Taxes have always been one of the hardest things to do regardless of whether you’re running a business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related issues aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to employ an accountant, making it your own could be risky. If you miss one detail and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skip this step. But since it’s required to be done, we can’t choose not to.
So , what can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can benefit you. While this is a long read it is possible to gauge whether TaxJar is the tool you require right now.
Are you looking watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
If you prefer to read, we’ll dive right into.
What is TaxJar? TaxJar State Nexus Setting
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. It is a solution for the entire life cycle. Additionally, you can use 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 require days to complete and can be completed in a matter of just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is used extensively by online business owners to ensure that everything is simple and organized. Let’s explore the features and services offered by TaxJar.
Services and features
One of the most important things you’ll need to ensure is your tax-reporting platform seamlessly works well along with sales funnels. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your most important data in one location. This means that there is no need to gather 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 the rest.
In addition, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they can integrate with:
TaxJar allows clients to file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll dig at both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income, the team will instruct you on how to handle the tax returns. However, it will be up for you and your team members to complete everything within the timeframe. TaxJar is only there to help you understand what you need to accomplish, but not manage it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. This feature will ensure that everything is automated, from calculating taxes on sales through recording, and then processing it. But, it is possible to incur additional charges if they are not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting problems. Your orders from your e-commerce channels can be put together into one dashboard using this platform. Once you’re on the platform you and your team will have access to all the information you require, including a list of your transactions, reports and information.
The greatest benefit of this option is the fact that they allow you to automatically update every day. Not only can they help you keep track of how much you’ve collected and how much you’ve earned, but they also let you determine when your next payment is due.
The dashboard allows you to see the total sales tax within your company. You can also export the information as the form of a CSV file if you need it for your process of financial planning and accounting or if you require it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to scramble for your documents when you need them when you’re in a pinch. Even even if you already have an accounting firm, the feature can aid them in being more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operational expenses.
The best part is that TaxJar offers training and tutorials not only for their platform , but also all things connected to sales tax. You can check out their guides, webinars, as well as their blog to find more details. Apart from that their sales tax calculator should be useful if you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with the tax on sales, four free yearly AutoFiles, and an CSV import. With the starter plan, you will be able to access their AI tax recommendations.
If you’re a smaller company proprietor, then this program should be perfect for you. It might not include all the features offered by TaxJar but it comes with all the basics you require.
You can also contact their customer support via their email support chart. You’ll also have access to their integration tools.
If you’re looking for that is more than the basics and options, then the Professional plan could be the one for you. It’s priced at $99 but it can go higher if you add custom features.
How different is it from the original plan?
Apart from having access to all of the Starter plan’s options, you also have access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you have a massive business, you might need to go for the Premium plan instead. It has all of the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data as well as API integrations, team members, and AutoFiles.
They also have a team who are devoted for managing the account. They don’t reveal the amount that the Premium plan is going to cost. TaxJar State Nexus Setting
But they did state that the plan is custom-made for every user. The cost of the plan will be different depending on what you need for your business.
It’s a good thing that you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. This should be enough time to see whether the service is a good fit for you.
Pros and Pros and
Now that we’ve covered all you must know about TaxJar Let’s relax. In order to sum up the whole thing Here are the advantages and disadvantages of the use of TaxJar to run your business.
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- It allows you to monitor multiple sales channels
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes many platforms. If that sounds like what you do, then you ought to try this.
Not only can it aid in tracking your revenue and products however, it will also help you meet the deadlines you set. It’s also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and get knowledge from their seminars on taxes by using it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline or requirement you need to meet. If you live in an area with complex tax laws, this can certainly help you to get your head around it. TaxJar State Nexus Setting
But if handling your taxes is simple If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you find the whole process easy to do, you might be better off doing it on your own.
FAQ TaxJar State Nexus Setting
What areas does TaxJar offer 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 incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in US$. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar will calculate the tax.