Taxes have always been among the most difficult things to handle regardless of whether you’re running an enterprise or not. Particularly if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. In the event that you do not have enough money to employ an accountant, doing it on your own can be risky. If you overlook one thing, you might need to repeat the process!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this well-known life-saving tool and how it can help you. Even though this is a long read, you should be able to assess whether TaxJar is what you need right now.
Are you looking to watch videos instead? Take a look at this video by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, then let’s get right into it.
What exactly is TaxJar? TaxJar Tax Codes For Skus
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculations. It’s a solution for all aspects of your sales tax cycle. In addition, you can apply it in all of your sales channels to ensure compliance with sales taxes. It simplifies the processes that can take days to complete, and finish within only a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is extensively used by business owners who run online businesses to keep everything simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll want to check you have a tax accounting software perfectly integrates along with sales funnels. If you have multiple sales channels, you must ensure that everything is in order. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your most important metrics in one spot. That way, there’s no need to gather data from different channels and sort it into one platform. All you have to do is to integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows customers to file their sales taxes by hand or using their AutoFile feature. For our review we’ll dig at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns The team will guide you on how to manage these. However, it will be up to you and your team to complete the process in time. TaxJar is there to guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating sales tax through recording, and then processing it. There could be additional charges if they are not part of the plan you chose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be put together into a single dashboard through this platform. From there you and your team will have access to everything you require, including an inventory of your transactions, reports, as well as data.
The best part about this feature is that they allow you to automatically update every day. They not only let to know the amount you’ve earned, but they also help you determine when your next payment is due.
Their dashboard also allows users to view in detail the total sales tax within your company. You can also export your data to CSV format. CSV file in case you require it in your process of financial planning and accounting or if your team needs it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. That means you won’t have to search for your documents whenever you’re in a pinch. Even even if you already have an accounting firm, the feature will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll be aware of the budget you have to cover other operating expenses.
The best part is that TaxJar provides training and tutorials, not just for their platform but everything connected to sales tax. You can look through their webinars, guides, as well as their blog to find more information. Additionally the 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 determine your budget. Some platforms offer superb capabilities, but they’re often too costly for the business you run. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan costs $19. They say it’s the best plan to help you in filing and reporting. It includes taxes on sales and sales as well as four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller business manager, the plan could be ideal for you. It may not have all the features of TaxJar, but it has the essentials that you need.
You can also contact the support team via their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking for different from the basics, 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.
So how different is it from the starter plan?
In addition to having access to every one of Starter plan’s features, you also get access to the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to opt for the Premium plan instead. It includes all of the features you need to make your tax filing easier. Moreover, they allow unlimited import integrations of data, API integrationsfor team members and AutoFiles.
They also have a team dedicated for managing the account. But, they don’t divulge the amount that the Premium plan is going to cost. TaxJar Tax Codes For Skus
However, they did mention that this plan is customized for each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to risk your money to determine if this service is right for you. If you’re still looking into various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the software is the right choice for you.
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Pros and Cons
Now that we’ve covered all you should be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar for your company.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for 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.
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
Not only will it help you track the sales and profits of your business however, it will also help you meet the deadlines you set. It is also a great option for accountants as they have tax Advisor program. There are tips to follow and learn from their sessions on taxes by using it.
The use of TaxJar will help you get more done while keeping the track of each deadline and obligation you have to fulfill. If you live in a place with complicated tax laws, this can definitely help you get your head around the subject. TaxJar Tax Codes For Skus
However, if managing your taxes is simple and straightforward, then TaxJar might not be a good expense. If you have only 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 and you’re comfortable with it, you may be better to do it by yourself.
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FAQ TaxJar Tax Codes For Skus
Which areas does TaxJar provide API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All of the transactions are in US$. If you’re using another currency, you’ll have to convert it to USUSD prior to when TaxJar determines your tax.
