Taxes have always been among the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a degree in finance or accounting. Tax-related work aren’t easy, particularly when you’re full of things to be done. If you don’t have enough money to employ an accountant, performing the task on yourself can be risky. If you make a mistake 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, we have no choice.
So , what can we do about it?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Canada Nexus
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It streamlines processes that require days to complete and is completed in just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. 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 that your accounting tax platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your critical metrics in one place. This means that there is no need to collect information from multiple sources and then organize it on a single platform. All you have to do is connect TaxJar then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing income tax returns The team will guide you on how to manage these. But, it is up for you and your team members to complete the process within the timeframe. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating sales taxes in order to record and process 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, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports, and the data.
The best part about this feature is that they allow you to update automatically every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to see the overall sales taxes in your business. It is also possible to export the data to the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of your sales channels. That means you won’t have to scramble for your documents when you’re in the event of a need. Even when you already have your accountant, this function can help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds better. You’ll be aware of the budget you have to cover other operating expenses.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also for anything related to sales tax. You can check out their guides, webinars, or blog posts for additional information. In addition their sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. 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 in filing and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small business owner, this plan could be perfect for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for something different from the standard features and options, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for the Premium plan instead. It has all of the features you need to help with your taxes. Moreover, they allow unlimited data import integrations as well as API integrations, team members, and AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal the price of the Premium plan. will cost you. TaxJar Canada Nexus
However, they did mention that this plan is customized to each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to determine if the platform is an excellent 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 break. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- There is 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
- Has support service team
- The dashboard is easy 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 have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you should try this.
Not only can it aid in tracking the sales and profits of your business It can also help you meet your deadlines. It is also a great opportunity for accountants since they provide tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you get more done while keeping track of every deadline and requirement you have to fulfill. If you’re living in an area with complex tax laws, this will certainly help you to get your head around it. TaxJar Canada Nexus
If handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to track everything. If you find the entire process easy to do, you might be better to do it on your own.
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FAQ TaxJar Canada Nexus
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with 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 will need to convert it into USdollars prior to when TaxJar can calculate your tax.
