Taxes are always one of the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have enough money to engage an accountant making it yourself can be dangerous. If you overlook one thing, you might have to do it all over again!
Most people want to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
We can always make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and how it can help you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is exactly 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 analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar? TaxJar Address Validation
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to maintain everything in line. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. That way, there’s no requirement to collect data from different channels and organize it into a single platform. All you have to do is connect TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. For this review, we’ll take a look at 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 the filing of income tax returns TaxJar will train you on how to handle the tax returns. But, it is up for you and your team members to finish the tax returns within the timeframe. TaxJar is only there to help you understand what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. Through this feature, everything is automated, from calculating sales tax in order to record and process them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as the list of transactions, reports, as well as the data.
The greatest benefit of this feature is that they allow you to automatically update every day. They not only let you keep track of how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard also allows you to see the overall sales taxes for your business. You can also export the information to CSV format. CSV file, if you want to use it for your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all the sales avenues you use. That means you won’t have to scramble for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform but for anything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional details. Additionally the sales tax calculator is useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans including Professional, Starter 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 the tax on sales, 4 free yearly AutoFiles, and a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small business manager, the plan could be ideal for you. It may not have all the features offered by TaxJar, but it has all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration features.
Professional
If you’re looking to get that is more than the basic features Professional may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
So how different is it from the original plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive enterprise, you may want to choose premium plans instead. It has all of the features that you require to make your tax filing easier. Moreover, they allow unlimited data import integrations, API integrations, team users, and AutoFiles.
They also have a staff dedicated for managing the account. But, they don’t divulge how much the Premium plan will cost you. TaxJar Address Validation
However, they did mention that this plan is customized for every user. So the costs will vary in line with what you require for your company.
Free Trial
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still considering different options, they offer a 30-day free trial. This should give you enough time to see whether the software is the right choice for you.
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Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a breather. To summarize, here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers.
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then you must try TaxJar.
Not only will it aid in tracking your revenue and products, but it can help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar can allow you to save more time while keeping the track of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar Address Validation
If handling taxes is easy and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
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FAQ TaxJar Address Validation
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar can calculate the tax.
