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 finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the budget to hire an accountant, making it your own could be dangerous. If you overlook one thing and you don’t know it, you may need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. While this is lengthy but you’ll be able to determine if TaxJar is what you need in the present.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Insight
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll need to make sure is your tax-reporting software seamlessly works well with your sales channel. If you’re selling through multiple channels, you must keep everything in place. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your critical data in one location. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you need to do is integrate TaxJar, then the system will handle the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list highlighting the platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on how to handle these. It is up to you and your team to complete the process in time. TaxJar is there to help you understand what you have to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything will be automated, from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your staff will have access to all the information you require, including an inventory of your transactions, reports, and the data.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only can they help to know the amount you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard can also allow you to see the total sales tax in your business. You can also export your data to the form of a CSV file, if you want to use it for your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all the sales avenues you use. This means that you don’t have to search for your documents when you need them in the event of a need. Even if you already have your accountant, this function can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have available for other operational costs.
What’s more is that TaxJar offers tutorials and training not only on their platform, but all things related to sales tax. You can check out their guides, webinars, or blog posts for additional details. Additionally, their sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of these options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It comes with the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller business proprietor, then this program will be perfect for you. It might not include all the features of TaxJar but it comes with all the basics you require.
You can also contact the support team via their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for a bit more than just the basics, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to their phone customer support, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to choose premium plans instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports Integrations with APIs, teams of members, and AutoFiles.
They also have a team who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Insight
However, they did say that this plan is customized for every user. So the costs will vary according to what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a breather. To sum it all up, here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated 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 be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it aid in tracking your revenue and products, but it can also help you meet your deadlines. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you get more done while keeping the track of each deadline or requirement you need to meet. If you’re living in a place with complicated tax laws, this can surely help you wrap your head around it. TaxJar Insight
However, if managing your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ TaxJar Insight
Which areas does TaxJar provide API assistance?
TaxJar currently supports 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 to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you will need to convert it into USUSD before TaxJar can calculate your tax.
