Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related work aren’t easy, particularly when your whole day is filled with tasks to complete. When you’re not able to afford the funds to engage an accountant doing it on your own can be dangerous. If you miss one detail it could mean you have to redo things again!
Almost everyone wants to avoid this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do ?
It is always possible to make our lives easier by using tools like TaxJar.
This article will take a look at this life-saving tool and explain how it can help you. While this is a long read but you’ll be able to gauge whether TaxJar is exactly what you need in the present.
Prefer video streaming instead? Watch 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 Rate Wrong
In 2013, TaxJar was established. TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to make sure you’re in compliance with your sales taxes. It simplifies the processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
How can it help you?
TaxJar is widely used by owners of online businesses to make their business more neat and simple. Let’s look into their features and services.
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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 seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, it is essential to keep everything in place. The most important thing is not to get a penalty 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 information from multiple sources and organize it into a single platform. All you need to do is integrate TaxJar, it will handle all the rest.
In addition, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. For this review, we’ll look at both.
If you choose to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for the filing of income tax returns The team will guide you on how to handle these. But, it is up for you and your staff to complete the process within the timeframe. TaxJar is only there to guide you on what you have to accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. With this feature, everything is automated, from calculating sales tax to recording and processing it. But, it is possible to incur additional charges if they are not included in the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use 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 team will have access to all the information you require, including an inventory of your transactions, reports, and data.
The most appealing aspect of this option is the fact that it allows you to update your account automatically each day. Not only can they help to know the amount you’ve collected and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows you to see the overall sales taxes in your business. You can also export the data as a CSV file if you need it in your accounting and financial planning processes or if your team needs it for centralized 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 scramble for your documents when you’re when you’re in a pinch. Even if you already have your accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have for other operating expenses.
But what’s even better is that TaxJar provides training and tutorials not only for their platform but all things that has to do with sales tax. Check out their guides, webinars, or blog posts for additional info. Additionally their sales tax calculator should be useful if you’re planning to 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 capabilities, but they’re often too costly for the business you run. For this reason, we’ll look into TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most suitable plan for you if you need help in filing and reporting. It comes with the tax on sales, 4 annual AutoFiles for free, as well as a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.
If you’re a small-scale business proprietor, then this program will be perfect for you. It might not include all the features offered by TaxJar but it comes with the essentials that you need.
In addition, you can reach their support team with their email support chart. You’ll also have access to their integration capabilities.
Professional
If you’re looking to get that is more than the basic features and options, then the Professional plan might be the right one for you. It’s priced at $99 however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to accessing all of the Starter plan’s features, you also get access to the support of their customer service via phone Access to APIs, phone support, and sophisticated CSV import. You can also have 12 free AutoFiles each year.
Premium
If you have a massive business, you might need to go for premium plans instead. It includes all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data as well as API integrations, team members, and AutoFiles.
They also have a staff dedicated to managing your account. But, they don’t divulge how much the Premium plan will cost you. TaxJar Tax Rate Wrong
However, they did say that this plan is customized to each user. So the costs will vary in line with what you require for your company.
Free Trial
Luckily, you don’t have to risk your money to determine if this service is right 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 software is a good fit for you.
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Pros and Cons
Now that we’ve covered all you must know about TaxJar Let’s relax. To summarize Here are the advantages and disadvantages of using TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has support service team
- The dashboard is easy to navigate
- The company offers a 30-day trial for free.
- It is able to be integrated with other platforms
- You can track several 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
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with many sales channels and utilizes numerous platforms. If that sounds like what you’re doing, then ought to try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business It can also help you meet your deadlines. This is also an excellent opportunity for accountants since they offer tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar will help you reduce time and keep the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax regulations, this will certainly help you to get your head around the subject. TaxJar Tax Rate Wrong
If handling your taxes is simple, then TaxJar might not be a good expense. If you only have one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the entire process easy to do then you’re better in doing it all on your own.
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FAQ TaxJar Tax Rate Wrong
Which areas does TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. All of the transactions are in USdollars. If you’re using another currency, you will need to convert it to US$ prior to when TaxJar will calculate your tax.
