Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, performing the task on your own can be risky. If you make a mistake it could mean you have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what can we do about it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can benefit you. Even though this is lengthy, you should be able to determine if TaxJar is the tool you require today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar? TaxJar Nexus Colorado
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to make sure you’re in compliance with sales taxes. It simplifies the processes that require days to complete and finish within minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it 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.
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Services and features
Integration
One of the first things you’ll need to ensure you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The final thing you would like is to be penalized for missing a single minor point.
TaxJar allows you to show your critical metrics in one spot. So, there’s no need to collect data from different channels and organize it into a single platform. All you need to do is connect TaxJar, it will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar lets customers make sales tax filings manually or through the AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns The team will guide you on managing the tax returns. However, it will be up for you and your staff to finish the tax returns in time. TaxJar is there to provide guidance on what you have to accomplish, but not manage it.
If you’d 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 is automated, from calculating taxes on sales in order to record and process them. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you need, such as the list of transactions, reports, and data.
The greatest benefit of this option is the fact that it lets you to update your account automatically each day. Not only can they help you keep track of how much you’ve earned, but they also help you determine when your next payment is due.
Their dashboard can also allow you to see the sales tax totals for your business. Additionally, you can export the information as a CSV file if you need it in your financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time will help you plan your funds more effectively. You’ll know better how much budget you have for other operational expenses.
But what’s even better is that TaxJar provides training and tutorials not only on their platform, but all things related to sales tax. You can check out their guides, webinars, as well as their blog to find more details. Additionally the sales tax calculator is useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It also includes the tax on sales, 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller company owner, this plan should be ideal for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach the support team via their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get that is more than the standard features and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it if you add custom features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also get access to their phone customer support, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to go for an upgrade instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data, Integrations with APIs, teams of members and AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Nexus Colorado
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to find out if the platform is the right one for you. If you’re still considering other options, they have a 30-day free trial. It should give you enough time to gauge whether the software is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a breather. To sum it all up Here are the advantages and disadvantages of making use of TaxJar for your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies that have multiple sales channels and uses numerous platforms. If that sounds like what you’re doing, then you must try TaxJar.
Not only will it help you track your revenue and products It can assist you in meeting your deadlines. This is also an excellent opportunity for accountants since they have tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar will help you save more time while keeping the track of each deadline and requirement you have to fulfill. If you’re living in a place with complicated tax regulations, this will surely help you wrap your head around the subject. TaxJar Nexus Colorado
But if handling your taxes is simple, then TaxJar might not be a good investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire process easy to do then you’re better to do it by yourself.
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FAQ TaxJar Nexus Colorado
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to US$ prior to when TaxJar can calculate the tax.
