Taxes have always been one of the hardest things to do regardless of whether you run your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re full of things to be done. If you don’t have the budget to hire an accountant, doing it on your own could be dangerous. If you make a mistake it could mean you have to do it all over again!
Almost everyone wants to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is exactly what you need right now.
Are you looking watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar Illinois Fba Warehouse Address
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting software is compatible with your sales channel. If you’re selling through multiple channels, you need to ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar lets you display your most important data in one location. That way, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is integrate TaxJar, then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. In our review we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income, the team will instruct you on how to manage them. However, it will be up to you and your team to finish the tax returns within the timeframe. TaxJar is there to guide you on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to everything you need, like a list of your transactions, reports and the data.
The best part about this option is the fact that it allows you to update automatically every day. Not only will they let you know how much you’ve earned however, they can also help you track when your following payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. Additionally, you can export your data as a CSV file in case you require it in your process of financial planning and accounting or if your team requires it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance 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 offers training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional details. In addition their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section, we’ll look into TaxJar’s pricing tiers and what each of those choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It includes sales tax reporting, four free yearly AutoFiles, and an CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a smaller company manager, the plan should be ideal for you. It may not offer all of TaxJar’s features but it comes with all the basics you require.
Additionally, you can contact the support team via their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking to get a bit more than just the standard features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up if you add custom features.
What is the difference from the original plan?
Apart from having access to every one of Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to opt for an upgrade instead. It includes all of the features that you require to aid in your tax preparation. Moreover, they allow unlimited data import integrations, API integrationsfor team members as well as AutoFiles.
They also have a staff dedicated for managing the account. They don’t reveal how much the Premium plan will cost you. TaxJar Illinois Fba Warehouse Address
However, they did say that the plan is custom-made for each user. So the costs will vary according to what you require for your business.
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to determine whether the software is a good fit for you.
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 pros and cons of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you do, then you must try TaxJar.
Not only can it aid in tracking the sales and profits of your business however, it will help you meet the deadlines you set. It is also a great option for accountants as they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline and requirement you have to meet. If you’re living in an area with complex tax regulations, this will definitely help you get your head around the subject. TaxJar Illinois Fba Warehouse Address
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you find the entire procedure simple to follow, you might be better off doing it on your own.
FAQ TaxJar Illinois Fba Warehouse Address
What areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate the tax.