Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a background in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to engage an accountant making it yourself can be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what can we do about it?
We can always make our lives easier with tools such as TaxJar.
This article will take a look at this popular life-saving tool and explain how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is what you need in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Kentucky Sales Tax
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it in all of your sales channels to ensure that you are in compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few only a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by online business owners to make their business more organized and straightforward. Let’s take a look at the features and services offered by TaxJar.
Features and services
One of the most important things you’ll want to check you have a tax accounting system seamlessly works well with your sales channel. If you have multiple sales channels, you need to 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 information from multiple sources and sort it into a single platform. All you have to do is connect TaxJar it will handle the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. For this review, we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to handle the tax returns. But, it is up for you and your staff to complete the process within the timeframe. TaxJar is only there to guide you on what you should accomplish, but not manage it.
If you would 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 taxes on sales through recording, and then processing them. There could be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting woes. 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 need, such as the list of transactions, reports and information.
The greatest benefit of this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. Additionally, you can export the data as the form of a CSV file if you need it in your financial planning and accounting processes or if you require it to run centralized reports.
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’re in the event of a need. Even when you already have your accountant, this function will aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your money more efficiently. You’ll know better how much budget you have available for other operational expenses.
The best part is that TaxJar offers tutorials and training, not just on their platform, but all things that has to do with sales tax. You can look through their webinars, guides and blog for more information. Apart from that the sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb 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 levels and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all the features offered by TaxJar however, it does include all the basics you require.
In addition, you can reach the support team via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking for something a bit more than just the basic features, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up if you add custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also have the support of their customer service via phone, API access, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you run a large company, you may need to choose the Premium plan instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited integrations with data imports, API integrationsfor team members as well as AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Kentucky Sales Tax
However, they did mention that this plan is customized to each user. The cost of the plan will be different according to what you require for your company.
It’s a good thing that you don’t have to risk your money to find out if the platform is right for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is a good fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar let’s take a break. To summarize, here are the pros and cons of making use of TaxJar for your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides an online sales tax 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.
- You can track several sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature
- Only applicable to USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you ought to try this.
It’s not just a way to help you track your revenue and products It can assist you in meeting the deadlines you set. This is also an excellent platform for an accountant since they have tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Using TaxJar will help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this can definitely help you get your mind around it. TaxJar Kentucky Sales Tax
However, if managing your taxes is simple and straightforward, 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 all of it. If you find the whole procedure simple to follow, you might be better to do it by yourself.
FAQ TaxJar Kentucky Sales Tax
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier 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 to US$ before TaxJar determines your tax.