Taxes have always been among the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a degree in finance or accounting. Tax-related work can be overwhelming, particularly when you’re filled with tasks to complete. When you’re not able to afford the funds to hire an accountant, making it your own could be dangerous. If you overlook one thing, you might need to repeat the process!
Almost everyone wants to avoid this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can assist you. Although this is quite lengthy, you should be able to assess whether TaxJar is exactly what you need today.
Are you looking watching videos rather than watch them? Check out 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 Software
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to ensure that you are in compliance with sales tax requirements. It makes the process simpler that could can take days to complete, and is completed in just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is used extensively by online business owners to make their business more simple and organized. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to ensure is your tax-reporting system perfectly integrates with your sales channel. If you have multiple sales channels, you need to ensure that everything is in order. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your most important data in one location. This means that there is no requirement to collect data from different channels and then organize it on a single platform. All you need to do is integrate TaxJar, it will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via their AutoFile feature. In this review, we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns TaxJar will train you on how to manage these. But, it is up to you and your team to complete everything within the timeframe. TaxJar is there to provide guidance on what you have 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 all forms by hand. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing them. But, it is possible to incur extra fees if you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your team will have access to everything you need, like an inventory of your transactions, reports, as well as data.
The most appealing aspect of this feature is that it lets you to update your account automatically each day. They not only let you keep track of how much you’ve accumulated however, they can also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the sales tax totals within your company. It is also possible to export the information to CSV format. CSV file if you need it for your accounting and financial planning processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep track of all of your sales channels. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accountant, this feature will make them more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers tutorials and training, not just for their platform but everything related to sales tax. Check out their guides, webinars, and blog for more info. Apart from that the sales tax calculator should be 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 set your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. For this reason, we’ll look into TaxJar’s pricing levels and the features that each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most effective plan if you need help in filing and reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small business manager, the plan should be perfect for you. It may not offer all of TaxJar’s features, but it has the essentials that you need.
You can also contact their support team with their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for that is more than the basics, then the Professional plan may be the best option for you. It’s priced at $99 but it can go higher by adding custom features.
How different is it from the basic plan?
In addition to having access to each of Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to go for the Premium plan instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations, API integrationsfor team members and AutoFiles.
They also have a staff who are devoted to managing your account. They don’t reveal the amount that the Premium plan will cost you. TaxJar Software
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your company.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into various options, they provide 30 days of free trial. This should be enough time to gauge if the platform is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of making use of TaxJar for your company.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- It allows you to monitor 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 for USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If that’s what you do, then you should try this.
Not only can it help you track your products and revenue however, it will also help you meet your deadlines. It is also a great option for accountants as they have a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Utilizing TaxJar will help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this will certainly help you to get your head around the subject. TaxJar Software
But if handling your taxes is simple, then TaxJar might not be a good expense. If you only have one or two channels of sales, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete then you’re better to do it on your own.
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FAQ TaxJar Software
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to integrate Shopify into TaxJar?
Yes. You can link 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 doesn’t convert currency values. All of the transaction amounts are n US$. If you’re using a different currency, you’ll need to convert it to USUSD prior to when TaxJar can calculate your tax.
