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 any experience in finance or accounting. Tax-related work can be overwhelming, particularly when you’re packed with things to do. If you don’t have the funds to hire an accountant, performing the task on your own could be dangerous. If you miss one detail it could mean you have to do it all over again!
Most people want to skipping this step. But since it’s required to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can make life easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can benefit you. While this is an extensive read it is possible to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar TaxJar Developers Register Nexus
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to make sure you have a tax accounting software is compatible along with sales funnels. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to display your key metrics in one place. This means that there is no need to collect data in multiple channels and then organize it on a single platform. All you have to do is connect TaxJar it will do all the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For this review, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns The team will guide you on managing the tax returns. But, it is up to you and your team to complete everything on time. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales in order to record and process it. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. From there you and your team will have access to everything you need, like an inventory of your transactions, reports and the data.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. Not only will they let you keep track of how much you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to fully view the sales tax totals within your company. It is also possible to export your data in the form of a CSV file in case you require it in your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. That means you won’t have to search for your documents when you’re when you’re in a pinch. Even if you already have your accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will help you plan your funds better. You’ll be aware of the budget you have available for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but for anything that has to do with sales tax. You can look through their webinars, guides, as well as their blog to find more info. Apart from that, their sales tax calculator can be helpful if you’re planning on complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. They say it’s the best plan to help you in filing and reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a smaller business proprietor, then this program will be perfect for you. It may not have all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration features.
If you’re looking for something different from the basics Professional may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large business, you might need to choose the Premium plan instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of users as well as AutoFiles.
They also have a team that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Developers Register Nexus
However, they did mention that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to see whether the software is the right choice for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features help save 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to businesses with numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only will it assist you in keeping track of your products and revenue however, it will help you meet the deadlines you set. It’s also an excellent option for accountants as they provide a Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can allow you to reduce time and keep on top of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this will definitely help you get your head around it. TaxJar Developers Register Nexus
If handling taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the entire process easy to do then you’re better off doing it by yourself.
FAQ TaxJar Developers Register Nexus
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every 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 will need to convert it to USUSD before TaxJar will calculate the tax.