Taxes have always been among the hardest things to do regardless of whether you’re running your own business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when you’re full of things to be done. When you’re not able to afford the funds to hire an accountant, performing the task on your own could be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.
What can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
This article will take a look at this life-saving tool and explain how it can assist you. While this is lengthy it is possible to gauge whether TaxJar is exactly what you need right now.
Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then we’ll dive right into.
What is TaxJar TaxJar Michigan Sales Tax Guide For Businesses
In 2013, TaxJar was established. TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all your sales channels to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and can be completed in a matter of only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to make their business more simple and organized. Let’s take a look at their features and services.
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Services and features
Integration
One of the first things you’ll need to ensure is your tax-reporting platform seamlessly works well with your sales channel. 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 missing a single minor point.
TaxJar lets you display your critical data in one location. So, there’s no requirement to collect data from different channels and organize it into one platform. All you have to do is integrate TaxJar then the system will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. In this review, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to handle them. It is up to you and your team members to finish the tax returns on time. TaxJar will only help you understand what you need 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 any forms manually. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. From there, you and your team will have access to all the information you need, like an inventory of your transactions, reports, and the data.
The greatest benefit of this feature is that it allows you to update your account automatically each 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 payments are due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. It is also possible to export the data as a CSV file in case you require it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accounting firm, the feature can 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 to cover other operating expenses.
The best part is that TaxJar offers tutorials and training not only on their platform, but for anything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional information. Additionally the 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 understand how important it is to determine your budget. Some platforms offer superb features, but they can be too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It includes the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small business manager, the plan should be ideal for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking to get different from the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to go for the Premium plan instead. It comes with all the features that you require to help with your taxes. Additionally, they permit unlimited integrations with data imports as well as API integrations, team users and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the price of the Premium plan. is going to cost. TaxJar Michigan Sales Tax Guide For Businesses
However, they did say that the plan is custom-made for each user. The cost of the plan will be different in line with what you require for your company.
Free Trial
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. It should give you enough time to determine whether the service is the right choice for you.
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Pros and Pros and
We’ve covered everything you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing, here are the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features 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 is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- Owners and accountants should recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then you should try this.
Not only can it assist you in keeping track of your revenue and products however, it will assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they offer tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you reduce time and keep the track 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 mind around it. TaxJar Michigan Sales Tax Guide For Businesses
If handling your taxes is straightforward, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire process easy to do, you might be better to do it on your own.
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FAQ TaxJar Michigan Sales Tax Guide For Businesses
What areas does TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify with 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 kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar determines the tax.
