Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to employ an accountant, performing the task on your own could be dangerous. If you miss one detail, you might 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 is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this life-saving tool and explain how it can help you. While this is a long read but you’ll be able to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Gem Rails
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to ensure that everything is in order. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar lets you display your critical data in one location. That way, there’s no need to collect data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar then the system will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax either manually or via TaxJar’s AutoFile feature. For our review we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for the filing of income tax returns The team will guide you on how to manage these. But, it is up to you and your staff to finish the tax returns on time. TaxJar is only 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, which means you don’t have to submit any forms manually. With this feature, everything will be automated from calculating sales taxes in order to record and process them. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you need, like a list of your transactions, reports, and data.
The greatest benefit of this feature is that they allow you to update automatically every day. Not only can they help you keep track of how much you’ve earned however, they can 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. It is also possible to export your data as the form of a CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to scramble for your documents when you’re in the event of a need. 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 in advance will help you plan your money more efficiently. You’ll know better how much budget you have available for other operating expenses.
What’s more is that TaxJar offers training and tutorials not only for their platform , but also all things connected to sales tax. Check out their webinars, guides, and blog for more details. Additionally their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason we’ll take a look at TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small-scale business manager, the plan could be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration features.
Professional
If you’re looking for different from the basic features, then the Professional plan could be the one for you. The price starts at $99 but you can increase it by adding custom features.
So how different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to go for the Premium plan instead. It comes with all the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports API integrations, team members, and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Gem Rails
But they did state that the plan is custom-made for every user. So the costs will vary in line with what you require to run your business.
Free Trial
Fortunately, you don’t need 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 if the platform is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to aid in tracking your revenue and products however, it will help you meet your deadlines. It’s also an excellent platform for an accountant since they offer tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar can help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this can definitely help you get your mind around it. TaxJar Gem Rails
But if handling taxes is easy, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you’re finding the entire process easy to do, you might be better to do it on your own.
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FAQ TaxJar Gem Rails
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it to USUSD prior to when TaxJar can calculate your tax.
