Taxes have always been one of the most difficult tasks to complete regardless of whether you run your own business or not. Particularly if you don’t have any experience in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re filled with tasks to complete. When you’re not able to afford the budget to employ an accountant, doing it on your own can be risky. If you overlook one thing, you might have to redo things again!
Most people want to skipping this step. But since it’s required and mandatory, there’s no other choice.
So , what can we do ?
We can make our lives 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. Although this is quite an extensive read it is possible to assess whether TaxJar is what you need today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
If you prefer to read, then we’ll dive right into.
What exactly is TaxJar? TaxJar North Carolina Sales Tax Fba Setting
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. In addition, you can apply it across all of the sales channels you use to ensure compliance with your sales taxes. It makes the process simpler that could take days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything neat and simple. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure is that your accounting tax system perfectly integrates with your sales channel. If you’re using multiple sales channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your most important data in one location. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you need to do is connect TaxJar it will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms that they can connect with:
TaxJar allows clients to file their sales taxes manually or through their AutoFile feature. For this review, we’ll look into both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. Once the time comes for 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 complete the process within the timeframe. TaxJar is there to guide you on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. Through this feature, everything will be automated from calculating sales taxes to recording and processing it. However, there might be extra fees if not included in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff will have access to everything you need, like an inventory of your transactions, reports, as well as data.
The best part about the feature you’ve chosen is it allows you to update your account automatically each day. Not only will they let you know how much you’ve earned however, they can also help you track when your following payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. You can also export your data to the form of a CSV file in case you require it for 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 sales avenues you use. This means that you don’t have to search for your documents whenever you’re in a pinch. Even when you already have your accountant, this function will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know better how much budget you have for other operating costs.
What’s more is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything connected to sales tax. You can look through their webinars, guides as well as their blog to find more information. Additionally the sales tax calculator should be helpful if you’re planning on do everything on your own.
How much does TaxJar cost?
We understand how important it is to determine 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 take a look at TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements and reporting. It comes with sales tax reporting, 4 autofiles for free each year, and an CSV import. Even with the starter plan, you will be able to access their AI tax tips.
If you’re a small company proprietor, then this program will be perfect for you. It may not offer all the features offered by TaxJar but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration tools.
If you’re looking to get different from the basics 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.
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 their phone customer support access to APIs, as well as the ability to do advanced CSV import. You can also have 12 free AutoFiles each year.
If you own a huge enterprise, you may want to choose an upgrade instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited data import integrations, Integrations with APIs, teams of users and AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar North Carolina Sales Tax Fba Setting
However, they did say that this plan is tailor-fit to each user. Therefore, the cost will differ depending on what you need for your business.
It’s a good thing that you don’t have to risk your money to determine if this service is for you. If you’re still considering different options, they offer a 30-day free trial. This should be enough time to gauge 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 summarize we’ll go over the advantages and disadvantages of making use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have many sales channels and utilizes numerous platforms. If that sounds like what you do, then you should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can also help you meet the deadlines you set. It is also a great opportunity for accountants since they provide the Tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar will help you reduce time and keep the track of each deadline or requirement you need to fulfill. If you’re living in a region with a lot of tax laws, this can certainly help you to get your head around it. TaxJar North Carolina Sales Tax Fba Setting
But if handling taxes is easy, then TaxJar may be an unnecessary investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the entire process easy to do then you’re better to do it on your own.
FAQ TaxJar North Carolina Sales Tax Fba Setting
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I integrate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in US$. If you’re using a different currency, you’ll have to convert it into USdollars prior to when TaxJar will calculate your tax.