Taxes are always one of the most difficult tasks to complete regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is packed with things to do. If you don’t have enough money to hire an accountant, making it yourself can be dangerous. If you make a mistake it could mean you need to repeat the process!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So , what is the best way to deal with it?
We can make life easier by using tools like TaxJar.
We’ll look at this life-saving tool and how it can benefit you. Although this is quite a long read it is possible to assess whether TaxJar is what you need today.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar? TaxJar Partner
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculation. It’s a solution for the entire life cycle. In addition, you can apply it across all of your sales channels to ensure compliance with your sales taxes. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to keep everything simple and organized. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to ensure is that your accounting tax software is compatible in conjunction with the sales channels you use. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your critical metrics in one place. That way, there’s no need to collect data in multiple channels and organize it into one platform. All you have to do is connect TaxJar, then the system will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing income tax returns TaxJar will train you on how to handle them. However, it will be up to you and your team members to complete everything on time. TaxJar is only there to guide you 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 the forms in a manual manner. Through this feature, everything is automated, from calculating taxes on sales in order to record and process it. There could be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. From there, you and your team can access everything you require, including a list of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is it allows you to automatically update every day. Not only will they let you keep track of how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the sales tax totals in your business. You can also export your data as a CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep track of all of your sales channels. It means you don’t need to scramble for your documents when you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your money more efficiently. You’ll be aware of the budget you have available for other operational expenses.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything related to sales tax. You can look through their webinars, guides or blog posts for additional information. Additionally their sales tax calculator should be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They say it’s the most suitable plan for you if you need help in filing and reporting. It also includes taxes on sales and sales as well as four free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a smaller company manager, the plan could be ideal for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact the support team via their email support chart. Additionally, you’ll have access to their integration tools.
Professional
If you’re looking to get a bit more than just the basics and options, then the Professional plan may be the best option for you. It starts at $99, but it can go higher by adding custom features.
What is the difference from the starter plan?
Apart from having access to every one of Starter plan’s features, you also get access to their support via phone access to APIs, as well as sophisticated CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to choose 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, Integrations with APIs, teams of members and AutoFiles.
They also have a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar Partner
But they did state that this plan is customized for every user. The cost of the plan will be different depending on what you need for your business.
Free Trial
Fortunately, you don’t need to risk your money to determine if this service is the right one for you. If you’re still considering different options, they offer a 30-day free trial. This should give you enough time to see whether the service is a good fit for you.
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Pros and Cons
After we’ve gone over everything you should know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of using TaxJar for your company.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Has 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
- Certain countries will not have access to the API feature.
- Only valid for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you should try this.
Not only can it help you track your products and revenue however, it will also help you meet your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Utilizing TaxJar can allow you to get more done while keeping track of every deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this can definitely help you get your head around it. TaxJar Partner
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track all of it. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better off doing it by yourself.
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FAQ TaxJar Partner
What areas does TaxJar offer API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into US$ prior to when TaxJar will calculate your tax.
