Taxes have always been one of the most difficult tasks to complete, whether you’re running your own business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. If you don’t have enough money to hire an accountant, performing the task on yourself can be risky. If you overlook one thing, you might have to redo things again!
Almost everyone wants to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do about it?
We can make life easier by using tools like TaxJar.
This article will take a look at this life-saving tool and 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? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
For those who like to read, let’s dive right in.
What exactly is TaxJar? TaxJar, Smartcalcs, Destination Based Tax, Washington
The company was 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. Furthermore, you can utilize it across all of the sales channels you use to ensure that you are in compliance with your sales taxes. It simplifies the processes that require days to complete and finish within only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is widely used by online business owners to ensure that everything is neat and simple. Let’s explore the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting platform is compatible along with sales funnels. If you’re using multiple sales 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 most important metrics in one place. This means that there is no requirement to collect information from multiple sources and sort it into a single platform. All you need to do is integrate TaxJar then the system will take care of all the rest.
Other than that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect your sales platforms. Once the time comes for the filing of income tax returns TaxJar will train you on managing them. It is up for you and your team to complete the process on time. TaxJar is only there to help you understand what you have to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit any forms manually. This feature will ensure that everything will be automated from calculating sales taxes in order to record and process them. There could be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As we mentioned, you can use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there, you and your team will have access to everything you need, such as a list of your transactions, reports, as well as information.
The best part about this feature is that they allow you to update your account automatically each day. Not only will they let you keep track of how much you’ve collected however, they can also help you track when your following payments are due.
The dashboard allows you to fully view the overall sales taxes for your business. You can also export your data as a CSV file in case you require it in your process of financial planning and accounting or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps you organize and keep the track of all your sales channels. This means that you don’t have to hunt for your paperwork whenever you’re when you’re in a pinch. Even even if you already have an accountant, this function will aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training, not just for their platform but everything connected to sales tax. Check out their webinars, guides, or blog posts for additional details. Apart from that their sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. For this reason, we’ll look into 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 is priced at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements and reporting. It also includes the tax on sales, four autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax tips.
If you’re a smaller company manager, the plan should be perfect for you. It may not offer all the features offered by TaxJar, but it has all the basics you require.
Additionally, you can contact the support team via their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for a bit more than just the basics Professional could be the one 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 have their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive business, you might need to go for premium plans instead. It includes all of the features that you require to make your tax filing easier. Moreover, they allow unlimited import integrations of data API integrations, team users as well as AutoFiles.
There is also a team that is devoted to managing your account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar, Smartcalcs, Destination Based Tax, Washington
However, they did mention that this plan is customized to each user. The cost of the plan will be different depending on what you need to run your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is right for you. If you’re still looking into other options, they have 30 days of free trial. This should be enough time to see if the platform is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of the use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides an online sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- You can track several 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 applicable for USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you must try TaxJar.
It’s not just a way to assist you in keeping track of your products and revenue, but it can assist you in meeting the deadlines you set. It is also a great platform for an accountant since they provide a Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
The use of TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this can definitely help you get your head around it. TaxJar, Smartcalcs, Destination Based Tax, Washington
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track everything. If you’re finding the entire procedure easy to complete then you’re better to do it by yourself.
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FAQ TaxJar, Smartcalcs, Destination Based Tax, Washington
What are the areas in which TaxJar offer API support?
TaxJar currently supports countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Can I convert any kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. All transaction amounts are n US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar will calculate the tax.
