Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have the funds to engage an accountant doing it on your own could be risky. If you miss one detail it could mean you 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 can we do about it?
It is always possible to make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and how it can help you. While this is an extensive read it is possible to assess whether TaxJar is exactly what you need in the present.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar TaxJar Expected Vs Actual
In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it in all of your sales channels to ensure compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to make their business more neat and simple. Let’s look into their features and services.
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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 is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar lets you display your key data in one location. That way, there’s no need to gather data from different channels and then organize it on one platform. All you need to do is to integrate TaxJar it will handle all the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For the purpose of this article, we’ll dig at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns TaxJar will train you on how to manage the tax returns. But, it is up for you and your team members to finish the tax returns in time. TaxJar will only provide guidance on what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. Through this feature, everything will be automated, from calculating sales taxes to recording and processing it. There could be extra fees if not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff will have access to all the information you require, including a list of your transactions, reports, as well as data.
The greatest benefit of this option is the fact that it allows you to update automatically every day. Not only will they let to know the amount you’ve collected however, they can also help you track when your following payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. Additionally, you can export the data in CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the sales avenues you use. That means you won’t have to hunt for your paperwork when you need them in a pinch. Even if you already have your accountant, this feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll be aware of the budget you have available for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also for anything connected to sales tax. You can check out their webinars, guides, and blog for more info. Apart from that their sales tax calculator is beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they can be too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance in filing and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and an CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a smaller business proprietor, then this program could be ideal for you. It may not have all the features of TaxJar, but it has the basic features you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get different from the basic features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
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 the support of their customer service via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations Integrations with APIs, teams of users, and AutoFiles.
There is also a team that is devoted to managing your account. They don’t reveal how much the Premium plan is going to cost. TaxJar Expected Vs Actual
However, they did mention that this plan is customized to each user. The cost of the plan will be different depending on what you need for your company.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a breather. To summarize, here are the pros and cons of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to aid in tracking the sales and profits of your business however, it will also help you meet your deadlines. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can help you save more time while keeping track of every deadline or requirement you need to meet. If you live in an area with complex tax regulations, this will surely help you wrap your head around it. TaxJar Expected Vs Actual
If handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
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FAQ TaxJar Expected Vs Actual
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USUSD before TaxJar can calculate the tax.
