Taxes have always been among the most difficult things to handle regardless of whether you run a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related work aren’t easy, particularly when you’re filled with tasks to complete. In the event that you do not have the funds to engage an accountant performing the task on your own could be dangerous. If you make a mistake, you might have to do it all over again!
Almost everyone wants to skip this step. But , as it’s a requirement to be done, we can’t choose not to.
What can we do ?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can help you. While this is lengthy but you’ll be able to determine if TaxJar is the tool you require right now.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar? TaxJar Should I Pay State Taxes Even If I’M Not Licensed To Collect Sales Tax
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. Furthermore, you can utilize it in all of your channels of sales to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting system is compatible along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The last thing you want is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your most important metrics in one spot. This means that there is no requirement to collect data from different channels and organize it into one platform. All you have to do is to integrate TaxJar, and the platform will take care of the rest.
In addition, TaxJar also integrates with other platforms that help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to submit their sales tax manually or through TaxJar’s AutoFile feature. For this review, we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income, the team will instruct you on managing the tax returns. It is up for you and your staff to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to fill out all forms by hand. With this feature, everything will be automated, from calculating taxes on sales in order to record and process it. However, there might be additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize 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 require, including an inventory of your transactions, reports, and data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. Not only will they let you know how much you’ve accumulated however, they can also help you determine when your next payment is due.
Their dashboard can also allow users to view in detail the total sales tax within your company. You can also export the information as the form of a CSV file, if you want to use it for your accounting and financial planning processes or if your team requires it for central reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all your sales channels. It means you don’t need to search for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature will help them be 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 available for other operational costs.
What’s more is that TaxJar offers training and tutorials not only for their platform but all things that has to do with sales tax. You can look through their guides, webinars, and blog for more details. Additionally the sales tax calculator should be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to set 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 tiers and what each of those plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It also includes the tax on sales, 4 autofiles for free each year, and an CSV import. Even with the basic plan, you can access their AI tax recommendations.
If you’re a smaller company owner, this plan should be ideal for you. It may not have all the features of TaxJar but it comes with the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get that is more than the standard features Professional 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 basic 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 access to APIs, as well as sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to choose premium plans instead. It includes all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data as well as Integrations with APIs, teams of members as well as AutoFiles.
They also have a staff who are devoted to managing your account. But, they don’t divulge how much the Premium plan costs you. TaxJar Should I Pay State Taxes Even If I’M Not Licensed To Collect Sales Tax
But they did state that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your company.
Free Trial
Fortunately, you don’t need to bet your life on it to determine if this service is for you. If you’re still looking into other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine 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 relax. To summarize, here are the advantages and disadvantages of the use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- You can track several 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 for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses many platforms. If this sounds like the way you’re doing, then should try this.
Not only can it assist you in keeping track of the sales and profits of your business It can help you meet the deadlines you set. It’s also an excellent option for accountants as they provide tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Using TaxJar can help you save more time while keeping on top of each deadline and requirement you have to fulfill. If you live in a place with complicated tax regulations, this will surely help you wrap your head around the subject. TaxJar Should I Pay State Taxes Even If I’M Not Licensed To Collect Sales Tax
But if handling your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole process easy to do, you might be better in doing it all on your own.
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FAQ TaxJar Should I Pay State Taxes Even If I’M Not Licensed To Collect Sales Tax
What areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transaction amounts are n US$. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar will calculate the tax.
