Taxes are always one of the most difficult things to handle regardless of whether you run a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the budget to engage an accountant performing the task on your own can be dangerous. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement, we have no choice.
So what can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Even though this is a long read, you should be able to gauge whether TaxJar is what you need in the present.
Prefer video streaming instead? Check out 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, then let’s get right into it.
What is TaxJar TaxJar Blog District Of Columbia
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to keep everything neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to make sure is your tax-reporting platform seamlessly works well 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 face a penalty due to missing a single minor point.
TaxJar allows you to display your most important metrics in one spot. So, there’s no need to gather data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar lets customers make sales tax filings by hand or using their AutoFile feature. In this review, we’ll dig into both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to handle the tax returns. But, it is up to you and your staff to complete the process in time. TaxJar will only provide guidance on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating sales tax 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 choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. From there you and your team will have access to all the information you require, including a list of your transactions, reports, as well as information.
The greatest benefit of this option is the fact that it lets you to automatically update every day. They not only let you know how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard can also allow you to see the sales tax totals in your business. Additionally, you can export the information as the form of a CSV file in case you require it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to search for your documents whenever you’re in the event of a need. Even when you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything related to sales tax. You can look through their guides, webinars, and blog for more details. Apart from that the sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing features, but they can be too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Currently, TaxJar offers three plans that are: 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 includes taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small company proprietor, then this program will be ideal for you. It may not have all of TaxJar’s features but it comes with the basic features you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for something different from the basics Professional could be the one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to go for the Premium plan instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team users as well as AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose how much the Premium plan will cost you. TaxJar Blog District Of Columbia
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
Luckily, you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to see whether the software is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not 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 is an excellent platform for companies with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then should try this.
Not only can it help you track your revenue and products, but it can also help you meet the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar will help you save more time while keeping on top of each deadline and obligation you have to meet. If you live in a region with a lot of tax regulations, this will certainly help you to get your mind around it. TaxJar Blog District Of Columbia
If handling taxes is easy, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure easy to complete, you might be better to do it by yourself.
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FAQ TaxJar Blog District Of Columbia
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in US$. If you’re using a different currency, you’ll need to convert it to USUSD prior to when TaxJar will calculate your tax.
