Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. More so if you don’t have any experience in accounting or finance. Tax-related issues can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have the funds to engage an accountant making it yourself can be risky. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can help you. Although this is quite a long read it is possible to gauge whether TaxJar is what you need today.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar TaxJar Origin States
Founded in 2013, TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to ensure compliance with sales taxes. It makes the process simpler that could can take days to complete, and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to make their business more simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax system is compatible with your sales channel. If you have multiple sales channels, you need to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your critical metrics in one place. So, there’s no requirement to collect information from multiple sources and sort it into one platform. All you need to do is integrate TaxJar, it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to submit their sales tax by hand or using their AutoFile feature. For this review, we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. When it comes time to filing income tax returns The team will guide you on managing these. It is up for you and your staff to complete the process in time. TaxJar is only there to provide guidance on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales to recording and processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you select.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your team will have access to all the information you need, like a list of your transactions, reports, and the data.
The most appealing aspect of the feature you’ve chosen is it allows you to update automatically every day. They not only let you know how much you’ve collected however, they can also help you keep track of when the next payment is due.
The dashboard allows you to see the sales tax totals within your company. Additionally, you can export your data in a CSV file, if you want to use it for your accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the channels you sell through. That means you won’t have to search for your documents when you’re in the event of a need. Even even if you already have an accountant, this function will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have to cover other operating costs.
The best part is that TaxJar offers tutorials and training not only on their platform, but for anything connected to sales tax. You can check out their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as 4 free yearly AutoFiles, and a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a smaller business owner, this plan will be perfect for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
You can also contact the support team via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking for different from the basic features Professional might be the right one for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the original plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
Premium
If you own a huge company, you may need to choose the Premium plan instead. It comes with all the features needed to help with your taxes. In addition, they offer unlimited data import integrations API integrationsfor team users, and AutoFiles.
They also have a team who are devoted to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Origin States
However, they did say that the plan is custom-made to each user. Therefore, the cost will differ in line with what you require for your company.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is the right one for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see whether the software is the right choice for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. To summarize Here are the pros and cons of the use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable to USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies with numerous sales channels, and that 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 your products and revenue, but it can help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they offer the Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
The use of TaxJar will help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you’re living in an area with complex tax regulations, this will definitely help you get your head around the subject. TaxJar Origin States
If handling your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Origin States
What are the areas in which TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in USdollars. If you’re using another currency, you’ll need to convert it into USUSD prior to when TaxJar can calculate the tax.
