Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford enough money to hire an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you need to repeat the process!
Most people want to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can help you. Although this is quite a long read it is possible to gauge whether TaxJar is what you need right now.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar TaxJar Economic Nexus
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is that your accounting tax software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your most important metrics in one place. That way, there’s no requirement to collect data from different channels and sort it into a single platform. All you need to do is connect TaxJar, it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For our review we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income, the team will instruct you on how to manage these. However, it will be up to you and your team members to finish the tax returns in time. TaxJar is there to provide guidance on what you should accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing them. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there you and your team will have access to all the information you require, including an inventory of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. Not only can they help 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 you to fully view the overall sales taxes for your business. It is also possible to export the information in a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep on top of all the channels you sell through. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operational expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things connected to sales tax. Check out their guides, webinars, or blog posts for additional information. Apart from that, their sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business proprietor, then this program could be perfect for you. It may not have all of TaxJar’s features but it comes with the basic features you require.
You can also contact the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something different from the basics Professional could be the one for you. It’s priced at $99 however, it could go up if you add custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to 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.
Premium
If you have a massive business, you might need to go for premium plans instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrations, team members and AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Economic Nexus
But they did state that the plan is custom-made to each user. The cost of the plan will be different depending on what you need for your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to determine whether the service is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of the 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 on the internet for sales tax 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
Cons
- 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
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your products and revenue It can also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
The use of TaxJar can help you get more done while keeping on top of each deadline or requirement you need to meet. If you live in a place with complicated tax regulations, this will definitely help you get your head around the subject. TaxJar Economic Nexus
If handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole process easy to do, you might be better off doing it on your own.
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FAQ TaxJar Economic Nexus
What areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it into USUSD prior to when TaxJar can calculate the tax.
