Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to engage an accountant making it your own could be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to avoid this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can assist you. Even though this is lengthy it is possible to assess whether 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 do a full analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar? TaxJar Marketplace Exempt
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all of your channels of sales to ensure compliance with your sales taxes. It simplifies the processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s take a look at their features and services.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting software is compatible with your sales channel. If you’re using multiple sales channels, you must ensure that everything is in order. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. That way, there’s no requirement to collect data from different channels and organize it into one platform. All you need to do is connect TaxJar then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they can integrate with:
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. For this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect those sales tools. Once the time comes for filing tax returns for income The team will guide you on how to handle them. It is up for you and your team members to complete the process on time. TaxJar will only help you understand what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated from calculating sales tax in order to record and process it. However, there might be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your team can access everything you need, such as an inventory of your transactions, reports, as well as data.
The most appealing aspect of this feature is that it lets you to update automatically 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 track when your following payments are due.
The dashboard allows you to fully view the sales tax totals within your company. You can also export your data as the form of a CSV file if you need it to aid in financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. This means that you don’t have to search for your documents when you need them in a pinch. Even even if you already have an accountant, this function can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have to cover other operational costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also all things connected to sales tax. Check out their webinars, guides or blog posts for additional information. Additionally the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing tiers and what each of those options can offer you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company owner, this plan should be ideal for you. It might not include all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration capabilities.
If you’re looking for different from the basic features Professional may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
So how different is it from the original plan?
Apart from having access to all of the Starter plan’s options, you also have access to their phone customer support, API access, and sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose premium plans instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data, API integrationsfor team members, and AutoFiles.
There is also a team dedicated for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Marketplace Exempt
However, they did say that this plan is customized to each user. Therefore, the cost will differ according to what you require for your company.
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to see whether the service is a good fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your business.
- There is the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms
- It allows you to monitor multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If that sounds like what you’re doing, then should try this.
Not only will it assist you in keeping track of the sales and profits of your business, but it can assist you in meeting the deadlines you set. It is also a great option for accountants as they provide a Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar will help you save more time while keeping on top of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this can certainly help you to get your head around the subject. TaxJar Marketplace Exempt
If handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the entire procedure simple to follow then you’re better off doing it by yourself.
FAQ TaxJar Marketplace Exempt
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in US$. If you’re using a different currency, you’ll have to convert it to US$ before TaxJar will calculate your tax.