Taxes have always been among the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have enough money to employ an accountant, making it your own can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Most people want to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
What is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. Even though this is an extensive read it is possible to assess whether TaxJar is the tool you require right now.
Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Implementation
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with your sales taxes. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is neat and simple. 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 ensure is your tax-reporting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your key metrics in one spot. So, there’s no need to collect data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar, then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. For the purpose of this article, we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to the filing of income tax returns The team will guide you on how to manage them. However, it will be up for you and your team members to finish the tax returns within the timeframe. TaxJar is there to provide guidance on what you have to do but not handle it.
If you 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 is automated, from calculating sales tax to recording and processing it. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, such as a list of your transactions, reports, and information.
The best part about this option is the fact that they allow you to update your account automatically each day. They not only let to know the amount you’ve accumulated however, they can also help you keep track of when the next payments are due.
The dashboard allows you to see the total sales tax for your business. You can also export the information as CSV format. CSV file in case you require it in your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
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 when you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform but all things related to sales tax. You can check out their webinars, guides or blog posts for additional information. Additionally the sales tax calculator can be beneficial when you’re planning to 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 capabilities, but they’re often too costly for the business you run. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan starts at $19. They say it’s the best plan for those who need assistance in filing and reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business proprietor, then this program should be perfect for you. It might not include all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something 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 when you add additional features.
What is the difference from the basic plan?
In addition to having access to every one of Starter plan’s options, you also have access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive enterprise, you may want to go for the Premium plan instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data as well as API integrationsfor team members and AutoFiles.
They also have a team who are devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Implementation
However, they did mention that this plan is customized for each user. The cost of the plan will be different according to what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to determine whether the software is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business It can assist you in meeting your deadlines. It is also a great opportunity for accountants since they provide a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Implementation
If handling your taxes is straightforward, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. If you’re finding the entire process easy to do, you might be better off doing it on your own.
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FAQ TaxJar Implementation
What areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar determines your tax.
