Taxes are always one of the hardest things to do regardless of whether you run an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford enough money to engage an accountant making it your own can be dangerous. If you overlook one thing and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to avoid this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do about it?
It is always possible to make life easier with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can assist you. While this is an extensive read it is possible to assess whether TaxJar is the tool you require in the present.
Prefer to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar TaxJar Sales Tax Youtube
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to the entire life cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales tax requirements. It streamlines processes that can take 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 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 take a look at their features and services.
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Features and services
Integration
One of the first things you’ll need to make sure you have a tax accounting software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The last thing you want is to face a penalty due to not paying attention to a minor thing.
TaxJar allows you to show your critical data in one location. This means that there is no need to gather data from different channels and organize it into one platform. All you have to do is integrate TaxJar, it will handle all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax manually or through their AutoFile feature. For our review we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for filing income tax returns, the team will instruct you on how to handle these. But, it is up to you and your staff to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you need to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. Through this feature, everything will be automated, from calculating taxes on sales in order to record and process them. There could be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your team will have access to everything you need, such as the list of transactions, reports and 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 keep track of how much you’ve collected however, they can also help you determine when your next payment is due.
Their dashboard also allows users to view in detail the sales tax totals for your business. It is also possible to export the data as the form of a CSV file, if you want to use it in your accounting and financial planning processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of the channels you sell through. It means you don’t need to hunt for your paperwork when you’re in a pinch. Even even if you already have an accountant, this function will make them more efficient.
Additionally, knowing the figures for your sales tax in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers training and tutorials, not just for their platform but all things connected to sales tax. You can check out their webinars, guides as well as their blog to find more details. In addition, their sales tax calculator can be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms provide amazing features, but they can be too costly for the business you run. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of those choices can provide you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the most suitable plan for you if you need help with filing requirements or reporting. It includes sales tax reporting, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller business owner, this plan could be ideal for you. It may not offer all the features offered by TaxJar but it comes with the essentials that you need.
Additionally, you can contact their support team with their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking to get a bit more than just the basic features, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it by adding custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to go for premium plans instead. It includes all of the features needed to make your tax filing easier. Additionally, they permit unlimited integrations with data imports as well as Integrations with APIs, teams of members, and AutoFiles.
They also have a staff who are devoted for managing the account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Sales Tax Youtube
However, they did mention that this plan is customized for every user. Therefore, the cost will differ in line with what you require to run your business.
Free Trial
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to gauge if the platform is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you should know about TaxJar let’s take a breather. To summarize we’ll go over the pros and cons of using TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- Allows you to track 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 to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that’s what you do, then you must try TaxJar.
Not only will it assist you in keeping track of your products and revenue, but it can help you meet your deadlines. It is also a great option for accountants as they have tax Advisor program. You can get tips and learn from their sessions about taxes through it.
Using TaxJar can help you reduce time and keep track of every deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your mind around it. TaxJar Sales Tax Youtube
However, if managing your taxes is simple If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar Sales Tax Youtube
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 together with TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions are in USdollars. If you’re using another currency, you will need to convert it to US$ prior to when TaxJar determines the tax.
