Taxes have always been one of the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when you’re filled with tasks to complete. If you don’t have enough money to employ an accountant, performing the task on your own can be risky. If you make a mistake, you might have to redo things again!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Although this is quite an extensive read, you should be able to determine if TaxJar is what you need today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? TaxJar Enacted Nexus Law By State
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all the sales channels you use to ensure compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is your tax-reporting platform seamlessly works well 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 face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one place. That way, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is connect TaxJar, it will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt 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 guide you on how to manage them. However, it will be up for you and your team to complete the process on time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated from calculating sales tax to recording and processing it. There could be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there you and your staff can access everything you need, like a list of your transactions, reports and information.
The best part about this feature is that they allow you to update your account automatically each day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. It is also possible to export the data as CSV format. CSV file in case you require it to aid in financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accountant, this function will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds better. You’ll be aware of the budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training not only on their platform, but all things that has to do with sales tax. You can look through their guides, webinars, or blog posts for additional info. Apart from that the sales tax calculator can 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 establish your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They say it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with sales tax reporting, 4 autofiles for free each year, and a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small company owner, this plan could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
You can also contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the starter plan?
In addition to accessing every one of Starter plan’s features, you also have the support of their customer service via phone, API access, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to go for premium plans instead. It has all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports API integrations, team users, and AutoFiles.
There is also a team that is devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. will cost you. TaxJar Enacted Nexus Law By State
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is right for you. If you’re still considering various options, they provide a 30-day free trial. It should give you 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 must know about TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Has 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.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several 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 valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes many platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to aid in tracking the sales and profits of your business It can help you meet your deadlines. It is also a great platform for an accountant since they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this will certainly help you to get your head around the subject. TaxJar Enacted Nexus Law By State
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole procedure easy to complete, you might be better to do it on your own.
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FAQ TaxJar Enacted Nexus Law By State
What are the areas in which TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to 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 currencies. All of the transactions are in US$. If you’re using another currency, you’ll have to convert it into USUSD before TaxJar will calculate your tax.
