Taxes have always been one of the most difficult things to handle, whether you’re running an enterprise or not. Particularly if you don’t have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when your whole day is full of things to be done. If you don’t have the funds to engage an accountant performing the task on yourself can be risky. If you overlook one thing it could mean you need to repeat the process!
Almost everyone wants to skipping this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
We can simplify our lives with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can help you. Even though this is lengthy it is possible to assess whether TaxJar is the tool you require in the present.
Do you prefer video streaming instead? Check out 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 New Jersey
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything neat and simple. Let’s take a look at the benefits and features of TaxJar.
Features and services
One of the most important things you’ll need to make sure you have a tax accounting system seamlessly works well with your sales channel. If you’re selling through multiple channels, you must maintain everything in line. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. So, there’s no need to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar lets customers make sales tax filings manually or through their AutoFile feature. For our review we’ll look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns The team will guide you on managing the tax returns. However, it will be up to you and your team members to complete the process on time. TaxJar is only there to provide guidance on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. With this feature, everything will be automated from calculating sales taxes in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, like an inventory of your transactions, reports, and data.
The most appealing aspect of the feature you’ve chosen is they allow you to update automatically every day. They not only let to know the amount you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the sales tax totals in your business. Additionally, you can export the information in the form of a CSV file, if you want to use it in your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents whenever you’re in the event of a need. Even when you already have your accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
What’s more is that TaxJar offers training and tutorials, not just for their platform but all things connected to sales tax. You can look through their guides, webinars, as well as their blog to find more info. In addition the sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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 look into TaxJar’s pricing levels and the features that each of these plans can offer. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most effective plan if you need help with filing requirements or reporting. It comes with the tax on sales, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale company proprietor, then this program will be perfect for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for that is more than the basics, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the basic plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. You can also have 12 free AutoFiles each year.
If you own a huge company, you may need to go for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Moreover, they allow unlimited import integrations of data API integrations, team members as well as AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar New Jersey
However, they did mention that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require to run your business.
It’s a good thing that you don’t have to bet your life on it to determine if this service is the right one for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to see whether the software is an excellent fit for you.
Pros and Pros and
Now that we’ve covered all you should know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to 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 can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If that sounds like what you do, then you should try this.
Not only will it aid in tracking your products and revenue however, it will help you meet the deadlines you set. This is also an excellent option for accountants as they provide tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can help you get more done while keeping on top of each deadline and obligation you have to meet. If you live in a region with a lot of tax laws, this can surely help you wrap your mind around it. TaxJar New Jersey
If handling your taxes is simple, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar New Jersey
Which areas does TaxJar provide API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions are in USdollars. If you’re using another currency, you will need to convert it into USdollars prior to when TaxJar will calculate your tax.