Taxes have always been among the most difficult tasks to complete, whether you’re running an enterprise or not. Even more so if you do not have any experience in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford the funds to employ an accountant, doing it on your own could be dangerous. If you make a mistake, you might have to do it all over again!
Almost everyone wants to skipping this step. But since it’s required, we have no choice.
So what can we do ?
We can always simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can help you. Although this is quite lengthy, you should be able to determine if TaxJar is what you need today.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, then we’ll dive right into.
What is TaxJar TaxJar Product Code
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to ensure compliance with your sales taxes. It streamlines processes that require days to complete and can be completed in a matter of minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is used extensively by business owners who run online businesses to make their business more neat and simple. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting software is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your most important metrics in one spot. So, there’s no need to collect information from multiple sources and sort it into one platform. All you have to do is integrate TaxJar, and the platform will take care of all the rest.
Other than that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar lets customers file their sales taxes by hand or using the AutoFile feature. For our review we’ll take a look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage them. It is up for you and your team members to complete the process on time. TaxJar is only there to help you understand what you should accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes in order to record and process it. However, there might be additional costs if the feature is not included in the plan you chose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting woes. The orders you place through your online channels can be put together into a single dashboard through this platform. From there, you and your team will have access to all the information you require, including an inventory of your transactions, reports, and the data.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. They not only let you keep track of how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard also allows users to view in detail the sales tax totals within your company. Additionally, you can export your data as the form of a CSV file if you need it for your financial planning and accounting processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping on top of all the sales avenues you use. It means you don’t need to scramble for your documents when you’re in the event of a need. Even even if you already have an accountant, this feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have available for other operational expenses.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform , but also for anything that has to do with sales tax. Check out their webinars, guides and blog for more details. Apart from that their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Certain platforms have amazing capabilities, but they’re often too expensive for businesses. That’s why for this section we’ll take a look at TaxJar’s pricing tiers and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It also includes the tax on sales, four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale business owner, this plan will be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basics Professional could be the one for you. The price starts at $99 but you can increase it if you add custom features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to go for premium plans instead. It comes with all the features that you require to aid in your tax preparation. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of members as well as AutoFiles.
There is also a team dedicated in managing your accounts. However, they don’t disclose the price of the Premium plan. costs you. TaxJar Product Code
However, they did say that this plan is tailor-fit for each user. So the costs will vary depending on what you need for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to determine if this service is for you. If you’re still considering various options, they provide 30 days of free trial. This should give you enough time to determine whether the service is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has 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
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms.
- Allows you to track multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses many platforms. If that’s what you’re doing, then should try this.
Not only can it aid in tracking your revenue and products It can help you meet the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re living in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Product Code
But if handling your taxes is simple, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure simple to follow then you’re better to do it by yourself.
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FAQ TaxJar Product Code
Which areas does TaxJar offer API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar will calculate your tax.
