Taxes are always one of the hardest things to do regardless of whether you run a business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, especially when you’re full of things to be done. In the event that you do not have the funds to employ an accountant, doing it on your own could be dangerous. If you make a mistake, you might need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory, we have no 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 device and how it can assist you. Although this is quite an extensive read it is possible to assess whether TaxJar is the tool you require right now.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of the features offered by TaxJar.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar Standard Tax Rates
The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculation. It’s a solution for the entire life cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and is completed in just a few only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to ensure that everything is neat and simple. 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 make sure is that your accounting tax system is compatible with your sales channel. If you have multiple sales channels, you must ensure that everything is in order. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one place. This means that there is no need to collect information from multiple sources and then organize it on one platform. All you have to do is to integrate TaxJar, and the platform will do all the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you opt to manually file your tax returns, TaxJar will allow you to connect your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on how to handle the tax returns. It is up to you and your team to complete everything within the timeframe. TaxJar is there to provide guidance on what you should 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 submit the forms in a manual manner. With this feature, everything will be automated from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through 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 most appealing aspect of the feature you’ve chosen is they allow you to update automatically every day. They not only let you keep track of how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard also allows you to see the sales tax totals for your business. You can also export your data as CSV format. CSV file if you need it in your financial planning and accounting processes or if you require it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in a pinch. Even if you already have your accountant, this feature will make them more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your money more efficiently. You’ll know better how much budget you have to cover other operating costs.
What’s more is that TaxJar provides training and tutorials, not just on their platform, but for anything connected to sales tax. You can check out their webinars, guides as well as their blog to find more details. In addition, their 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 understand how important it is to establish your budget. Certain platforms have amazing features, but they can be too expensive for businesses. This is why in this section we’ll take a look at TaxJar’s pricing levels and the features that each of these options can offer you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the best plan if you need help with filing requirements or reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. Even with the basic plan, you can access their AI tax advice.
If you’re a small-scale business proprietor, then this program could be perfect for you. It may not have all of TaxJar’s features but it comes with the essentials that you need.
In addition, you can reach their support team with their email support chart. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for something a bit more than just the basics and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
How different is it from the starter plan?
In addition to accessing each of Starter plan’s features, you also get access to their support via phone, API access, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive company, you may need to choose premium plans instead. It includes all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
They also have a team dedicated to managing your account. But, they don’t divulge how much the Premium plan is going to cost. TaxJar Standard Tax Rates
However, they did say that the plan is custom-made to each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Fortunately, you don’t need to risk your money to find out if the platform is the right one for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to gauge if the platform is a good fit for you.
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Pros and Pros and
We’ve covered everything you must be aware of TaxJar Let’s relax. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help 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
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only valid for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
Not only will it assist you in keeping track of your products and revenue however, it will assist you in meeting your deadlines. It is also a great option for accountants as they have tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you live in an area with complex tax regulations, this will definitely help you get your mind around it. TaxJar Standard Tax Rates
However, if managing 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 sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire process easy to do, you might be better to do it by yourself.
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FAQ TaxJar Standard Tax Rates
What are the areas in which TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to US$ prior to when TaxJar will calculate the tax.
