Taxes are always one of the most difficult things to handle regardless of whether you run an enterprise or not. More so if you don’t have any experience in accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is full of things to be done. When you’re not able to afford enough money to hire an accountant, performing the task on yourself can be dangerous. If you make a mistake, you might have to redo things again!
Almost everyone wants to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
We can make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can help you. Although this is quite a long read it is possible to determine if TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Oklahoma Economic Nexus
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. TaxJar is a solution to the entire life cycle. Furthermore, you can utilize it in all of the sales channels you use to ensure that you are in compliance with sales tax requirements. It simplifies the processes that require days to complete and can be completed in a matter of just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is extensively used by owners of online businesses to keep everything organized and straightforward. Let’s look into their features and services.
Services and features
One of the first things you’ll need to make sure you have a tax accounting software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for missing a single minor point.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to collect data from different channels and then organize it on a single platform. All you have to do is to integrate TaxJar, then the system will handle the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms that they can connect with:
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. In our review we’ll take a look into both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to manage them. However, it will be up for you and your team to finish the tax returns within the timeframe. TaxJar is only there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. With this feature, everything will be automated from calculating taxes on sales to recording and processing them. But, it is possible to incur additional charges if they are not included in the plan you select.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to help you with your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports, and data.
The most appealing aspect of this option is the fact that they allow you to update your account automatically each day. Not only can they help to know the amount you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows you to see the overall sales taxes for your business. It is also possible to export the data as CSV format. CSV file, if you want to use it to aid in accounting and financial planning processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all your sales channels. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even when you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials not only for their platform but all things that has to do with sales tax. You can check out their webinars, guides, and blog for more information. Additionally, their sales tax calculator should be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of those options can offer you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan to help you in filing and reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you will be able to access their AI tax recommendations.
If you’re a small-scale company owner, this plan could be ideal for you. It may not have all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration capabilities.
If you’re looking to get a bit more than just the basics, then the Professional plan might be the right one for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the basic plan?
Apart from having access to all of the Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge business, you might need to go for the Premium plan instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data, API integrationsfor team users, and AutoFiles.
There is also a team dedicated in managing your accounts. However, they don’t disclose the price of the Premium plan. is going to cost. TaxJar Oklahoma Economic Nexus
But they did state that this plan is customized for every user. So the costs will vary depending on what you need for your company.
Luckily, you don’t have to risk your money to see if this platform is for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to see whether the service is a good fit for you.
Pros and Cons
Now that we’ve covered all you should know about TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of using TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on 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 review local laws
The Final Verdict
With everything laid down, TaxJar can be a great platform companies that have multiple sales channels and uses plenty of platforms. If that’s what you do, then you must try TaxJar.
It’s not just a way to help you track the sales and profits of your business, but it can help you meet your deadlines. It is also a great platform for an accountant since they have a Tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
The use of TaxJar will help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re living in a region with a lot of tax laws, this will definitely help you get your head around it. TaxJar Oklahoma Economic Nexus
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole procedure simple to follow, you might be better off doing it on your own.
FAQ TaxJar Oklahoma Economic Nexus
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify together with 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 using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it into US$ before TaxJar will calculate your tax.