Taxes have always been among the most difficult tasks to complete regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. If you don’t have the funds to engage an accountant doing it on yourself can be dangerous. If you make a mistake it could mean you have to redo things again!
Most people want to avoid this step. But since it’s required and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can always make our lives easier with tools such as TaxJar.
Here we’ll take a look at this well-known life-saving device and how it can assist you. Although this is quite an extensive read it is possible to gauge whether TaxJar is the tool you require in the present.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar Nexus
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and finish within minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by business owners who run online businesses to make their business more simple and organized. Let’s look into their features and services.
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Features and services
Integration
One of the most important things you’ll need to make sure is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key data in one location. So, there’s no need to gather information from multiple sources and then organize it on one platform. All you have to do is connect TaxJar, it will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. For this review, we’ll take a look into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns The team will guide you on how to manage these. However, it will be up for you and your team to finish the tax returns within the timeframe. TaxJar is there to help you understand what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. With this feature, everything will be automated from calculating taxes on sales to recording and processing them. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to everything you need, like an inventory of your transactions, reports and data.
The greatest benefit of this feature is that it lets you to automatically update every day. They not only let you know how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax for your business. You can also export the data in the form of a CSV file if you need it in your financial planning and accounting processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. This means that you don’t have to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this function can help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your funds more effectively. You’ll know better how much budget you have available for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials, not just on their platform, but everything that has to do with sales tax. You can look through their webinars, guides or blog posts for additional info. In addition their sales tax calculator is beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb features, but they can be too costly for your business. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most suitable plan for you for those who need assistance with filing requirements or reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and a CSV import. Even with the starter plan, you have access to their AI tax tips.
If you’re a small business owner, this plan should be perfect for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for something a bit more than just the standard features Professional might be the right one for you. It starts at $99, however, it could go up when you add additional features.
How different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you own a huge business, you might need to go for an upgrade instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports as well as Integrations with APIs, teams of members and AutoFiles.
They also have a team who are devoted in managing your accounts. They don’t reveal the price of the Premium plan. will cost you. TaxJar Nexus
However, they did mention that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your business.
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 various options, they provide 30 days of free trial. This should give you enough time to see whether the service is the right choice for you.
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Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you save 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 able to be integrated with other platforms
- Allows you to track 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 to USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you do, then you ought to try this.
Not only can it assist you in keeping track of your revenue and products, but it can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they have a Tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will definitely help you get your head around the subject. TaxJar Nexus
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of expense. 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 procedure simple to follow then you’re better in doing it all on your own.
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FAQ TaxJar Nexus
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transaction amounts are n US$. If you’re using another currency, you’ll have to convert it into USUSD prior to when TaxJar will calculate your tax.
