Taxes have always been one of the hardest things to do regardless of whether you run a business or not. More so if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford enough money to engage an accountant doing it on your own could be dangerous. If you miss one detail it could mean you need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can assist you. While this is lengthy it is possible to assess whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What exactly is TaxJar? TaxJar Info
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax system perfectly integrates along with sales funnels. If you have multiple sales channels, you must maintain everything in line. 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 collect data from different channels and sort it into a single platform. All you need to do is to integrate TaxJar, and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via their AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to handle the tax returns. It is up to you and your team to complete everything within the timeframe. TaxJar will only provide guidance on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated from calculating sales taxes to recording and processing them. But, it is possible to incur additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be put together into a single dashboard via this platform. From there, you and your team can access everything you require, including the list of transactions, reports and data.
The most appealing aspect of this feature is that they allow you to automatically update every day. Not only will they let to know the amount you’ve earned however, they can also help you track when your following payment is due.
The dashboard allows you to fully view the sales tax totals within your company. Additionally, you can export the information in CSV format. CSV file, if you want to use it in your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. That means you won’t have to search for your documents when you need them in a pinch. Even when you already have your accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know better how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but everything connected to sales tax. Check out their webinars, guides, as well as their blog to find more info. Apart from that, their sales tax calculator should be useful if 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 offer superb capabilities, but they’re often too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It includes the tax on sales, four autofiles for free each year, and an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business owner, this plan will be ideal for you. It might not include all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking to get different from the basics and options, 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.
What is the difference from the original plan?
In addition to accessing each of Starter plan’s features, you also get access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to go for the Premium plan instead. It includes all of the features that you require to help with your taxes. Additionally, they permit unlimited import integrations of data, API integrationsfor team members and AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Info
However, they did say that the plan is custom-made for every user. So the costs will vary according to what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is the right choice for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple 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 on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business, but it can help you meet the deadlines you set. It is also a great opportunity for accountants since they offer a Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can help you reduce time and keep track of every deadline and obligation you have to meet. If you live in an area with complex tax laws, this will certainly help you to get your mind around it. TaxJar Info
However, if managing taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
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FAQ TaxJar Info
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar will calculate the tax.
