Taxes have always been one of the most difficult things to handle, whether you’re running 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 filled with tasks to complete. In the event that you do not have the funds to engage an accountant doing it on yourself can be risky. If you overlook one thing and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
We can always make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving tool and explain how it can benefit you. While this is a long read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Take a look at 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, then let’s dive right in.
What is TaxJar? TaxJar Groupon
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales taxes. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure is your tax-reporting system is compatible in conjunction with the sales channels you use. If you have multiple sales channels, you need to 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 key metrics in one place. So, there’s no need to gather data in multiple channels and sort it into one platform. All you have to do is integrate TaxJar, it will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers file their sales taxes either manually or via their AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns, the team will instruct you on managing the tax returns. But, it is up for you and your team members to finish the tax returns on time. TaxJar is only there to provide guidance on what you have to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales taxes in order to record and process them. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist 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 staff will have access to everything you require, including a list of your transactions, reports, as well as information.
The greatest benefit of this option is the fact that they allow you to update automatically every day. Not only can they help you keep track of how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the total sales tax in your business. It is also possible to export your data to a CSV file if you need it for your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accounting firm, the feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operating costs.
The best part is that TaxJar provides training and tutorials not only for their platform , but also for anything related to sales tax. Check out their webinars, guides, and blog for more info. In addition 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 understand how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and what each of those plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most effective plan for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not offer all of TaxJar’s features but it comes with the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking to get that is more than the basics and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
How different is it from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to go for an upgrade instead. It comes with all the features you need to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members, and AutoFiles.
They also have a team who are devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Groupon
However, they did mention that the plan is custom-made for each 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 looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar for your company.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you 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
- Limits on AutoFile are determined by 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 is an excellent platform for businesses with multiple sales channels and uses numerous platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of your products and revenue however, it will help you meet your deadlines. It is also a great platform for an accountant since they have tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your mind around it. TaxJar Groupon
If handling taxes is easy, then TaxJar could be a waste of expense. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Groupon
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in US$. If you’re using a different currency, you will need to convert it to USdollars prior to when TaxJar will calculate your tax.
