Taxes have always been among the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to engage an accountant doing it on yourself can be dangerous. If you miss one detail, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do ?
We can make life easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving tool and explain how it can assist you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is exactly what you need today.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Ipo
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your channels of sales to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by business owners who run online businesses to keep everything simple and organized. Let’s take a look at their features and services.
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Features and services
Integration
One of the most important things you’ll need to make sure is your tax-reporting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar lets you display your key metrics in one place. This means that there is no need to gather data in multiple channels and then organize it on a single platform. All you have to do is to integrate TaxJar, it will handle the rest.
Other than that, 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 allows customers to submit their sales tax manually or through the AutoFile feature. In this review, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns The team will guide you on how to handle them. It is up for you and your team to finish the tax returns in time. TaxJar is there to provide guidance on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. Through this feature, everything is automated, from calculating sales taxes through recording, and then processing them. But, it is possible to incur extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting issues. The orders you place through your online channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you require, including the list of transactions, reports, and data.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to see the total sales tax in your business. It is also possible to export your data to CSV format. CSV file if you need it for your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even if you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform but all things that has to do with sales tax. Check out their webinars, guides, or blog posts for additional info. In addition their sales tax calculator can be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They say it’s the best plan for those who need assistance with filing requirements and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a smaller business proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features, but it has all the basics you require.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking for something that is more than the basics, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher by adding custom features.
What is the difference from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to opt for the Premium plan instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data API integrations, team members and AutoFiles.
They also have a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Ipo
However, they did say that this plan is tailor-fit to each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to gauge whether the software is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. In order to sum up the whole thing, here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- You can track several sales channels
Cons
- AutoFile limit is 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 clearly laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you ought to try this.
It’s not just a way to aid in tracking your revenue and products, but it can also help you meet your deadlines. It is also a great platform for an accountant since they offer a Tax Advisor program. There are tips to follow 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 live in a region with a lot of tax laws, this can surely help you wrap your mind around it. TaxJar Ipo
However, if managing taxes is easy and straightforward, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the entire process easy to do, you might be better to do it by yourself.
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FAQ TaxJar Ipo
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it into USdollars before TaxJar can calculate the tax.
