Taxes are always one of the most difficult tasks to complete regardless of whether you run a business or not. Particularly if you don’t have a degree in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the budget to engage an accountant performing the task on yourself can be risky. If you miss one detail it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can always make life easier with tools such as TaxJar.
We’ll look at this popular life-saving tool and explain how it can benefit you. Even though this is a long read it is possible to gauge whether TaxJar is the tool you require right now.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Marketplaces Tutorial
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to ensure compliance with sales taxes. It makes the process simpler that could require days to complete and finish within just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure you have a tax accounting software seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. That way, there’s no need to gather data from different channels and organize it into a single platform. All you have to do is integrate TaxJar, it will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings either manually or via their AutoFile feature. In this review, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. Once the time comes for filing tax returns for income The team will guide you on how to handle the tax returns. However, it will be up to you and your team to complete everything on time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales taxes to recording and processing them. But, it is possible to incur extra fees if not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there, 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 update automatically every day. Not only can they help to know the amount you’ve accumulated however, they can also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the sales tax totals for your business. Additionally, you can export your data to a CSV file in case you require it in your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. 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 aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar provides training and tutorials and tutorials, not just on their platform, but everything related to sales tax. Check out their webinars, guides, or blog posts for additional details. Apart from that, their sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they’re sometimes too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of those choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and an CSV import. With the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan will be perfect for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
You can also contact their customer support via their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking for a bit more than just the basic features Professional could be the one for you. It starts at $99, but you can increase it if you add custom features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s options, you also have access to the support of their customer service via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to opt for an upgrade instead. It has all of the features that you require to help with your taxes. Additionally, they permit unlimited data import integrations API integrations, team users as well as AutoFiles.
There is also a team who are devoted to managing your account. They don’t reveal how much the Premium plan is going to cost. TaxJar Marketplaces Tutorial
But they did state that this plan is tailor-fit for every user. So the costs will vary according to what you require for your business.
Free Trial
Luckily, you don’t have to gamble your money just to see if this platform is right for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should give you 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 must know about TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of using TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access 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 is an excellent platform for companies that have multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then you should try this.
Not only will it help you track your revenue and products, but it can help you meet the deadlines you set. It is also a great opportunity for accountants since they offer tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax regulations, this will certainly help you to get your head around it. TaxJar Marketplaces Tutorial
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure easy to complete then you’re better in doing it all by yourself.
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FAQ TaxJar Marketplaces Tutorial
What areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transaction amounts are n US$. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar will calculate your tax.
