Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have a background in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. If you don’t have enough money to employ an accountant, doing it on your own can be dangerous. If you make a mistake and you don’t know it, you may need to repeat the process!
Most people want to skip this step. But , as it’s a requirement 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.
Here we’ll take a look at this popular life-saving device and how it can assist you. While this is an extensive read it is possible to gauge whether TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar? TaxJar Colorado Sales Tax Vendor Compensation
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with sales tax requirements. It streamlines processes that require 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 as well as medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is your tax-reporting system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to display your key metrics in one spot. That way, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you have to do is connect TaxJar and the platform will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to make sales tax filings by hand or using their AutoFile feature. For this review, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing tax returns for income The team will guide you on how to manage them. It is up for you and your team members to complete everything in time. TaxJar is there to provide guidance on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating taxes on sales to recording and processing it. There could be additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform you and your team will have access to everything you need, like an inventory of your transactions, reports, and data.
The most appealing aspect of this option is the fact that it allows you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard also allows you to fully view the overall sales taxes for your business. You can also export the information to a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. This means that you don’t have to search for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also for anything related to sales tax. You can look through their webinars, guides and blog for more information. Additionally, their sales tax calculator should 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 provide amazing features, but they can be too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small-scale company proprietor, then this program should be perfect for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for different from the basic features and options, then the Professional plan could be the one for you. It starts at $99, however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to accessing all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to opt for premium plans instead. It comes with all the features needed to make your tax filing easier. Additionally, they permit unlimited integrations with data imports Integrations with APIs, teams of members and AutoFiles.
There is also a team dedicated to managing your account. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Colorado Sales Tax Vendor Compensation
But they did state that the plan is custom-made for every user. So the costs will vary depending on what you need for your company.
Free Trial
Luckily, 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. This should give you enough time to determine whether the service is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar Let’s relax. To summarize, here are the pros and cons of making use of TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies with multiple sales channels and uses numerous platforms. If that’s what you do, then you should try this.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they have the Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Colorado Sales Tax Vendor Compensation
But if handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole process easy to do and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar Colorado Sales Tax Vendor Compensation
Which areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into 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 does not convert currency values. All transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to USdollars prior to when TaxJar can calculate the tax.
