TaxJar Innovation Labs

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Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. If you don’t have the budget to hire an accountant, doing it on your own can be dangerous. If you make a mistake it could mean you have to do it all over again!

Most people want to skipping this step. But , as it’s a requirement, we have no choice.

So what can we do ?

It is always possible to make life easier by using tools like TaxJar.

This article will take a look at this life-saving tool and how it can assist you. Although this is quite an extensive read it is possible to determine if TaxJar is exactly what you need in the present.

Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.

For those who like to read, we’ll dive right into.

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What exactly is TaxJar? TaxJar Innovation Labs

In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it across all of your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could take days to complete and finish within only a few minutes.

TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.

How can this help you?

TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s look into their features and services.

TaxJar Innovation Labs

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Services and features

Integration

One of the first things you’ll need to make sure is that your accounting tax platform is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.

TaxJar lets you display your critical metrics in one place. This means that there is no need to gather data from different channels and sort it into a single platform. All you need to do is connect TaxJar then the system will handle the rest.

In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows clients to make sales tax filings either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig at both.

If you opt to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to the filing of income tax returns TaxJar will train you on how to manage the tax returns. It is up to you and your staff to complete everything within the timeframe. TaxJar will only guide you on what you have to accomplish, but not manage it.

If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing them. There could be extra fees if not included in the plan you choose.

Sales Tax Reports

As I mentioned earlier that you can utilize TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform, you and your team can access everything you need, like an inventory of your transactions, reports, and data.

The greatest benefit of the feature you’ve chosen is it allows you to update automatically every 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.

Their dashboard also allows you to fully view the sales tax totals in your business. It is also possible to export the data as CSV format. CSV file, if you want to use it to aid in accounting and financial planning processes or if you require it for central reporting.

Streamlining and Training

TaxJar assists in organizing and keeping track of all of the sales avenues you use. That means you won’t have to search for your documents when you need them 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 help you plan your funds better. You’ll know better how much budget you have available for other operational expenses.

What’s more is that TaxJar offers training and tutorials, not just on their platform, but everything that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator should be useful if you’re planning to take on the entire task yourself.

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How much does TaxJar cost?

We are aware of how important it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.

Starter

Their Starter plan starts at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It comes with the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax advice.

If you’re a small-scale business proprietor, then this program could be ideal for you. It might not include all the features of TaxJar but it comes with the essentials that you need.

You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.

Professional

If you’re looking to get a bit more than just the standard features Professional could be the one for you. The price starts at $99 however, it could go up when you add additional features.

So how different is it from the starter plan?

In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.

Premium

If you own a huge business, you might need to opt for premium plans instead. It comes with all the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team users as well as AutoFiles.

They also have a team dedicated for managing the account. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Innovation Labs

However, they did mention that this plan is tailor-fit for each user. So the costs will vary depending on what you need for your company.

Free Trial

It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still looking into other options, they have 30 days of free trial. It should give you enough time to determine whether the software is a good fit for you.

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Pros and Cons

After we’ve gone over everything you must know about TaxJar Let’s relax. To sum it all up Here are the pros and cons of the use of TaxJar for your business.

Pros

  • There is the Tax Advisor option for some plans
  • AutoFile features to reduce time
  • Available in most USA states
  • Provides an online 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
  • Allows you to track multiple sales channels

Cons

  • AutoFile limit is based on the plan
  • AutoFile has extra fees
  • Certain countries will not be able to access the API feature
  • Only applicable for USA customers
  • It is important for owners and accountants to recheck local legislations

The Final Verdict

With everything laid out TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.

Not only will it assist you in keeping track of your revenue and products It can also help you meet your deadlines. This is also an excellent option for accountants as they provide a Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.

Using TaxJar will help you get more done while keeping track of every deadline and obligation you have to meet. If you live in a place with complicated tax laws, this will definitely help you get your mind around it. TaxJar Innovation Labs

However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure easy to complete then you’re better in doing it all by yourself.

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FAQ TaxJar Innovation Labs

Which areas does TaxJar offer API support?

TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.

Can I incorporate Shopify with TaxJar?

Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.

Are there any ways to exchange one type of currency with TaxJar?

Unfortunately, no. TaxJar cannot convert currencies. The transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar determines the tax.

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