Taxes have always been one of the hardest things to do regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related issues aren’t easy, particularly when you’re packed with things to do. If you don’t have the budget to employ an accountant, doing it on yourself can be dangerous. If you overlook one thing it could mean you need to repeat the process!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
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 popular life-saving tool and explain how it can help you. Even though this is an extensive read it is possible to gauge whether TaxJar is what you need right now.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Colorado Filing
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with sales tax requirements. 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 companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one spot. So, there’s no need to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar, then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows clients to make sales tax filings either manually or via the AutoFile feature. For the purpose of this article, we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for the filing of income tax returns TaxJar will train you on managing these. However, it will be up for you and your staff to complete the process on time. TaxJar is only there to guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. With this feature, everything will be automated from calculating sales tax through recording, and then processing it. There could be additional charges if they are not included in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be put together into a single dashboard via this platform. From there you and your staff will have access to everything you need, like an inventory of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. Not only will they let to know the amount you’ve earned however, they can also help you determine when your next payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. It is also possible to export the information as CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if you require it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. That means you won’t have to search for your documents when you’re in the event of a need. Even even if you already have an accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training, not just on their platform, but everything connected to sales tax. You can look through their guides, webinars, as well as their blog to find more information. Additionally their sales tax calculator should be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. The company claims that it’s the most effective plan to help you in filing and reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company proprietor, then this program should be ideal for you. It may not offer all the features of TaxJar but it comes with all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
If you’re looking for a bit more than just the basics, then the Professional plan could be the one for you. It starts at $99, but you can increase it if you add custom features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to go for the Premium plan instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports API integrationsfor team users and AutoFiles.
They also have a staff that is devoted to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Colorado Filing
But they did state that the plan is custom-made for every user. So the costs will vary according to what you require for your company.
Luckily, you don’t have to risk your money to determine if this service is right for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to see if the platform is the right choice for you.
Pros and Cons
Now that we’ve covered all you need to know about TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Has 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.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then must try TaxJar.
It’s not just a way to aid in tracking your revenue and products It can assist you in meeting your deadlines. This is also an excellent platform for an accountant since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
The use of TaxJar can help you get more done while keeping track of every deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will surely help you wrap your mind around it. TaxJar Colorado Filing
However, if managing your taxes is simple and straightforward, then TaxJar might not be a good expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure easy to complete, you might be better in doing it all by yourself.
FAQ TaxJar Colorado Filing
What areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar will calculate your tax.