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 background in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have enough money to engage an accountant performing the task on your own can be risky. If you overlook one thing it could mean you have to redo things again!
Most people want to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
We can make life easier by using tools like TaxJar.
This article will take a look at this life-saving tool and how it can benefit you. While this is a long read, you should be able to assess whether TaxJar is exactly what you need today.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Maryland Central Registration Number
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is simple and organized. Let’s explore the benefits and features of TaxJar.
Services and features
One of the most important things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to display your critical data in one location. So, there’s no need to gather information from multiple sources and then organize it on one platform. All you need to do is integrate TaxJar, it will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they can integrate with:
TaxJar allows customers to make sales tax filings manually or through the AutoFile feature. In this review, we’ll take a look into both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. Once the time comes for the filing of income tax returns, the team will instruct you on how to manage the tax returns. It is up for you and your team to complete the process on time. TaxJar is only there to help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales to recording and processing it. However, there might be extra fees if not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to assist you with your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your team will have access to everything you need, such as a list of your transactions, reports and information.
The best part about this option is the fact that it lets you to automatically update every day. They not only let you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the sales tax totals within your company. You can also export the information to a CSV file if you need it for your accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar offers training and tutorials not only on their platform, but everything connected to sales tax. You can look through their webinars, guides and blog for more details. In addition, their sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing 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 the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small company owner, this plan should be ideal for you. It may not offer all of TaxJar’s features however, it does include the basic features you require.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration tools.
If you’re looking for different from the basics and options, then the Professional plan might be the right one for you. It starts at $99, but it can go higher by adding custom features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
If you have a massive business, you might need to opt for premium plans instead. It includes all of the features you need to make your tax filing easier. Additionally, they permit unlimited data import integrations, API integrationsfor team users and AutoFiles.
They also have a team that is devoted for managing the account. They don’t reveal the price of the Premium plan. costs you. TaxJar Maryland Central Registration Number
But they did state that the plan is custom-made for every user. So the costs will vary depending on what you need for your business.
Luckily, you don’t have to gamble your money just to find out if the platform is the right one for you. If you’re still looking into other options, they have a 30-day free trial. This should give you enough time to determine whether the service is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of using TaxJar for your business.
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- It allows you to monitor multiple 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 valid for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then you should try this.
Not only will it assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. It is also a great opportunity for accountants since they provide a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
The use of TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you live in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Maryland Central Registration Number
However, if managing taxes is easy and straightforward, then TaxJar could be a waste of investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure easy to complete, you might be better off doing it on your own.
FAQ TaxJar Maryland Central Registration Number
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link 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 cannot convert currencies. All transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar can calculate the tax.