TaxJar Tax Guide

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Taxes are always one of the most difficult things to handle regardless of whether you run an enterprise or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. When you’re not able to afford the budget to employ an accountant, making it your own can be dangerous. If you miss one detail and you don’t know it, you may have to do it all over again!

Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.

So , what can we do ?

We can always make life easier with tools such as TaxJar.

Here we’ll take a look at this popular life-saving device and how it can benefit you. Although this is quite lengthy, you should be able to determine if TaxJar is what you need in the present.

Prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.

But for those who prefer to read, let’s get right into it.

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What is TaxJar TaxJar Tax Guide

The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all your sales channels to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and is completed in just a few minutes.

TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.

What can it do to help you?

TaxJar is widely used by owners of online businesses to ensure that everything is organized and straightforward. Let’s explore their features and services.

TaxJar Tax Guide

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Services and features

Integration

One of the first things you’ll need to make sure is that your accounting tax software perfectly integrates with your sales channel. If you have multiple sales channels, you must keep everything in place. The final thing you would like is to get a penalty for missing a single minor point.

TaxJar allows you to display your most important metrics in one place. That way, there’s no need to collect information from multiple sources and organize it into one platform. All you need to do is connect TaxJar then the system will handle the rest.

Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of platforms they can integrate with:

  • Xero
  • Amazon
  • Magento
  • BigCommerce
  • Shopify
  • Walmart
  • eBay
  • WooCommerce
  • Square
  • Etsy
  • Stripe
  • PayPal

Filing

TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. For our review we’ll take a look at both.

If you opt to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income TaxJar will train you on how to handle these. But, it is up to you and your team members to finish the tax returns in time. TaxJar is only there to help you understand what you need to do , but not to handle it.

If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. Through this feature, 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 we mentioned it is possible to use TaxJar to help you with your accounting issues. The orders you place through your online channels can be put together into a single dashboard via this platform. Once you’re on the platform, you and your team will have access to all the information you need, like an inventory of your transactions, reports, and the data.

The best part about this feature is that it allows you to update automatically every day. Not only will they let you keep track of how much you’ve accumulated however, they can also help you track when your following payment is due.

Their dashboard also allows users to view in detail the overall sales taxes within your company. Additionally, you can export the data to a CSV file if you need it for your accounting and financial planning processes or if your team needs it for centralized reporting.

Streamlining and Training

TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to hunt for your paperwork whenever you’re in the event of a need. Even when you already have your accounting firm, the feature will aid them in being more efficient.

Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have to cover other operational expenses.

The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform , but also everything connected to sales tax. You can check out their webinars, guides as well as their blog to find more information. Apart from that the 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 know how crucial it is to determine your budget. Some platforms offer superb features, but they can be too costly for your business. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.

Starter

Their Starter plan starts at $19. The company claims that it’s the most suitable plan for you if you need help in filing and reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.

If you’re a small-scale business manager, the plan should be ideal for you. It may not offer all the features of TaxJar but it comes with the essentials that you need.

You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration tools.

Professional

If you’re looking for that is more than the basics, then the Professional plan might be the right one for you. The price starts at $99 however, it could go up by adding custom features.

What is the difference from the basic plan?

Apart from having access to all of the Starter plan’s options, you also have 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 own a huge business, you might need to opt for premium plans instead. It has all of the features you need to make your tax filing easier. Additionally, they permit unlimited import integrations of data API integrationsfor team members, and AutoFiles.

They also have a staff that is devoted to managing your account. They don’t reveal how much the Premium plan is going to cost. TaxJar Tax Guide

However, they did say that this plan is tailor-fit for every user. So the costs will vary in line with what you require to run your business.

Free Trial

Luckily, you don’t have to risk your money to determine if this service is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should give you enough time to see if the platform is an excellent fit for you.

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Pros and Cons

After we’ve gone over everything you must know about TaxJar let’s take a breather. To sum it all up Here are the pros and cons of using TaxJar for your company.

Pros

  • Does the plan include the Tax Advisor option for some plans
  • AutoFile features save time
  • Available in most USA states
  • Offers Taxes on sales online calculator.
  • Has support service team
  • The dashboard is simple to navigate
  • Offers a 30-day free trial
  • 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 applicable to USA customers.
  • Needs accountants and owners to recheck local legislations

The Final Verdict

With everything laid down, TaxJar provides a fantastic platform to businesses with many sales channels and utilizes plenty of platforms. If this sounds like the way you do, then you must try TaxJar.

Not only can it assist you in keeping track of the sales and profits of your business It can help you meet your deadlines. It’s also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.

Using TaxJar will help you reduce time and keep the track of each deadline and obligation you have to meet. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. TaxJar Tax Guide

However, if managing your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the whole procedure simple to follow, you might be better to do it on your own.

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FAQ TaxJar Tax Guide

Which areas does TaxJar offer API assistance?

TaxJar currently supports countries like 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 with TaxJar for easier monitoring and updates.

Do I have the ability to convert every type of currency with TaxJar?

Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you’ll have to convert it to USdollars prior to when TaxJar will calculate your tax.

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