Taxes are always one of the most difficult tasks to complete, whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to engage an accountant doing it on yourself can be risky. If you make a mistake, you might have to redo things again!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What is the best way to deal with it?
We can make life easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. Although this is quite an extensive read but you’ll be able to determine if TaxJar is exactly what you need in the present.
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 analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar How To File Sales Tax
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all of the sales channels you use to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to make their business more neat and simple. Let’s look into their features and services.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting system is compatible along with sales funnels. If you have multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to be penalized for missing a single minor point.
TaxJar lets you display your most important metrics in one place. So, there’s no need to gather data from different channels and sort it into one platform. All you have to do is integrate TaxJar, and the platform will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. In our review we’ll take a look 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 filing tax returns for income The team will guide you on how to handle these. It is up to you and your team members to complete the process within the timeframe. TaxJar is there to guide you on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales taxes through recording, and then processing them. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there, you and your team will have access to all the information you need, like the list of transactions, reports, and information.
The greatest benefit of this feature is that it lets you to update automatically every day. Not only can they help to know the amount you’ve collected, but they also help you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax in your business. You can also export the data as CSV format. CSV file if you need it to aid in process of financial planning and accounting or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to scramble for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax ahead of time can help you allocate your funds better. You’ll know better how much budget you have to cover other operating costs.
The best part is that TaxJar offers training and tutorials, not just on their platform, but all things that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional information. Apart from that the sales tax calculator can be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they can be too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide you. Presently, 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 to help you in filing and reporting. It comes with sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan could be perfect for you. It may not have all the features of TaxJar but it comes with the basic features you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features and options, then the Professional plan could be the one for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the basic plan?
Apart from having access to every one of Starter plan’s features, you also get access to their phone customer support, API access, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive company, you may need to opt for an upgrade instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited integrations with data imports as well as API integrations, team users, and AutoFiles.
There is also a team who are devoted for managing the account. They don’t reveal the price of the Premium plan. will cost you. TaxJar How To File Sales Tax
However, they did mention that this plan is tailor-fit for every user. So the costs will vary in line with what you require for your company.
Free Trial
Luckily, you don’t have to gamble your money just to see if this platform is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to determine whether the service is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar Let’s relax. To summarize, here are the pros and cons of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can help you meet the deadlines you set. It is also a great opportunity for accountants since they provide tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can allow you to save more time while keeping the track of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax laws, this can surely help you wrap your head around it. TaxJar How To File Sales Tax
But if handling your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do, you might be better off doing it on your own.
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FAQ TaxJar How To File Sales Tax
What are the areas in which TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar will calculate the tax.
