Taxes are always one of the most difficult things to handle, whether you’re running an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, doing it on your own could be risky. If you overlook one thing and you don’t know it, you may have to redo things again!
Almost everyone wants to avoid this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
It is always possible to 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 help you. While this is lengthy, you should be able to gauge whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Kentucky Sales Tax Income Tax
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is neat and simple. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to make sure is your tax-reporting platform seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one spot. This means that there is no requirement to collect data from different channels and then organize it on a single platform. All you have to do is integrate TaxJar, and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
TaxJar lets customers submit their sales tax either manually or via the AutoFile feature. In our review we’ll take a look at both.
If you choose to go it alone, TaxJar will allow you to connect your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to handle them. But, it is up to you and your staff to complete the process in time. TaxJar is only there to help you understand 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 submit the forms in a manual manner. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. However, there might be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team can access everything you need, such as a list of your transactions, reports, as well as the data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only can they help to know the amount you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to see the overall sales taxes in your business. Additionally, you can export the data in the form of a CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. Even if you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your money more efficiently. You’ll be aware of the budget you have for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform , but also all things related to sales tax. You can look through their guides, webinars, and blog for more information. Additionally the sales tax calculator is useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan to help you with filing requirements and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a smaller business owner, this plan could be perfect for you. It may not offer all the features offered by TaxJar, but it has the basic features you require.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for something different from the basic features and options, then the Professional plan could be the one for you. It’s priced at $99 however, it could go up by adding custom features.
How different is it from the original plan?
In addition to having access to each of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large enterprise, you may want to go for an upgrade instead. It has all of the features needed to help with your taxes. Moreover, they allow unlimited import integrations of data as well as Integrations with APIs, teams of users as well as AutoFiles.
They also have a team who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Kentucky Sales Tax Income Tax
But they did state that this plan is customized for each user. The cost of the plan will be different according to what you require for your business.
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to determine whether the software is an excellent fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of making use of TaxJar for your company.
- 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
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- AutoFile limit is based on 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 recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses plenty of platforms. If that sounds like what you do, then you should try this.
Not only will it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. It’s also an excellent option for accountants as they have tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.
Using TaxJar can help you reduce time and keep track of every deadline and requirement you have to meet. If you live in an area with complex tax regulations, this will certainly help you to get your mind around it. TaxJar Kentucky Sales Tax Income Tax
However, if managing your taxes is simple and straightforward, then TaxJar might not be a good investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure simple to follow, you might be better off doing it by yourself.
FAQ TaxJar Kentucky Sales Tax Income Tax
Which areas does 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 with TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar will calculate the tax.