Taxes are always one of the most difficult tasks to complete regardless of whether you run your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. If you don’t have the funds 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 redo things again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do ?
We can always make our lives easier by using tools like TaxJar.
This article will 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 assess whether TaxJar is exactly what you need right now.
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.
For those who like to read, we’ll dive right into.
What is TaxJar? TaxJar Colorado Sales Tax
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it across all of the sales channels you use 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 only a few minutes.
TaxJar has been utilized in various industries like 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 ensure that everything is simple and organized. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax platform is compatible along with sales funnels. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your most important metrics in one spot. So, there’s no need to collect data from different channels and organize it into one platform. All you need to do is connect TaxJar then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. For this review, we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns The team will guide you on managing these. It is up to you and your team members to complete everything within the timeframe. TaxJar is only there to guide you on what you have 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 don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales to recording and processing them. There could be extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, like an inventory of your transactions, reports, and data.
The most appealing aspect of this option is the fact that it lets you to update automatically every day. Not only can they help you keep track of how much you’ve earned however, they can also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the total sales tax in your business. It is also possible to export your data in a CSV file, if you want to use it for your accounting and financial planning processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. It means you don’t need to search for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but everything related to sales tax. You can check out their guides, webinars, and blog for more information. Apart from that the sales tax calculator is beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan costs $19. They say it’s the most effective plan for those who need assistance in filing and reporting. It includes the tax on sales, four free yearly AutoFiles, and an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business owner, this plan could be perfect for you. It may not have all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for something different from the basics Professional could be the one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive enterprise, you may want to opt for premium plans instead. It includes all of the features needed to help with your taxes. Moreover, they allow unlimited integrations with data imports API integrations, team members, and AutoFiles.
They also have a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Colorado Sales Tax
But they did state that this plan is tailor-fit for each user. Therefore, the cost will differ in line with what you require for your company.
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline and requirement you have to meet. 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 Sales Tax
But if handling taxes is easy, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it on your own.
FAQ TaxJar Colorado Sales Tax
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it to USUSD before TaxJar can calculate your tax.