Taxes have always been among the most difficult tasks to complete, whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work aren’t easy, particularly when you’re filled with tasks to complete. If you don’t have enough money to employ an accountant, making it yourself can be dangerous. If you miss one detail it could mean you have to redo things again!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
We can make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is the tool you require right now.
Prefer to watch videos instead? Take a look at 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 Errors Print
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check is that your accounting tax platform perfectly integrates along with sales funnels. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to get a penalty for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. This means that there is no need to gather data in multiple channels and then organize it on a single platform. All you have to do is integrate TaxJar and the platform will do 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 are able to integrate with:
Filing
TaxJar lets customers make sales tax filings manually or through the AutoFile feature. In our review we’ll take a look at both.
If you opt to do it manually, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing income tax returns, the team will instruct you on how to manage them. It is up for you and your team to complete the process in time. TaxJar will only provide guidance on what you need 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. This feature will ensure that everything will be automated, from calculating sales taxes to recording and processing it. There could be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there you and your team will have access to all the information you need, like the list of transactions, reports and information.
The greatest benefit of this feature is that it allows you to update automatically every day. Not only will they let you know how much you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes within your company. You can also export the data as CSV format. CSV file, if you want to use it in your financial planning and accounting processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. That means you won’t have to search for your documents when you’re in the event of a need. Even when you already have your accountant, this function can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have to cover other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform but everything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional details. In addition their sales tax calculator is useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide 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 effective plan for those who need assistance in filing and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program will be perfect for you. It might not include all the features of TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for something a bit more than just the standard features, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
What is the difference from the starter plan?
In addition to accessing all of the Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to opt for an upgrade instead. It includes all of the features you need to aid in your tax preparation. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of users and AutoFiles.
They also have a staff who are devoted in managing your accounts. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Errors Print
But they did state that this plan is tailor-fit for every user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see if the platform is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of using TaxJar to run your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then should try this.
It’s not just a way to assist you in keeping track of your products and revenue however, it will also help you meet your deadlines. This is also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax regulations, this will definitely help you get your mind around it. TaxJar Errors Print
If handling your taxes is straightforward, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better in doing it all on your own.
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FAQ TaxJar Errors Print
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in USdollars. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar determines the tax.
