TaxJar Deductions/Exemptions

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Taxes have always been one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford the funds to hire an accountant, making it yourself can be dangerous. If you make a mistake it could mean you have to redo things again!

Most people want to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.

What can we do about it?

It is always possible to make life easier by using tools like TaxJar.

Here we’ll take a look at this life-saving device and how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is exactly what you need today.

Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.

For those who like to read, let’s dive right in.

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What exactly is TaxJar? TaxJar Deductions/Exemptions

Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of minutes.

TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.

How can this help you?

TaxJar is extensively used by business owners who run online businesses to keep everything simple and organized. Let’s look into the benefits and features of TaxJar.

TaxJar Deductions/Exemptions

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Services and features

Integration

One of the most important things you’ll want to check is your tax-reporting system is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to get a penalty for not paying attention to a minor thing.

TaxJar allows you to show your critical metrics in one spot. This means that there is no need to gather information from multiple sources and then organize it on one platform. All you have to do is integrate TaxJar, and the platform will take care of all the rest.

Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they are able to integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows customers to submit their sales tax by hand or using TaxJar’s AutoFile feature. For our review we’ll dig into both.

If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on managing the tax returns. But, it is up for you and your staff to complete the process in time. TaxJar is there to guide you on what you have to do but not 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 any forms manually. With this feature, everything will be automated from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.

Sales Tax Reports

As mentioned earlier it is possible to use TaxJar to ease 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 staff will have access to everything you need, like the list of transactions, reports, and the data.

The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.

The dashboard allows users to view in detail the sales tax totals in your business. Additionally, you can export the data in the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team needs it to run centralized reports.

Streamlining and Training

TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to search for your documents when you need them in a pinch. Even when you already have your accountant, this feature can make them more efficient.

Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have for other operating expenses.

The best part is that TaxJar offers tutorials and training, not just for their platform but all things that has to do with sales tax. You can check out their webinars, guides and blog for more details. Additionally, their sales tax calculator should be helpful if you’re planning on complete everything yourself.

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How much does TaxJar cost?

We understand how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.

Starter

Their Starter plan starts at $19. They say it’s the best plan to help you with filing requirements and reporting. It also includes 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 owner, this plan will be perfect for you. It may not have all of TaxJar’s features but it comes with the basic features you require.

In addition, you can reach 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 could be the one for you. The price starts at $99 but it can go higher if you add custom features.

So how different is it from the original plan?

In addition to having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.

Premium

If you run a large enterprise, you may want to opt for premium plans instead. It has all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrations, team members as well as AutoFiles.

They also have a staff who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Deductions/Exemptions

However, they did mention that this plan is customized to each user. So the costs will vary depending on what you need for your business.

Free Trial

It’s a good thing that you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to see whether the service is an excellent fit for you.

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Pros and Pros and

Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To summarize, here are the pros and cons of making use of TaxJar for your company.

Pros

  • There is the Tax Advisor option for some plans
  • AutoFile features to reduce time
  • Available in most USA states
  • Provides Taxes on sales online calculator
  • Support service team
  • The dashboard is simple 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

Cons

  • Limits on AutoFile are determined by the plan
  • AutoFile has extra fees
  • Some countries won’t be able to access the API feature.
  • Only applicable for USA customers
  • Owners and accountants should recheck local legislations

The Final Verdict

With everything laid out, TaxJar provides a fantastic platform to companies with multiple sales channels and uses plenty of platforms. If that’s what you do, then you must try TaxJar.

It’s not just a way to aid in tracking the sales and profits of your business however, it will help you meet the deadlines you set. It’s also an excellent platform for an accountant since they have tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.

The use of TaxJar can help you save more time while keeping track of every deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this can certainly help you to get your head around the subject. TaxJar Deductions/Exemptions

If handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire process easy to do then you’re better in doing it all on your own.

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FAQ TaxJar Deductions/Exemptions

What areas does TaxJar offer API assistance?

TaxJar currently works with countries like the United States, the EU, Australia, and Canada.

Do I have the ability to incorporate Shopify with TaxJar?

Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.

Can I convert any kind of currency with TaxJar?

Unfortunately, no. TaxJar does not convert currencies. All transactions are in US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar can calculate the tax.

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