Taxes are always one of the hardest things to do regardless of whether you’re running an enterprise or not. More so if you don’t have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is full of things to be done. If you don’t have enough money to engage an accountant performing the task on yourself can be dangerous. If you overlook one thing and you don’t know it, you may have to do it all over again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
So what is the best way to deal with it?
We can always make life easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving device and how it can benefit you. Even though this is a long read but you’ll be able to assess whether TaxJar is exactly what you need 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.
For those who like to read, let’s dive right in.
What is TaxJar TaxJar States With Collection Credit
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculation. TaxJar is a solution to your entire sales tax life 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 makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage companies, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by business owners who run online businesses to make their business more simple and organized. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates with your sales channel. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to display your most important metrics in one place. So, there’s no requirement to collect data in multiple channels and organize it into a single platform. All you have to do is connect TaxJar, it will take care of all the rest.
In addition, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings either manually or via TaxJar’s AutoFile feature. For this review, we’ll look at both.
If you opt to go it alone, TaxJar will allow you to connect the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on managing these. It is up for you and your staff to complete the process within the timeframe. TaxJar is there to guide you on what you need to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. This feature will ensure that everything will be automated, from calculating sales tax in order to record and process it. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier, you can use TaxJar to assist you with your accounting issues. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. From there you and your staff will have access to everything you need, such as a list of your transactions, reports, as well as information.
The best part about this feature is that it allows you to automatically update every day. Not only can they help you know how much you’ve accumulated, but they also help you track when your following payments are due.
Their dashboard also allows users to view in detail the overall sales taxes in your business. You can also export the data to CSV format. CSV file if you need it in your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps you organize and keep track of all of your sales channels. This means that you don’t have to hunt for your paperwork when you’re when you’re in a pinch. Even when you already have your accountant, this function can aid them in being 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 provides training and tutorials, not just for their platform but all things that has to do with sales tax. You can look through their guides, webinars, and blog for more details. In addition, their sales tax calculator should be beneficial when you’re planning to complete everything yourself.
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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 features, but they can be too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan to help you with filing requirements and reporting. It comes with the tax on sales, 4 free yearly AutoFiles, and an CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller company manager, the plan should be ideal for you. It might not include all the features offered by TaxJar however, it does include the essentials that you need.
In addition, you can reach their support team with their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for something different from the basics, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you run a large enterprise, you may want to opt for premium plans instead. It comes with all the features needed to make your tax filing easier. Moreover, they allow unlimited integrations with data imports API integrationsfor team users as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar States With Collection Credit
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ according to what you require to run your business.
Free Trial
Fortunately, you don’t need to gamble your money just to determine if this service is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to gauge if the platform is a good fit 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 break. To summarize Here are the advantages and disadvantages of using 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
- Provides Taxes on sales online calculator.
- Has support service team
- The dashboard is easy 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
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only valid for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes many platforms. If that sounds like what you’re doing, then should try this.
Not only can it help you track your products and revenue It can help you meet your deadlines. It’s also an excellent platform for an accountant since they provide the Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.
The use of TaxJar will help you get more done while keeping track of every deadline and requirement you have to fulfill. If you’re living in a place with complicated tax laws, this can certainly help you to get your head around it. TaxJar States With Collection Credit
If handling taxes is easy If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the entire process easy to do then you’re better to do it by yourself.
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FAQ TaxJar States With Collection Credit
Which areas does TaxJar provide API support?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USUSD before TaxJar can calculate your tax.
