Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to employ an accountant, doing it on yourself can be risky. If you overlook one thing it could mean you have to redo things again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. While this is lengthy but you’ll be able to gauge whether TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar For Canada
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. Additionally, you can use it across all of the sales channels you use to make sure you’re in compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s take a look at 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 is that your accounting tax system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to collect information from multiple sources and then organize it on a single platform. All you have to do is to integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings manually or through TaxJar’s AutoFile feature. For this review, we’ll dig at both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for the filing of income tax returns, the team will instruct you on how to handle them. But, it is up for you and your staff to complete the process in time. TaxJar will only guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales through recording, and then processing them. There could be extra fees if not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, such as the list of transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to update your account automatically each day. They not only let you know how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
Their dashboard also allows users to view in detail the sales tax totals for your business. It is also possible to export the data as a CSV file if you need it for your accounting and financial planning processes or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you need them in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform , but also for anything that has to do with sales tax. Check out their webinars, guides, as well as their blog to find more information. Apart from that their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes the tax on sales, 4 autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for something that is more than the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to go for an upgrade instead. It has all of the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations as well as API integrationsfor 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 For Canada
But they did state that this plan is tailor-fit 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 determine if this service is the right one for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to determine whether the service is the right choice for you.
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Pros and Cons
After we’ve gone over everything you need to be aware of TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Has 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it help you track your products and revenue It can help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to save more time while keeping on top of each deadline and requirement you have to meet. If you live in a region with a lot of tax laws, this will definitely help you get your head around the subject. TaxJar For Canada
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. 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 For Canada
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar determines the tax.
