TaxJar Bought By Stripe

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Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have enough money to hire an accountant, doing it on your own could be dangerous. If you miss one detail and you don’t know it, you may need to repeat the process!

Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.

So what can we do about it?

We can make our lives easier by using tools like TaxJar.

This article will take a look at this life-saving tool and how it can help you. Even though this is an extensive read but you’ll be able to determine if TaxJar is exactly what you need in the present.

Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.

But for those who prefer to read, then let’s dive right in.

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What is TaxJar? TaxJar Bought By Stripe

In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few minutes.

TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.

What can it do to help you?

TaxJar is used extensively by online business owners to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.

TaxJar Bought By Stripe

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Features and services

Integration

One of the most important things you’ll want to check is that your accounting tax platform seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.

TaxJar allows you to show your critical data in one location. That way, there’s no requirement to collect information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.

Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. For our review we’ll look at both.

If you decide to go it alone, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing these. However, it will be up to you and your team members to finish the tax returns on time. TaxJar is there to help you understand what you need to accomplish, but not manage it.

If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales to recording and 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 I mentioned earlier it is possible to use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there you and your staff can access everything you need, such as the list of transactions, reports, and data.

The most appealing aspect of this feature is that it allows you to update your account automatically each day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you keep track of when the next payments are due.

Their dashboard also allows you to fully view the total sales tax within your company. It is also possible to export the information to the form of a CSV file in case you require it for your accounting and financial planning processes or if you require it for centralized reporting.

Streamlining and Training

TaxJar helps you organize and keep on top of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re in a pinch. Even when you already have your accounting firm, the feature will make them more efficient.

Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have for other operational expenses.

The best part is that TaxJar provides training and tutorials, not just for their platform , but also for anything that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more info. 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 costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.

Starter

The Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax tips.

If you’re a smaller business proprietor, then this program will be ideal for you. It may not have all of TaxJar’s features but it comes with all the basics you require.

In addition, you can reach their support team with their support chart for email. You’ll also be able to use their integration tools.

Professional

If you’re looking for something that is more than the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.

What is the difference from the basic plan?

In addition to having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.

Premium

If you run a large enterprise, you may want to go for an upgrade instead. It includes all of the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations as well as API integrationsfor team users and AutoFiles.

They also have a staff dedicated in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Bought By Stripe

But they did state that this plan is customized to each user. Therefore, the cost will differ depending on what you need for your business.

Free Trial

Luckily, you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to see whether the software is a good fit for you.

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Pros and Cons

After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize we’ll go over the pros and cons of using TaxJar to run your business.

Pros

  • There is a Tax Advisor option for some plans
  • AutoFile features save time
  • Available in most USA states
  • Offers Taxes on sales online calculator.
  • Has support service team
  • The dashboard is easy to navigate
  • Offers a 30-day free trial
  • It is able to be integrated with other platforms.
  • You can track several 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 applicable to USA customers.
  • Needs accountants and owners to recheck local legislations

The Final Verdict

With everything clearly laid out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then you should try this.

Not only can it aid in tracking your revenue and products, but it can also help you meet your deadlines. This is also an excellent option for accountants as they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.

The use of TaxJar will help you save more time while keeping track of every deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your mind around it. TaxJar Bought By Stripe

But if handling your taxes is straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the entire process easy to do then you’re better in doing it all by yourself.

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FAQ TaxJar Bought By Stripe

What areas does TaxJar provide API support?

TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.

Can I integrate Shopify with TaxJar?

Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.

Can I convert any kind of currency using TaxJar?

Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar will calculate the tax.

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