Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. Particularly if you don’t have a background in finance or accounting. Tax-related issues can be overwhelming, especially 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 your own can be risky. If you miss one detail, you might need to repeat the process!
Most people want to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
So what can we do ?
We can always make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. While this is a long read it is possible to determine if TaxJar is what you need today.
Do you prefer video streaming 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, let’s dive right in.
What is TaxJar TaxJar Rate Caching
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to make their business more organized and straightforward. Let’s look into 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 your tax-reporting platform seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you need to do is integrate TaxJar it will do all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you decide to go it alone, TaxJar will allow you to connect your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on managing these. But, it is up for you and your team to complete everything in time. TaxJar is there to guide you on what you should do but not handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales tax to recording and processing it. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to everything you need, like a list of your transactions, reports, as well as 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 know how much you’ve collected, but they also help you track when your following payments are due.
Their dashboard also allows you to fully view the total sales tax in your business. You can also export the information in a CSV file in case you require it in your process of financial planning and accounting or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to scramble for your documents when you need them in a pinch. Even even if you already have an accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have available for other operational costs.
What’s more is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also everything related to sales tax. Check out their webinars, guides as well as their blog to find more information. Additionally their sales tax calculator is beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms provide amazing features, but they’re sometimes too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the most effective plan if you need help in filing and reporting. It also includes the tax on sales, 4 free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a small business proprietor, then this program could be perfect for you. It might not include all the features of TaxJar, but it has the basic features you require.
You can also contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking to get different from the basics and options, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher if you add custom features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s options, you also have access to their support via phone access to APIs, as well as sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive enterprise, you may want to choose an upgrade instead. It has all of the features that you require to help with your taxes. In addition, they offer unlimited data import integrations, API integrations, team members, and AutoFiles.
There is also a team who are devoted to managing your account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Rate Caching
However, they did mention that this plan is customized for every user. Therefore, the cost will differ according to what you require for your company.
Free Trial
Luckily, you don’t have to gamble your money just to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to see whether the service is the right choice for you.
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Pros and Cons
We’ve covered everything you must know about TaxJar let’s take a break. To sum it all up Here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is easy 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature
- Only applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar is an excellent platform for businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
Not only can it help you track your revenue and products however, it will also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar can help you reduce time and keep the track of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this will surely help you wrap your head around the subject. TaxJar Rate Caching
If handling your taxes is simple and straightforward, then TaxJar might not be a good expense. If you have only one or two channels for sales, TaxJar won’t be needed to track all of it. In addition, if you find the whole process easy to do then you’re better in doing it all on your own.
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FAQ TaxJar Rate Caching
Which areas does TaxJar offer API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions are in US$. If you’re using a different currency, you’ll need to convert it to US$ before TaxJar determines the tax.
