Taxes have always been among the most difficult tasks to complete, whether you’re running your own business or not. More so if you don’t have any experience in finance or accounting. Tax-related issues can be overwhelming, especially when your whole day is full of things to be done. If you don’t have enough money to engage an accountant making it your own could be dangerous. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory and mandatory, there’s no other choice.
So what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. While this is a long read, you should be able to determine if TaxJar is exactly what you need in the present.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, let’s dive right in.
What is TaxJar? TaxJar Sales Tax How To File Youtube
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of the sales channels you use to make sure you’re in compliance with your sales taxes. It simplifies the processes that can take days to complete, and finish within minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is widely used by business owners who run online businesses to make their business more simple and organized. 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 make sure is your tax-reporting software perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to face a penalty due to missing a single minor point.
TaxJar lets you display your key data in one location. That way, there’s no need to collect information from multiple sources and then organize it on a single platform. All you need to do is connect TaxJar, and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. In this review, we’ll look into both.
If you decide to do it manually, TaxJar will allow you to connect all of your sales platforms. When it comes time to the filing of income tax returns, the team will instruct you on managing the tax returns. It is up for you and your team members to finish the tax returns in time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit all forms by hand. This feature will ensure that everything is automated, from calculating sales tax to recording and processing them. However, there might be extra fees if not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting woes. The orders you place through your online channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as an inventory of your transactions, reports and information.
The most appealing aspect of this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve accumulated, but they also help you keep track of when the next payment is due.
Their dashboard can also allow you to fully view the total sales tax within your company. You can also export the information in the form of a CSV file if you need it to aid in accounting and financial planning processes or if you require it for central reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. That means you won’t have to hunt for your paperwork when you need them in a pinch. Even even if you already have an accountant, this feature can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will help you plan your funds better. You’ll know exactly how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also all things that has to do with sales tax. You can check out their webinars, guides, or blog posts for additional info. Apart from that their sales tax calculator should be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It includes sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small-scale business proprietor, then this program will be ideal for you. It may not have all the features of TaxJar however, it does include the essentials that you need.
In addition, you can reach their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the basic features and options, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up when you add additional features.
How different is it from the original plan?
Apart from having access to every one of Starter plan’s features, you also have their phone customer support, API access, and sophisticated CSV import. You can also 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. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
They also have a team dedicated in managing your accounts. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Sales Tax How To File Youtube
But they did state that this plan is tailor-fit for every user. Therefore, the cost will differ depending on what you need to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still considering other options, they have 30 days of free trial. It should give you enough time to gauge whether the service is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you should know about TaxJar Let’s relax. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your company.
Pros
- Does the plan include 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 able to be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you’re doing, then you should try this.
Not only will it help you track your products and revenue however, it will assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they provide a Tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep on top of each deadline and requirement you have to fulfill. If you’re in a region with a lot of tax laws, this will definitely help you get your head around it. TaxJar Sales Tax How To File Youtube
But if handling your taxes is simple If it isn’t, then TaxJar may be an unnecessary investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ TaxJar Sales Tax How To File Youtube
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any kind 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 have to convert it to USUSD before TaxJar can calculate the tax.
