Taxes have always been one of the most difficult tasks to complete, whether you’re running an enterprise or not. More so if you don’t have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is 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 miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to skip this step. But since it’s required, we have no choice.
What is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can help you. Although this is quite an extensive read, you should be able to assess whether TaxJar is the tool you require today.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Illinois Fba Settings
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar is 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 widely used by business owners who run online businesses to make their business more neat and simple. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting platform perfectly integrates along with sales funnels. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one place. That way, there’s no requirement to collect data from different channels and organize it into a single platform. All you have to do is to integrate TaxJar then the system will do the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar allows clients to make sales tax filings by hand or using the AutoFile feature. For this review, we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on how to handle the tax returns. It is up to you and your team members to finish the tax returns within the timeframe. TaxJar will only guide you on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything will be automated, from calculating sales taxes in order to record and process it. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there, you and your team can access everything you need, such as the list of transactions, reports, as well as data.
The greatest benefit of this option is the fact that it lets you to update automatically every day. Not only can they help you know how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. It is also possible to export the data to a CSV file, if you want to use it for your accounting and financial planning processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. This means that you don’t have to hunt for your paperwork whenever you’re in the event of a need. Even if you already have your accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers training and tutorials not only for their platform , but also all things related to sales tax. You can look through their webinars, guides and blog for more info. Apart from that, their sales tax calculator is useful if you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller 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.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get different from the basics, then the Professional plan might be the right one for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge company, you may need to opt for premium plans instead. It comes with all the features you need to make your tax filing easier. In addition, they offer unlimited data import integrations API integrations, team users and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Illinois Fba Settings
However, they did mention that the plan is custom-made for each user. Therefore, the cost will differ depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to determine if this service is for you. If you’re still considering various options, they provide 30 days of free trial. This should be enough time to gauge if the platform is a good fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything laid out TaxJar can be a great platform businesses with many sales channels and utilizes numerous platforms. If that’s what you’re doing, then must try TaxJar.
It’s not just a way to help you track your products and revenue It can assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar will help you get more done while keeping track of every deadline or requirement you need to meet. If you’re living in a region with a lot of tax laws, this can definitely help you get your mind around it. TaxJar Illinois Fba Settings
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track everything. If you find the whole process easy to do, you might be better in doing it all by yourself.
FAQ TaxJar Illinois Fba Settings
Which areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you’ll have to convert it to USUSD before TaxJar determines your tax.