Taxes have always been one of the most difficult things to handle regardless of whether you run 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 filled with tasks to complete. If you don’t have the funds to engage an accountant making it yourself can be dangerous. If you miss one detail it could mean you need to repeat the process!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
What can we do ?
It is always possible to make our lives easier with tools such as TaxJar.
We’ll look at this popular life-saving device and how it can assist you. Although this is quite an extensive read it is possible to gauge whether TaxJar is what you need in the present.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
For those who like to read, then let’s dive right in.
What is TaxJar? TaxJar Sales Tax Collection Shopify
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within only a few minutes.
TaxJar has been used in different industries such as 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 keep everything simple and organized. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll need to make sure you have a tax accounting platform seamlessly works well with your sales channel. If you’re selling through multiple channels, you need to keep everything in place. The final thing you would like is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to display your key metrics in one place. This means that there is no need to collect data in multiple channels and then organize it on one platform. All you have to do is connect TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to filing tax returns for income, the team will instruct you on managing the tax returns. However, it will be up to you and your team to complete everything in time. TaxJar is there to provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. This feature will ensure that everything will be automated, from calculating sales tax to recording and processing it. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned 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. Once you’re on the platform you and your staff can access everything you require, including the list of transactions, reports, and information.
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 accumulated however, they can also help you keep track of when the next payments are due.
The dashboard allows you to see the sales tax totals for your business. You can also export your data to a CSV file if you need it in your accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the sales avenues you use. That means you won’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even when you already have your accountant, this feature can aid them in being more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training not only for their platform but for anything that has to do with sales tax. Check out their webinars, guides as well as their blog to find more details. In addition their sales tax calculator should be helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the best plan for those who need assistance in filing and reporting. It also includes the tax on sales, 4 autofiles for free each year, and the option of 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 ideal for you. It may not offer all the features of TaxJar however, it does include all the basics you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking for that is more than the standard features, then the Professional plan may be the best option for you. It starts at $99, but it can go higher when you add additional features.
How different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also get access to their phone customer support, API access, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to opt for an upgrade instead. It has all of the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of users, and AutoFiles.
They also have a team that is devoted to managing your account. They don’t reveal the price of the Premium plan. will cost you. TaxJar Sales Tax Collection Shopify
However, they did say that this plan is customized for every user. The cost of the plan will be different depending on what you need to run your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. This should be enough time to see if the platform is a good 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. To summarize we’ll go over the pros and cons of the use of TaxJar for your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers an online sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar is an excellent platform for companies that have numerous sales channels, and that utilizes many platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of your revenue and products It can help you meet the deadlines you set. It is also a great opportunity for accountants since they provide 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 save more time while keeping track of every deadline and requirement you have to meet. If you live in a region with a lot of tax regulations, this will surely help you wrap your head around the subject. TaxJar Sales Tax Collection Shopify
But if handling your taxes is straightforward, then TaxJar could be a waste of expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of all of it. In addition, if you find the entire process easy to do, you might be better in doing it all on your own.
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FAQ TaxJar Sales Tax Collection Shopify
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar determines your tax.
