Taxes are always one of the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues aren’t easy, 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 your own can be risky. If you make a mistake, you might have to do it all over again!
Almost everyone wants to skip this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
This article will take a look at this life-saving tool and how it can assist you. Even though this is lengthy it is possible to gauge whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Filling Out
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of the sales channels you use to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is used extensively by online business owners to keep everything organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to ensure you have a tax accounting software perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one spot. That way, there’s no need to gather data from different channels and organize it into one platform. All you need to do is connect TaxJar, then the system will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig into both.
If you choose to go it alone, 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 managing these. However, it will be up to you and your team members to finish the tax returns in time. TaxJar will only guide you on what you have to do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. With this feature, everything will be automated, from calculating taxes on sales in order to record and process it. There could be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your team will have access to all the information you require, including the list of transactions, reports and information.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. Not only will they let to know the amount you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard also allows users to view in detail the sales tax totals within your company. It is also possible to export the data to a CSV file, if you want to use it to aid in accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. That means you won’t have to search for your documents when you need them when you’re in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds more effectively. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything related to sales tax. Check out their webinars, guides, or blog posts for additional information. Apart from that their sales tax calculator should be useful if 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 establish your budget. Certain platforms have amazing features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small business owner, this plan will be perfect for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
You can also contact their support team with their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something different from the basics and options, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it if you add custom features.
What is the difference from the starter plan?
Apart from having access to all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to choose the Premium plan instead. It has all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited import integrations of data, API integrationsfor team members and AutoFiles.
They also have a staff that is devoted for managing the account. They don’t reveal how much the Premium plan costs you. TaxJar Filling Out
However, they did mention that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
Luckily, you don’t have to risk your money to find out if the platform is for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to see whether the service is the right choice for you.
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Pros and Cons
Now that we’ve covered all 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 using TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax 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
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it assist you in keeping track of your products and revenue, but it can help you meet your deadlines. It is also a great opportunity for accountants since they offer a Tax Advisor program. You can find tips and get knowledge from their seminars on taxes by using it.
The use of TaxJar can help you reduce time and keep track of every deadline and requirement you have to meet. If you live in a place with complicated tax laws, this will definitely help you get your head around the subject. TaxJar Filling Out
However, if managing your taxes is straightforward If it isn’t, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ TaxJar Filling Out
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using another currency, you’ll have to convert it into US$ prior to when TaxJar can calculate the tax.
