Taxes have always been among the most difficult things to handle regardless of whether you’re running a business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is packed with things to do. In the event that you do not have the funds to employ an accountant, making it your own could be dangerous. If you miss one detail and you don’t know it, you may need to repeat the process!
Almost everyone wants to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can benefit you. While this is an extensive read it is possible to determine if TaxJar is what you need today.
Do you prefer watching videos rather than watch them? 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 we’ll dive right into.
What exactly is TaxJar? TaxJar Illinois Amazon
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is used extensively by business owners who run online businesses 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 most important things you’ll need to make sure you have a tax accounting system perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one spot. So, there’s no requirement to collect data in multiple channels and then organize it on one platform. All you need to do is connect TaxJar, and the platform will handle all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing tax returns for income, the team will instruct you on how to manage the tax returns. However, it will be up to you and your staff to finish the tax returns in time. TaxJar will only help you understand what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales tax through recording, and then processing it. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to everything you require, including an inventory of your transactions, reports, and data.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. Not only will they let to know the amount you’ve earned, but they also help you track when your following payments are due.
The dashboard allows you to fully view the overall sales taxes for your business. Additionally, you can export the information as the form of a CSV file if you need it to aid in accounting and financial planning processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. It means you don’t need to scramble for your documents when you need them in the event of a need. Even even if you already have an accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have for other operational expenses.
What’s more is that TaxJar offers tutorials and training, not just for their platform , but also for anything that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional info. In addition, their sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small company manager, the plan could be perfect for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for something a bit more than just the basics, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge enterprise, you may want to opt for an upgrade instead. It comes with all the features needed to make your tax filing easier. In addition, they offer unlimited data import integrations, API integrations, team members and AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Illinois Amazon
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different in line with what you require 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 determine if the platform is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides 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.
- Allows you to track multiple 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 to USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have multiple sales channels and uses many platforms. If that’s what you do, then you should try this.
It’s not just a way to help you track your products and revenue however, it will also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
The use of TaxJar can help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will definitely help you get your mind around it. TaxJar Illinois Amazon
If handling your taxes is straightforward and straightforward, then TaxJar might not be a good investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole procedure simple to follow, you might be better in doing it all by yourself.
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FAQ TaxJar Illinois Amazon
What areas does TaxJar provide API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar determines your tax.
