TaxJar High Growth Startup

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Taxes have always been one of the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, doing it on your own can be risky. If you make a mistake and you don’t know it, you may have to do it all over again!

Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.

What can we do ?

It is always possible to make our lives easier with tools such as TaxJar.

Here we’ll take a look at this popular life-saving device and how it can help you. Even though this is lengthy but you’ll be able to gauge whether TaxJar is what you need today.

Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.

If you prefer to read, let’s get right into it.

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What is TaxJar? TaxJar High Growth Startup

Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it in all of your sales channels to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.

TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.

What can it do to help you?

TaxJar is extensively used by online business owners to keep everything organized and straightforward. Let’s look into the benefits and features of TaxJar.

TaxJar High Growth Startup

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Features and services

Integration

One of the first things you’ll want to check is your tax-reporting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The final thing you would like 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 information from multiple sources and then organize it on one platform. All you need to do is integrate TaxJar it will handle the rest.

Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they are able to integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows clients to make sales tax filings manually or through the AutoFile feature. For the purpose of this article, we’ll take a look at both.

If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. When it comes time to the filing of income tax returns, the team will instruct you on managing them. However, it will be up to you and your team to complete everything within the timeframe. TaxJar is only there to provide guidance on what you should do but not handle it.

If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales tax in order to record and process them. There could be additional costs if the feature is not part of the plan you select.

Sales Tax Reports

As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you require, including a list of your transactions, reports, as well as data.

The greatest benefit of the feature you’ve chosen is it lets you to automatically update every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.

The dashboard allows users to view in detail the total sales tax for your business. Additionally, you can export the data in a CSV file if you need it in your process of financial planning and accounting or if your team needs it to run centralized reports.

Training and Streamlining

TaxJar assists in organizing and keeping the track of all the sales avenues you use. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even if you already have your accountant, this function will help them be more efficient.

Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operational expenses.

But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can check out their webinars, guides as well as their blog to find more information. In addition, their sales tax calculator can be beneficial when 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. Some platforms offer superb features, but they can be 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 plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.

Starter

The Starter plan costs $19. They say it’s the most suitable plan for you if you need help with filing requirements and reporting. It includes sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.

If you’re a small-scale business proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features however, it does include the essentials that you need.

In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration tools.

Professional

If you’re looking for a bit more than just the basic features Professional 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?

In addition to having access to each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.

Premium

If you own a huge enterprise, you may want to opt for an upgrade instead. It includes all of the features that you require to make your tax filing easier. Additionally, they permit unlimited import integrations of data API integrationsfor team users and AutoFiles.

They also have a staff dedicated in managing your accounts. But, they don’t divulge how much the Premium plan costs you. TaxJar High Growth Startup

However, they did say that this plan is customized for each user. Therefore, the cost will differ depending on what you need to run your business.

Free Trial

Fortunately, you don’t need to bet your life on it to see if this platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to see if the platform is an excellent 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 relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.

Pros

  • Does the plan include the Tax Advisor option for some plans
  • AutoFile features to reduce time
  • Available in most USA states
  • Offers on the internet for sales tax calculator.
  • Support Service Team
  • The dashboard is easy to navigate
  • Offers a 30-day free trial
  • It is possible to integrate it with other platforms
  • Allows you to track multiple sales channels

Cons

  • AutoFile limit is based on the plan
  • AutoFile has extra fees
  • Certain countries will not have access to the API feature.
  • Only valid for USA customers
  • It is important for owners and accountants to check local legislation

The Final Verdict

With everything laid out, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then should 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 the deadlines you set. This is also an excellent platform for an accountant since they have tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.

Utilizing TaxJar will help you reduce time and keep track of every deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar High Growth Startup

If handling taxes is easy, then TaxJar might not be a good investment. If you only have one or two channels of sales, 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 High Growth Startup

Which areas does TaxJar offer API assistance?

TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.

Do I have the ability to integrate Shopify together with TaxJar?

Yes. You can sync your Shopify account with 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 of the transaction amounts are n USdollars. If you’re using another currency, you will need to convert it to USUSD before TaxJar will calculate your tax.

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