Taxes are always one of the most difficult tasks to complete, whether you’re running an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. If you don’t have the funds to employ an accountant, doing it on yourself can be dangerous. If you miss one detail it could mean you have to do it all over again!
Most people want to skip this step. But , as it’s a requirement, we have no choice.
So , what is the best way to deal with it?
We can simplify our lives with tools such as TaxJar.
This article will take a look at this life-saving tool and how it can benefit you. While this is a long read but you’ll be able to determine if TaxJar is what you need today.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Incorrect Total
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your sales channels to ensure compliance with your sales taxes. It streamlines processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to ensure you have a tax accounting software perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your most important data in one location. That way, there’s no need to gather data in multiple channels and then organize it on one platform. All you need to do is integrate TaxJar it will do the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll look into both.
If you opt 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 TaxJar will train you on managing these. But, it is up to you and your staff to complete the process on time. TaxJar will only guide you on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. Through this feature, everything is automated, from calculating sales tax to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from 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 all the information you need, like a list of your transactions, reports, as well as the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update your account automatically each day. Not only will they let to know the amount you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the sales tax totals for your business. It is also possible to export your data to the form of a CSV file, if you want to use it to aid in financial planning and accounting processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to scramble for your documents 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 can help you allocate your funds more effectively. You’ll be aware of the budget you have to cover other operational expenses.
The best part is that TaxJar provides training and tutorials not only for their platform , but also all things that has to do with sales tax. Check out their webinars, guides, or blog posts for additional details. In addition 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 understand how important it is to establish your budget. Certain platforms have amazing features, but they can be too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company proprietor, then this program could be ideal for you. It may not have all the features offered by TaxJar, but it has the essentials that you need.
You can also contact their support team with their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for something a bit more than just the basics and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to 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 have 12 free AutoFiles each year.
Premium
If you have a massive enterprise, you may want to choose an upgrade instead. It includes all of the features that you require to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Incorrect Total
However, they did mention that this plan is tailor-fit for each user. The cost of the plan will be different according to what you require to run your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for 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
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes many platforms. If that’s what you do, then you ought to try this.
Not only can it help you track your products and revenue, but it can assist you in meeting your deadlines. It is also a great opportunity for accountants since they offer tax Advisor program. You can find tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping on top of each deadline and obligation you have to fulfill. If you’re in a region with a lot of tax regulations, this will surely help you wrap your head around it. TaxJar Incorrect Total
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure simple to follow, you might be better off doing it on your own.
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FAQ TaxJar Incorrect Total
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type 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 will need to convert it to US$ prior to when TaxJar will calculate the tax.
