Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues can be overwhelming, especially when your whole day is filled with tasks to complete. If you don’t have the budget to hire an accountant, doing it on yourself can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Most people want to avoid this step. However, since it’s mandatory and mandatory, there’s no other choice.
What can we do about it?
We can always make our lives easier with tools such as TaxJar.
We’ll look at this well-known life-saving tool and explain how it can assist you. Even though this is lengthy, you should be able to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, let’s get right into it.
What is TaxJar TaxJar Shipping Deduction
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that take days to complete and finish within just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the most important 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 need to maintain everything in line. The final thing you would like is to face a penalty due to overlooking just one minor detail.
TaxJar lets you display your most important data in one location. So, there’s no requirement to collect data from different channels and then organize it on one platform. All you have to do is integrate TaxJar and the platform will take care of the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through their AutoFile feature. In the purpose of this article, we’ll dig at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing income tax returns, the team will instruct you on managing them. But, it is up for you and your staff to finish the tax returns on time. TaxJar will only provide guidance 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 all forms by hand. With this feature, everything will be automated, from calculating sales taxes to recording and processing it. But, it is possible to incur additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your team can access everything you need, such as a list of your transactions, reports, as well as the data.
The best part about this feature is that it lets you to automatically update every day. Not only will they let you know 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.
Their dashboard also allows you to see the sales tax totals within your company. It is also possible to export the data as CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know better how much budget you have to cover other operating costs.
But what’s even better is that TaxJar offers training and tutorials not only for their platform but everything that has to do with sales tax. Check out their webinars, guides, as well as their blog to find more information. Additionally, their sales tax calculator can be beneficial when you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It also includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business manager, the plan will be ideal for you. It might not include all of TaxJar’s features however, it does include the basic features you require.
Additionally, you can contact their customer support via their email support chart. You’ll also have access to their integration features.
Professional
If you’re looking for something a bit more than just the standard features, then the Professional plan may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
So how different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large business, you might need to choose an upgrade instead. It has all of the features needed to make your tax filing easier. Additionally, they permit unlimited import integrations of data API integrations, team members and AutoFiles.
They also have a staff dedicated in managing your accounts. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Shipping Deduction
However, they did say that this plan is customized to each user. Therefore, the cost will differ depending on what you need for your business.
Free Trial
Fortunately, you don’t need to bet your life on it to see if this platform is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to determine whether the service is an excellent fit for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To summarize, here are the advantages and disadvantages of using TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support Service Team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is able to 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 be able to access the API feature.
- Only valid for USA customers
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies that have many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it assist you in keeping track of the sales and profits of your business It can help you meet your deadlines. This is also an excellent opportunity for accountants since they have a Tax Advisor program. You can get tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will certainly help you to get your mind around it. TaxJar Shipping Deduction
If handling your taxes is simple and straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. In addition, 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 Shipping Deduction
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.
Can I integrate Shopify together with TaxJar?
Yes. You can sync your Shopify account with TaxJar for easier monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions are in US$. If you’re using another currency, you will need to convert it to USdollars prior to when TaxJar determines your tax.
