Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the funds to hire an accountant, doing it on yourself can be dangerous. If you make a mistake, you might have to do it all over again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Even though this is lengthy it is possible to determine if TaxJar is the tool you require right now.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Double Counting Taxes
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll want to check is that your accounting tax software is compatible with your sales channel. If you have 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 lets you display your key metrics in one place. This means that there is no need to collect information from multiple sources and then organize it on one platform. All you need to do is to integrate TaxJar then the system will do all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. In this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on how to manage these. But, it is up for you and your team to complete everything on time. TaxJar will only provide guidance on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything will be automated from calculating sales tax in order to record and process it. There could be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you need, like the list of transactions, reports, as well as the data.
The best part about this feature is that it lets you to automatically update every day. Not only will they 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 payment is due.
The dashboard allows users to view in detail the total sales tax within your company. Additionally, you can export the data to a CSV file in case you require it to aid in process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents whenever you’re when you’re in a pinch. Even even if you already have an accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
The best part is that TaxJar provides training and tutorials not only on their platform, but all things connected to sales tax. Check out their webinars, guides, as well as their blog to find more details. Additionally the sales tax calculator can be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and the features that each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It includes the tax on sales, four autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a small-scale company manager, the plan could be perfect for you. It may not offer all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for something that is more than the basic features, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the starter plan?
Apart from having access to every one of 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 have 12 free AutoFiles each year.
Premium
If you run a large enterprise, you may want to choose premium plans instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited data import integrations API integrations, team users and AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Double Counting Taxes
However, they did say that this plan is tailor-fit to each user. So the costs will vary according to what you require to run your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to determine whether the software is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing we’ll go over the pros and cons of making use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you 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 is able to 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
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then you ought to try this.
It’s not just a way to aid in tracking your products and revenue It can help you meet the deadlines you set. It’s also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep track of every deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will definitely help you get your head around the subject. TaxJar Double Counting Taxes
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow, you might be better to do it on your own.
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FAQ TaxJar Double Counting Taxes
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it to USdollars before TaxJar determines the tax.
