Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, making it your own could be risky. If you miss one detail, you might have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do about it?
It is always possible to make life easier with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can benefit you. Even though this is lengthy but you’ll be able to determine if TaxJar is what you need today.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar TaxJar Illinois
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all the sales channels you use to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by online business owners to ensure that everything is neat and simple. Let’s look into the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you need to ensure that everything is in order. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to collect data from different channels and organize it into one platform. All you have to do is integrate TaxJar it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar allows clients to make sales tax filings by hand or using TaxJar’s AutoFile feature. In our review we’ll take a look at both.
If you decide 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 these. It is up to you and your team to complete the process on time. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out the forms in a manual manner. This feature will ensure that everything is automated, from calculating sales taxes to recording and processing it. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into one dashboard using this platform. Once you’re on the platform you and your staff will have access to everything you require, including a list of your transactions, reports, as well as data.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve collected however, they can also help you keep track of when the next payments are due.
Their dashboard also allows you to see the total sales tax within your company. Additionally, you can export your data as a CSV file, if you want to use it for your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps you organize and keep the track of all the channels you sell through. This means that you don’t have to search for your documents whenever you’re when you’re in a pinch. 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 to cover other operating expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but everything connected to sales tax. You can look through their webinars, guides as well as their blog to find more details. In addition their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small business proprietor, then this program should be ideal for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
You can also contact the support team via their support chart for email. You’ll also have access to their integration tools.
If you’re looking for that is more than the basics Professional may be the best option for you. It starts at $99, but it can go higher if you add custom features.
How different is it from the basic plan?
In addition to accessing each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you run a large business, you might need to opt for the Premium plan instead. It comes with all the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of users, and AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. TaxJar Illinois
But they did state that the plan is custom-made for each user. So the costs will vary in line with what you require for your business.
Fortunately, you don’t need to gamble your money just to determine if this service is right for you. If you’re still looking into different options, they offer a 30-day free trial. This should be enough time to determine if the platform is the right choice for you.
Pros and Pros and
We’ve covered everything you need to be aware of TaxJar let’s take a break. To sum it all up we’ll go over the pros and cons of the use of TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then ought to try this.
It’s not just a way to aid in tracking your products and revenue, but it can help you meet your deadlines. It is also a great platform for an accountant since they provide a Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you reduce time and keep on top of each deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will surely help you wrap your head around it. TaxJar Illinois
However, if managing taxes is easy If it isn’t, 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. If you’re finding the entire procedure simple to follow then you’re better to do it by yourself.
FAQ TaxJar Illinois
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in US$. If you’re using a different currency, you’ll have to convert it into USdollars before TaxJar can calculate the tax.