Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, doing it on yourself can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement 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.
Here we’ll take a look at this life-saving tool and explain how it can help you. Although this is quite a long read it is possible to determine if TaxJar is what you need today.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Economic Nexus Map
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
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Features and services
Integration
One of the first things you’ll need to ensure is your tax-reporting system is compatible along with sales funnels. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to display your most important data in one location. So, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is to integrate TaxJar, then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing income tax returns The team will guide you on managing the tax returns. However, it will be up for you and your team to complete the process within the timeframe. 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 won’t need to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales tax to recording and processing them. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you require, including an inventory of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow you to fully view the overall sales taxes in your business. You can also export the information to a CSV file if you need it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance can help you allocate your funds better. You’ll be aware of the budget you have to cover other operating expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform , but also all things connected to sales tax. You can look through their webinars, guides, and blog for more information. 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 are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and the features that each of these choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It also includes sales tax reporting, 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small-scale business proprietor, then this program should be perfect for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking for that is more than the standard features, then the Professional plan may be the best option for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge enterprise, you may want to opt for an upgrade instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports API integrations, team members as well as AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Economic Nexus Map
But they did state that this plan is tailor-fit for every user. So the costs will vary in line with what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is right for you. If you’re still considering different options, they offer 30 days of free trial. This should be enough time to gauge whether the software is a good fit for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save 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 is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on 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 check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. This is also an excellent option for accountants as they have tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar will help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax laws, this will certainly help you to get your head around the subject. TaxJar Economic Nexus Map
However, if managing your taxes is straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the entire procedure simple to follow, you might be better in doing it all on your own.
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FAQ TaxJar Economic Nexus Map
What areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in USdollars. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar determines the tax.
