Taxes have always been among the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when you’re packed with things to do. When you’re not able to afford enough money to hire an accountant, doing it on your own can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement, we have no choice.
So , what is the best way to deal with it?
We can always simplify our lives with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. While this is an extensive read it is possible to gauge whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Calculate Tax Based On
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll need to ensure is your tax-reporting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. That way, there’s no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all of those sales tools. When the time is right for filing tax returns for income, the team will instruct you on managing them. But, it is up for you and your team to complete everything within the timeframe. TaxJar is there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing them. There could be extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to all the information you need, like the list of transactions, reports and the data.
The best part about this option is the fact that it allows you to update your account automatically each day. They not only let to know the amount 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 users to view in detail the sales tax totals for your business. Additionally, you can export your data as a CSV file if you need it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operating costs.
What’s more is that TaxJar offers tutorials and training, not just for their platform , but also all things connected to sales tax. You can look through their webinars, guides, or blog posts for additional information. Apart from that, their sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing 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. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts 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, 4 annual AutoFiles for free, as well as an CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale company owner, this plan should be perfect for you. It might not include all the features offered by TaxJar but it comes with the basic features 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 for something different from the standard features and options, then the Professional plan could be the one for you. It starts at $99, but you can increase it by adding custom features.
So how different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to choose premium plans instead. It comes with all the features you need to help with your taxes. Additionally, they permit unlimited data import integrations as well as Integrations with APIs, teams of members as well as AutoFiles.
There is also a team who are devoted to managing your account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Calculate Tax Based On
But they did state that this plan is tailor-fit to each user. The cost of the plan will be different according to what you require for your company.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still looking into different options, they offer 30 days of free trial. It should give you enough time to gauge whether the software is a good fit for you.
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Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for 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
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable to USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track your products and revenue however, it will assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax laws, this will certainly help you to get your head around the subject. TaxJar Calculate Tax Based On
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 keep track of everything. In addition, if you find the entire procedure simple to follow and you’re comfortable with it, you may be better to do it on your own.
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FAQ TaxJar Calculate Tax Based On
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using a different currency, you’ll have to convert it into US$ prior to when TaxJar can calculate the tax.
