Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to employ an accountant, doing it on yourself can be dangerous. If you overlook one thing, you might have to redo things again!
Almost everyone wants to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do ?
We can make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and how it can assist you. While this is lengthy but you’ll be able to determine if TaxJar is the tool you require right now.
Prefer video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar Maryland Taxes
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all your sales channels to ensure that you are in compliance with sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to make sure is that your accounting tax system seamlessly works well along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your key metrics in one spot. That way, there’s no need to gather data in multiple channels and then organize it on a single platform. All you need to do is integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers file their sales taxes manually or through their AutoFile feature. For this review, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns, the team will instruct you on managing these. It is up to you and your team to finish the tax returns on time. TaxJar will only help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out all forms by hand. Through this feature, everything will be automated from calculating taxes on sales in order to record and process them. But, it is possible to incur extra fees if not part of the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be put together into one dashboard using this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. Not only will they let you keep track of how much you’ve collected however, they can also help you determine when your next payments are due.
Their dashboard can also allow you to fully view the overall sales taxes for your business. It is also possible to export the data in CSV format. CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all your sales channels. It means you don’t need to search for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this function can make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but for anything related to sales tax. You can look through their webinars, guides or blog posts for additional details. In addition their sales tax calculator should be beneficial when you’re planning to take on the entire task yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing 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 structures and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan is priced at $19. They claim that it’s the best plan for those who need assistance with filing requirements or reporting. It comes with the tax on sales, four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller business manager, the plan should be ideal for you. It may not have all of TaxJar’s features, but it has the essentials that you need.
You can also contact their support team with their support chart for email. 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 may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to accessing every one of Starter plan’s features, you also have their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
If you own a huge business, you might need to choose an upgrade instead. It comes with all the features needed to help with your taxes. Additionally, they permit unlimited data import integrations as well as API integrationsfor team users, and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Maryland Taxes
But they did state that the plan is custom-made to each user. The cost of the plan will be different according to what you require for your business.
Fortunately, you don’t need to risk your money to find out if the platform is 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 determine if the platform is a good fit for you.
Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To sum it all up, here are the pros and cons of using TaxJar for your business.
- Has a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by 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 check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If this sounds like the way you do, then you must try TaxJar.
Not only can it help you track your products and revenue, but it can help you meet 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 get knowledge from their seminars about taxes through it.
Using TaxJar will help you get more done while keeping the track of each deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this will surely help you wrap your mind around it. TaxJar Maryland Taxes
However, if managing your taxes is simple, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better off doing it on your own.
FAQ TaxJar Maryland Taxes
What areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transactions are in US$. If you’re using another currency, you’ll have to convert it into US$ before TaxJar will calculate the tax.