Taxes are always one of the hardest things to do, whether you’re running your own business or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have the funds to engage an accountant performing the task on yourself can be dangerous. If you make a mistake, you might have to do it all over again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can always make our lives easier 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 but you’ll be able to gauge whether TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Sales Tax Video
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and finish within only a few minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s take a look at their features and services.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting software perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your critical metrics in one spot. This means that there is no requirement to collect data from different channels and then organize it on a single platform. All you have to do is to integrate TaxJar and the platform will handle all the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt to go it alone, TaxJar will allow you to connect all of those sales tools. Once the time comes for the filing of income tax returns The team will guide you on managing them. But, it is up for you and your team members to finish the tax returns within the timeframe. TaxJar will only help you understand what you need to 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 through recording, and then processing them. There could be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. From there, you and your team will have access to all the information you need, like a list of your transactions, reports and data.
The most appealing aspect of this feature is that it allows you to update your account automatically each day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you keep track of when the next payment is due.
The dashboard allows users to view in detail the total sales tax in your business. You can also export the data as a CSV file in case you require it in your financial planning and accounting processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even when you already have your accounting firm, the feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operating costs.
What’s more is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also for anything that has to do with sales tax. You can check out their guides, webinars, and blog for more details. In addition, their sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. For this reason we’ll take a look at TaxJar’s pricing structures and what each of these options can offer you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most suitable plan for you to help you in filing and reporting. It includes the tax on sales, four free yearly AutoFiles, and a CSV import. With the starter 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 have all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking to get that is more than the standard features and options, then the Professional plan might be the right one for you. The price starts at $99 but it can go higher if you add custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s features, you also have their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge company, you may need to opt for premium plans instead. It comes with all the features you need to make your tax filing easier. Moreover, they allow unlimited data import integrations API integrationsfor team users as well as AutoFiles.
There is also a team dedicated to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Sales Tax Video
But they did state that the plan is custom-made for each user. Therefore, the cost will differ in line with what you require for your company.
Free Trial
It’s a good thing that you don’t have to risk your money to find out if the platform is for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to determine if the platform is a good fit for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of using TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple 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
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If that’s what you’re doing, then you must try TaxJar.
It’s not just a way to aid in tracking your products and revenue It can assist you in meeting the deadlines you set. This is also an excellent option for accountants as they have a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re living in a place with complicated tax laws, this will surely help you wrap your mind around it. TaxJar Sales Tax Video
If handling your taxes is simple If it isn’t, then TaxJar could be a waste of investment. 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 whole procedure simple to follow then you’re better off doing it on your own.
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FAQ TaxJar Sales Tax Video
What areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All of the transactions are in US$. If you’re using a different currency, you will need to convert it into US$ before TaxJar will calculate the tax.
