales tax. You can look through their webinars, guides, and blog for more info. 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 are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and what each of those choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business owner, this plan will be perfect for you. It might not include all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features and options, then the Professional plan could be the one 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 accessing each of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited data import integrations, API integrationsfor team users and AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Account
However, they did say that this plan is customized for each user. The cost of the plan will be different according to what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service 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 Cons
Now that we’ve covered all you must know about TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides 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
- 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 to USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you’re doing, then should try this.
Not only will it help you track your products and revenue It can assist you in meeting your deadlines. It is also a great opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
Using TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax laws, this can definitely help you get your head around it. TaxJar Account
If handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire procedure easy to complete, you might be better in doing it all on your own.
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FAQ TaxJar Account
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll have to convert it to USdollars prior to when TaxJar can calculate your tax.
