Taxes have always been among the most difficult things to handle, whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related issues can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have the funds to hire an accountant, performing the task on your own could be risky. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can assist you. While this is a long read it is possible to assess whether TaxJar is what you need today.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Not Calculating Exact Rates
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for the entire life cycle. Furthermore, you can utilize it across all your channels of sales to make sure you’re in compliance with sales tax requirements. It simplifies the processes that take days to complete and finish within minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to keep everything simple and organized. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is that your accounting tax system seamlessly works well with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar allows you to show your key metrics in one spot. That way, there’s no need to collect data from different channels and sort it into one platform. All you need to do is to integrate TaxJar, then the system will handle the rest.
Other than that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes by hand or using their AutoFile feature. For the purpose of this article, we’ll look at both.
If you decide to go it alone, TaxJar will allow you to connect all the sales channels you use. Once the time comes for filing tax returns for income, the team will instruct you on managing them. However, it will be up for you and your staff to finish the tax returns in time. TaxJar is only there to help you understand 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 fill out the forms in a manual manner. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process them. But, it is possible to incur additional charges if they are you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you require, including an inventory of your transactions, reports and data.
The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. They not only let to know the amount you’ve earned and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. Additionally, you can export the information to the form of a CSV file if you need it for your process of financial planning and accounting or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operating expenses.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides or blog posts for additional details. In addition the sales tax calculator can be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the most suitable plan for you for those who need assistance with filing requirements and reporting. It includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business owner, this plan will be ideal for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for something that is more than the basics and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher if you add custom features.
What is the difference from the original plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to opt for premium plans instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data Integrations with APIs, teams of members, and AutoFiles.
They also have a team that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Not Calculating Exact Rates
But they did state that this plan is customized for each user. Therefore, the cost will differ according to what you require for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering various options, they provide 30 days of free trial. This should be enough time to gauge whether the software is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Support Service Team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- You can track several sales channels
Cons
- 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 recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar can be a great platform businesses with many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then should try this.
It’s not just a way to help you track the sales and profits of your business, but it can also help you meet your deadlines. It’s also an excellent option for accountants as they have tax Advisor program. There are tips to follow and gain knowledge from their workshops on taxes by using it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Not Calculating Exact Rates
However, if managing your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire process easy to do, you might be better off doing it by yourself.
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FAQ TaxJar Not Calculating Exact Rates
What are the areas in which TaxJar offer API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar can calculate the tax.
