Taxes have always been among the hardest things to do regardless of whether you’re running an enterprise or not. Even more so if you do not have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re packed with things to do. In the event that you do not have the funds to engage an accountant making it your own can be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can help you. While this is an extensive read but you’ll be able to determine if TaxJar is exactly what you need today.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Assign A Product Tax Class
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and finish within just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax platform seamlessly works well with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one place. That way, there’s no need to gather data from different channels and organize it into one platform. All you have to do is integrate TaxJar then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax manually or through the AutoFile feature. For this review, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns The team will guide you on how to handle these. However, it will be up for you and your team members to finish the tax returns in time. TaxJar is there to provide guidance on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated, from calculating sales taxes in order to record and process them. There could be extra fees if you do not include this feature in the plan you select.
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 compiled into a single dashboard via this platform. From there you and your staff will have access to everything you need, such as an inventory of your transactions, reports and information.
The greatest benefit of the feature you’ve chosen is they allow you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated, but they also help you determine when your next payments are due.
The dashboard allows you to see the overall sales taxes in your business. It is also possible to export the information in CSV format. CSV file in case you require it for your process of financial planning and accounting or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even even if you already have an accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operational expenses.
The best part is that TaxJar provides training and tutorials not only on their platform, but everything connected to sales tax. Check out their webinars, guides or blog posts for additional information. Apart from that their sales tax calculator should be 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 provide amazing features, but they can be too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small-scale company owner, this plan will be perfect for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking to get different from the standard features Professional could be the one for you. It starts at $99, but you can increase it if you add custom features.
So how different is it from the basic plan?
Apart from having access to all of the Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to go for premium plans instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited data import integrations as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted for managing the account. But, they don’t divulge how much the Premium plan costs you. TaxJar Assign A Product Tax Class
But they did state that the plan is custom-made for every user. The cost of the plan will be different according to what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine if the platform is an excellent fit for you.
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Pros and Pros and
We’ve covered everything you need to know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
Pros
- 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.
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to aid in tracking the sales and profits of your business It can also help you meet the deadlines you set. It is also a great platform for an accountant since they have a Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping the track of each deadline and requirement you have to meet. If you live in an area with complex tax laws, this will surely help you wrap your head around it. TaxJar Assign A Product Tax Class
But if handling taxes is easy, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better to do it by yourself.
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FAQ TaxJar Assign A Product Tax Class
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar determines the tax.
