Taxes have always been among the hardest things to do regardless of whether you run a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to employ an accountant, performing the task on your own can be dangerous. If you make a mistake, you might have to do it all over again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving device and how it can help you. While this is an extensive read but you’ll be able to determine if TaxJar is exactly what you need right now.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar TaxJar Minnesota
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it in all of your sales channels to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is used extensively by online business owners to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
Services and features
One of the first things you’ll need to ensure is that your accounting tax system perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you must maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar lets you display your critical data in one location. That way, there’s no requirement to collect data from different channels and sort it into one platform. All you need to do is to integrate TaxJar it will do all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms they are able to integrate with:
TaxJar allows customers to submit their sales tax either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for filing tax returns for income, the team will instruct you on how to handle these. However, it will be up for you and your staff to complete everything within the timeframe. TaxJar is there to provide guidance on what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated from calculating taxes on sales to recording and processing them. There could be additional costs if the feature is not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard via this platform. From there you and your staff will have access to all the information you require, including an inventory of your transactions, reports, and information.
The most appealing aspect of this option is the fact that it lets you to update your account automatically each day. They not only let to know the amount you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax for your business. It is also possible to export the data in a CSV file if you need it to aid in process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to search for your documents when you need them in a pinch. Even if you already have your accountant, this function will help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know better how much budget you have for other operational expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform but all things related to sales tax. Check out their guides, webinars, and blog for more details. Additionally their sales tax calculator is helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan starts at $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and an CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a smaller business manager, the plan should be ideal for you. It may not have all the features offered by TaxJar, but it has all the basics you require.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the standard features, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
So how different is it from the original plan?
In addition to having access to each of Starter plan’s features, you also get 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 company, you may need to opt for an upgrade instead. It includes all of the features needed to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as API integrations, team members, and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Minnesota
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ depending on what you need for your business.
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still looking into different options, they offer a 30-day free trial. This should give you enough time to determine if the platform is a good fit for you.
Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of using TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is simple 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 for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to 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 down, TaxJar is an excellent platform for businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you must try TaxJar.
Not only will it help you track the sales and profits of your business It can help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar can help you reduce time and keep the track of each deadline and obligation you have to meet. If you live in a place with complicated tax laws, this will surely help you wrap your head around the subject. TaxJar Minnesota
But if handling taxes is easy If it isn’t, then TaxJar might not be a good expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you find the whole procedure simple to follow then you’re better off doing it on your own.
FAQ TaxJar Minnesota
What areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate your tax.