Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related tasks aren’t easy, particularly when you’re full of things to be done. In the event that you do not have enough money to hire an accountant, doing it on yourself can be risky. If you make a mistake and you don’t know it, you may have to do it all over again!
Almost everyone wants to avoid this step. However, since it’s mandatory, we have no choice.
What can we do about it?
We can always simplify our lives with tools such as TaxJar.
This article will take a look at this popular life-saving tool and how it can help you. While this is an extensive read it is possible to determine if TaxJar is what you need in the present.
Do you prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, let’s dive right in.
What is TaxJar? TaxJar State Registration Number
Founded in 2013, TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all the sales channels you use to ensure that you are in compliance with your sales taxes. It makes the process simpler that could can take days to complete, and can be completed in a matter of just a few minutes.
TaxJar is used in various industries like food and beverage companies, 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 neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll need to ensure is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to keep everything in place. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your key metrics in one spot. That way, there’s no need to gather data from different channels and then organize it on a single platform. All you need to do is connect TaxJar and the platform will take care of all the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar lets customers make sales tax filings by hand or using their AutoFile feature. For the purpose of this article, we’ll take a look at both.
If you opt to go it alone, TaxJar will allow you to connect all of your sales platforms. When it comes time to filing tax returns for income TaxJar will train you on how to manage the tax returns. However, it will be up to you and your staff to complete the process on time. TaxJar is only there to provide guidance on what you should 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 all forms by hand. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. However, there might be additional costs if the feature is you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into a single dashboard via this platform. From there you and your staff can access everything you need, like an inventory of your transactions, reports, as well as the data.
The best part about this option is the fact that they allow you to update automatically every day. They not only let to know the amount you’ve collected however, they can also help you determine when your next payments are due.
The dashboard allows you to fully view the total sales tax within your company. Additionally, you can export the data as CSV format. CSV file if you need it for your financial planning and accounting processes or if your team requires it to run centralized reports.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. It means you don’t need to scramble for your documents when you need them in a pinch. Even when you already have your accounting firm, the feature can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will help you plan your funds more effectively. You’ll know exactly how much budget you have available for other operating costs.
What’s more is that TaxJar provides training and tutorials not only for their platform , but also for anything related to sales tax. Check out their guides, webinars, or blog posts for additional details. In addition, their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They claim that it’s the best plan for those who need assistance with filing requirements and reporting. It also includes sales tax reporting, four annual AutoFiles for free, as well as an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller business owner, this plan should be perfect for you. It might not include all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach the support team via their support chart for email. Additionally, you’ll have access to their integration tools.
If you’re looking for a bit more than just the standard features Professional might be the right one 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 options, you also have access to their phone customer support access to APIs, as well as the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
If you have a massive company, you may need to choose the Premium plan instead. It includes all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, Integrations with APIs, teams of members and AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan costs you. TaxJar State Registration Number
But they did state that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your company.
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 other options, they have the opportunity to try a free trial for 30 days. This should give you enough time to gauge whether the service is an excellent fit for you.
Pros and Cons
After we’ve gone over everything you need to know about TaxJar let’s take a break. To sum it all up, here are the advantages and disadvantages of making use of TaxJar for your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses numerous platforms. If that’s what you do, then you ought to try this.
It’s not just a way to help you track the sales and profits of your business however, it will also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline or requirement you need to meet. If you live in a region with a lot of tax laws, this can definitely help you get your mind around it. TaxJar State Registration Number
But if handling taxes is easy If it isn’t, then TaxJar could be a waste of expense. If you only have one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better off doing it by yourself.
FAQ TaxJar State Registration Number
What areas does TaxJar provide 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 incorporate Shopify with TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All transactions are in US$. If you’re using another currency, you’ll need to convert it into US$ before TaxJar will calculate your tax.