Taxes have always been among the hardest things to do regardless of whether you run a business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the budget to engage an accountant making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Most people want to skipping this step. But , as it’s a requirement, we have no choice.
What is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
We’ll look at this popular life-saving tool and explain how it can assist you. Although this is quite an extensive read but you’ll be able to assess whether TaxJar is what you need in the present.
Do you prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, let’s dive right in.
What exactly is TaxJar? TaxJar In Ecommerce Nexus
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It’s a solution for the entire life cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to make their business more organized and straightforward. Let’s explore their features and services.
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Services and features
Integration
One of the most important things you’ll need to make sure is that your accounting tax system is compatible with your sales channel. If you have multiple sales channels, you need to maintain everything in line. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no need to gather data in multiple channels and organize it into a single platform. All you need to do is connect TaxJar, it will handle all the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage them. It is up to you and your team members to finish the tax returns within the timeframe. TaxJar is there to help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales to recording and processing it. However, there might be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as the list of transactions, reports, as well as data.
The most appealing aspect of this option is the fact that it lets you to automatically update every day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to fully view the total sales tax in your business. It is also possible to export the data as a CSV file if you need it for your accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the sales avenues you use. 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 accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll know better how much budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just on their platform, but for anything related to sales tax. You can look through their webinars, guides, or blog posts for additional details. Additionally the sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It also includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale business proprietor, then this program will be ideal for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking for different from the standard features Professional may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
How different is it from the original plan?
Apart from having access to all of the Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive enterprise, you may want to opt for the Premium plan instead. It comes with all the features needed to make your tax filing easier. Additionally, they permit unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
There is also a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. TaxJar In Ecommerce Nexus
But they did state that the plan is custom-made for every user. Therefore, the cost will differ depending on what you need for your company.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of the sales and profits of your business, but 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 find tips and learn from their sessions regarding taxes via it.
Using TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you’re in an area with complex tax laws, this will certainly help you to get your head around the subject. TaxJar In Ecommerce Nexus
If handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire process easy to do, you might be better off doing it by yourself.
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FAQ TaxJar In Ecommerce Nexus
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars before TaxJar will calculate the tax.
