TaxJar Sales Tax 101

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Taxes have always been among the hardest things to do, whether you’re running an enterprise or not. Even more so if you do not have any experience in finance or accounting. Tax-related work can be overwhelming, especially when you’re packed with things to do. When you’re not able to afford the funds to hire an accountant, performing the task on your own could be risky. If you miss one detail it could mean you have to do it all over again!

Nearly everyone would prefer to skip this step. But since it’s required, we have no choice.

So , what is the best way to deal with it?

It is always possible to make our lives easier with tools such as TaxJar.

This article will take a look at this popular life-saving tool and how it can help you. While this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need today.

Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.

But for those who prefer to read, then we’ll dive right into.

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What exactly is TaxJar? TaxJar Sales Tax 101

In 2013, TaxJar was established. TaxJar is an application that automatizes your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to make sure you’re in compliance with your sales taxes. It makes the process simpler that could require days to complete and can be completed in a matter of just a few minutes.

TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.

How can it help you?

TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s explore their features and services.

TaxJar Sales Tax 101

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Features and services

Integration

One of the first things you’ll want to check is your tax-reporting software is compatible with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to face a penalty due to not paying attention to a minor thing.

TaxJar lets you display your key data in one location. So, there’s no requirement to collect data from different channels and sort it into one platform. All you need to do is integrate TaxJar then the system will do the rest.

In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar lets customers make sales tax filings either manually or via the AutoFile feature. In this review, we’ll look at both.

If you opt to manually file your tax returns, TaxJar will allow you to connect all those sales tools. When the time is right for filing tax returns for income TaxJar will train you on managing the tax returns. However, it will be up to you and your team members to finish the tax returns on time. TaxJar is only there to guide you on what you should do , but not to handle it.

If you would prefer an Auto file, TaxJar will do the filling – that means 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 them. There could be additional charges if they are not part of the plan you choose.

Sales Tax Reports

As we mentioned, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team can access everything you need, like the list of transactions, reports, as well as the data.

The most appealing aspect of this feature is that it lets you to update automatically every day. Not only will they let you know how much you’ve accumulated however, they can also help you track when your following payment is due.

The dashboard allows you to see the overall sales taxes within your company. You can also export your data in a CSV file, if you want to use it in your accounting and financial planning processes or if your team requires it for centralized reporting.

Training and Streamlining

TaxJar assists in organizing and keeping track of all of your sales channels. That means you won’t have to scramble for your documents when you need them in the event of a need. Even even if you already have an accountant, this function can help them be 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 better how much budget you have available for other operating expenses.

But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform but for anything related to sales tax. You can look through their webinars, guides, and blog for more information. In addition, their sales tax calculator should be useful if you’re planning to complete everything yourself.

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How much does TaxJar cost?

We understand how important it is to determine your budget. Certain platforms have amazing features, but they can be too expensive for businesses. That’s why for this section we’ll examine TaxJar’s pricing levels and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.

Starter

Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements and reporting. It comes with sales tax reporting, 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you can access their AI tax tips.

If you’re a smaller company manager, the plan should be ideal for you. It may not offer all the features of TaxJar, but it has the basic features you require.

In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration tools.

Professional

If you’re looking for different from the standard features Professional might be the right one for you. The price starts at $99 but you can increase it when you add additional features.

So how different is it from the basic plan?

In addition to 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. They also allow you to get 12 AutoFiles for free each year.

Premium

If you run a large enterprise, you may want to choose the Premium plan instead. It comes with all the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations as well as API integrations, team members as well as AutoFiles.

They also have a team dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Sales Tax 101

However, they did say that the plan is custom-made for each user. The cost of the plan will be different according to what you require to run your business.

Free Trial

It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to gauge whether the service is an excellent fit for you.

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Pros and Pros and

We’ve covered everything you should be aware of TaxJar let’s take a break. To sum it all up Here are the pros and cons of the use of TaxJar for your company.

Pros

  • Has a Tax Advisor option for some plans
  • AutoFile features to reduce 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 can 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 have access to the API feature
  • Only applicable to USA customers
  • Needs accountants and owners to recheck local legislations

The Final Verdict

With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes numerous platforms. If that’s what you do, then you should try this.

It’s not just a way to aid in tracking the sales and profits of your business however, it will help you meet your deadlines. It is also a great option for accountants as they provide the Tax Advisor program. You can find tips and get knowledge from their seminars regarding taxes via it.

The use of TaxJar can help you save more time while keeping the track of each deadline and obligation you have to meet. If you’re living in a place with complicated tax regulations, this will certainly help you to get your head around it. TaxJar Sales Tax 101

However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure simple to follow, you might be better off doing it on your own.

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FAQ TaxJar Sales Tax 101

Which areas does TaxJar provide API assistance?

TaxJar currently works with countries like the United States, the EU, Australia, and Canada.

Do I have the ability to integrate Shopify into TaxJar?

Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.

Do I have the ability to convert every type of currency using TaxJar?

Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to USdollars before TaxJar will calculate the tax.

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