Taxes have always been among the most difficult tasks to complete regardless of whether you run a business or not. More so 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. In the event that you do not have the funds to employ an accountant, making it yourself can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid 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.
Here we’ll take a look at this well-known life-saving tool and how it can assist you. Even though this is a long read it is possible to assess whether TaxJar is what you need today.
Do you prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, then let’s dive right in.
What is TaxJar? TaxJar Notice And Report States
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. Furthermore, you can utilize it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to keep everything organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll want to check is your tax-reporting software is compatible along with sales funnels. If you’re using multiple sales channels, you must ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one place. So, there’s no need to collect information from multiple sources and organize it into one platform. All you need to do is integrate TaxJar, then the system will take care of the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings either manually or via their AutoFile feature. For this review, we’ll take a look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns TaxJar will train you on how to handle these. However, it will be up to you and your team to complete the process within the timeframe. TaxJar is only there to provide guidance on what you should accomplish, but not manage 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. This feature will ensure that everything is automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to assist you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there, you and your team will have access to all the information you require, including the list of transactions, reports and information.
The greatest benefit of this feature is that they allow you to automatically update every day. They not only let you know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard can also allow you to see the sales tax totals for your business. You can also export your data in a CSV file if you need it in your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even if you already have your accountant, this feature can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your funds more effectively. You’ll be aware of the budget you have available for other operational costs.
What’s more is that TaxJar offers training and tutorials, not just for their platform , but also all things that has to do with sales tax. You can look through their webinars, guides and blog for more information. In addition the sales tax calculator can be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan if you need help with filing requirements and reporting. It comes with taxes on sales and sales as well as 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller company owner, this plan should 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 support team with their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the standard features Professional might be the right one for you. The price starts at $99 but you can increase it by adding custom features.
How different is it from the basic plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone, API access, and the ability to do advanced CSV import. They also allow you to have 12 free AutoFiles each year.
Premium
If you run a large business, you might need to go for an upgrade instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited data import integrations API integrations, team members and AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose how much the Premium plan is going to cost. TaxJar Notice And Report States
But they did state that this plan is customized for each user. So the costs will vary depending on what you need 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 considering different options, they offer 30 days of free trial. It should give you enough time to see whether the service is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of using TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Owners and accountants should review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If that’s what you’re doing, then ought to try this.
It’s not just a way to help you track your revenue and products, but it can assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they provide the Tax Advisor program. You can get tips and learn from their sessions about taxes through it.
The use of TaxJar can help you save more time while keeping track of every deadline and requirement you have to fulfill. If you’re in an area with complex tax regulations, this will surely help you wrap your head around the subject. TaxJar Notice And Report States
But if handling your taxes is straightforward and straightforward, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to track everything. Moreover, if you find the entire procedure simple to follow then you’re better off doing it by yourself.
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FAQ TaxJar Notice And Report States
What areas does TaxJar offer API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar can calculate your tax.
