Taxes have always been among the most difficult things to handle regardless of whether you run your own business or not. More so if you don’t have a degree in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is full of things to be done. If you don’t have the funds to employ an accountant, doing it on your own could be risky. If you miss one detail, you might have to redo things again!
Nearly everyone would prefer to skip this step. However, since it’s mandatory to be done, we can’t choose not to.
So what can we do about it?
We can always make life easier with tools such as TaxJar.
Here we’ll take a look at this life-saving tool and how it can benefit you. While this is an extensive read, you should be able to gauge whether TaxJar is the tool you require today.
Do you prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Square
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all the sales channels you use to make sure you’re in compliance with sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few minutes.
TaxJar is used in various industries like 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 keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re selling through multiple channels, you must maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your key metrics in one place. So, there’s no need to collect information from multiple sources and organize it into a single platform. All you have to do is integrate TaxJar, then the system will do the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes either manually or via their AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. Once the time comes for the filing of income tax returns TaxJar will train you on how to manage these. However, it will be up for you and your staff to complete the process in time. TaxJar will only guide you on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating taxes on sales in order to record and process it. However, there might be additional costs if the feature is not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you need, like a list of your transactions, reports, as well as data.
The best part about the feature you’ve chosen is it lets you to automatically update every day. Not only will they let you keep track of how much you’ve collected however, they can also help you keep track of when the next payment is due.
Their dashboard can also allow you to see the overall sales taxes in your business. Additionally, you can export the data to a CSV file in case you require it to aid in financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in the event of a need. Even if you already have your accounting firm, the feature will make them more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have available for other operational costs.
But what’s even better is that TaxJar offers training and tutorials not only on their platform, but everything that has to do with sales tax. You can check out their guides, webinars, and blog for more details. Additionally the sales tax calculator is useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they can be too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help with filing requirements and reporting. It comes with taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a smaller business proprietor, then this program could be ideal for you. It may not have all of TaxJar’s features but it comes with the basic features you require.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for different from the basics, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge business, you might need to opt for premium plans instead. It has all of the features you need to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, API integrations, team users and AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal how much the Premium plan costs you. TaxJar Square
But they did state that the plan is custom-made for each user. So the costs will vary in line with what you require for your company.
Free Trial
It’s a good thing that you don’t have to bet your life on it to see if this platform is for you. If you’re still considering various options, they provide 30 days of free trial. It should give you enough time to see if the platform is an excellent fit for you.
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Pros and Cons
Now that we’ve covered all you need to be aware of TaxJar let’s take a break. To summarize Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides an online sales tax calculator
- Support Service Team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is able to 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 have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then ought to try this.
Not only will it help you track your revenue and products, but it can help you meet your deadlines. It’s also an excellent opportunity for accountants since they provide tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
The use of TaxJar will help you get more done while keeping the track of each deadline and requirement you have to meet. If you live in an area with complex tax laws, this can certainly help you to get your head around it. TaxJar Square
However, if managing your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you only have one or two sales channels, TaxJar won’t be needed to keep track of all of it. 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 Square
What areas does TaxJar offer API assistance?
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 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 with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All transactions are in USdollars. If you’re using another currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate your tax.
