Taxes have always been one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, especially when you’re packed with things to do. In the event that you do not have enough money to engage an accountant doing it on your own could 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. However, since it’s mandatory and mandatory, there’s no other choice.
So what can we do about it?
We can always make life easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can help you. Although this is quite lengthy but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Are you looking to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar TaxJar In Canada
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. Additionally, you can use it in all of your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could take days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the benefits and features of TaxJar.
Features and services
One of the first things you’ll need to make sure is that your accounting tax platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your most important metrics in one place. This means that there is no requirement to collect data in multiple channels and organize it into one platform. All you have to do is connect TaxJar, then the system will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms they can integrate with:
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. In this review, we’ll dig into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income The team will guide you on managing these. However, it will be up for you and your team members to complete the process in time. TaxJar will only help you understand what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales tax to recording and processing it. But, it is possible to incur extra fees if not included in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to all the information you require, including a list of your transactions, reports, as well as the data.
The best part about this option is the fact that they allow you to update automatically every day. Not only can they help to know the amount you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows you to fully view the total sales tax for your business. It is also possible to export the data as the form of a CSV file in case you require it in your accounting and financial planning processes or if you require it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when 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 in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have to cover other operating costs.
What’s more 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 guides, webinars, and blog for more details. Apart from that the sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the most effective plan if you need help in filing and reporting. It includes taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale business owner, this plan should be ideal for you. It may not have all the features of TaxJar however, it does include the basic features you require.
You can also contact the support team via their support chart for email. Additionally, you’ll have access to their integration features.
If you’re looking to get that is more than the standard features, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
If you own a huge company, you may need to choose an upgrade instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrations, team members and AutoFiles.
They also have a staff that is devoted for managing the account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar In Canada
However, they did mention that this plan is tailor-fit for every 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 bet your life on it to determine if this service is for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to gauge whether the service is a good fit for you.
Pros and Cons
We’ve covered everything you should know about TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar for your company.
- Has a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- 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 for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then you should try this.
Not only can it assist you in keeping track of your products and revenue however, it will also help you meet the deadlines you set. This is also an excellent opportunity for accountants since they have tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar will help you get more done while keeping on top of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this can certainly help you to get your mind around it. TaxJar In Canada
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete then you’re better to do it on your own.
FAQ TaxJar In Canada
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar will calculate the tax.