Taxes have always been one of the hardest things to do, whether you’re running an enterprise or not. Particularly if you don’t have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds to engage an accountant making it your own could be dangerous. If you miss one detail, you might have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. While this is an extensive read but you’ll be able to assess whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar Food Tax Option
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all the sales channels you use to ensure compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to make their business more organized and straightforward. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll need to make sure you have a tax accounting software perfectly integrates along with sales funnels. If you have multiple sales channels, you must ensure that everything is in order. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your key data in one location. This means that there is no need to collect data from different channels and then organize it on one platform. All you have to do is integrate TaxJar then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income The team will guide you on how to manage the tax returns. It is up to you and your team to complete everything on time. TaxJar is there to guide you 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 won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating taxes on sales to recording and processing it. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting problems. The orders you place through your online channels can be combined into a single dashboard through this platform. From there, you and your team will have access to all the information you need, such as the list of transactions, reports and the data.
The greatest benefit of this feature is that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated, but they also help you determine when your next payment is due.
Their dashboard also allows you to see the overall sales taxes in your business. Additionally, you can export the information in CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. This means that you don’t have to search for your documents when you need them in a pinch. Even even if you already have an accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but for anything related to sales tax. You can look through their guides, webinars, as well as their blog to find more information. Apart from that, their sales tax calculator is 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. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan if you need help in filing and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller business owner, this plan could be perfect for you. It might not include all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their email support chart. You’ll also have access to their integration features.
Professional
If you’re looking for something that is more than the standard features and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher when you add additional features.
What is the difference from the original plan?
Apart from having access to each of Starter plan’s features, you also have their phone customer support access to APIs, as well as 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 an upgrade instead. It includes all of the features you need to help with your taxes. Additionally, they permit unlimited integrations with data imports API integrations, team members, and AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar Food Tax Option
But they did state that the plan is custom-made for every user. So the costs will vary depending on what you need for your company.
Free Trial
Luckily, you don’t have to bet your life on it to see if this platform is right for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to see whether the software is an excellent fit for you.
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Pros and Cons
We’ve covered everything you should know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of using 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
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it 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 applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then should try this.
It’s not just a way to aid in tracking your products and revenue, but it can help you meet your deadlines. It is also a great opportunity for accountants since they provide the Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax laws, this will certainly help you to get your head around it. TaxJar Food Tax Option
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar Food Tax Option
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with 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. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD before TaxJar will calculate the tax.
