Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. Even more so if you do not have a degree in finance or accounting. 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 hire an accountant, making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do ?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can benefit you. Even though this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? TaxJar No Long Live In California So No Longer Collecting Sales Tax For Ebay
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for the entire life cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few minutes.
TaxJar is used in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to ensure that everything is simple and organized. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll want to check you have a tax accounting software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to face a penalty due to missing a single minor point.
TaxJar lets you display your key metrics in one spot. This means that there is no need to gather information from multiple sources and organize it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of the platforms they are able to integrate with:
TaxJar allows customers to file their sales taxes manually or through TaxJar’s AutoFile feature. For this review, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to the filing of income tax returns TaxJar will train you on managing the tax returns. However, it will be up to you and your staff to finish the tax returns in time. TaxJar is there to provide guidance on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out the forms in a manual manner. Through this feature, everything will be automated, from calculating sales tax to recording and processing it. However, there might be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be put together into a single dashboard through this platform. Once you’re on the platform you and your staff can access everything you need, such as an inventory of your transactions, reports, and the data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. They not only let to know the amount you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard can also allow users to view in detail the total sales tax in your business. You can also export your data in the form of a CSV file, if you want to use it for your 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 track of all of the sales avenues you use. This means that you don’t have to search for your documents when you’re when you’re in a pinch. Even even if you already have an accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but all things that has to do with sales tax. Check out their webinars, guides or blog posts for additional details. Additionally their sales tax calculator should be 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 set your budget. Some platforms provide amazing features, but they can be too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan costs $19. They say it’s the best plan for those who need assistance with filing requirements and reporting. It includes the tax on sales, 4 autofiles for free each year, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller business proprietor, then this program could be perfect for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration features.
If you’re looking to get that is more than the basic features Professional may be the best option for you. It starts at $99, however, it could go up if you add custom features.
So how different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to the support of their customer service via phone, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you run a large business, you might need to opt for the Premium plan instead. It comes with all the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports as well as API integrationsfor team members and AutoFiles.
There is also a team that is devoted in managing your accounts. They don’t reveal the amount that the Premium plan is going to cost. TaxJar No Long Live In California So No Longer Collecting Sales Tax For Ebay
However, they did say that this plan is tailor-fit to each user. So the costs will vary depending on what you need to run your business.
Fortunately, you don’t need to bet your life on it to find out if the platform is for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to see whether the service is an excellent fit for you.
Pros and Cons
We’ve covered everything you must be aware of TaxJar Let’s relax. To sum it all up Here are the advantages and disadvantages of the use of TaxJar to run your business.
- There is a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- You can track several sales channels
- Limits on AutoFile are determined by 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 check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies that have many sales channels and utilizes many platforms. If that sounds like what you do, then you should try this.
It’s not just a way to aid in tracking your products and revenue however, it will help you meet the deadlines you set. It is also a great opportunity for accountants since they offer a Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you reduce time and keep track of every deadline or requirement you need to fulfill. If you live in a region with a lot of tax laws, this can certainly help you to get your mind around it. TaxJar No Long Live In California So No Longer Collecting Sales Tax For Ebay
But if handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar No Long Live In California So No Longer Collecting Sales Tax For Ebay
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USdollars before TaxJar determines your tax.