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Taxes are always one of the most difficult tasks to complete regardless of whether you’re running your own business or not. Particularly if you don’t have any experience in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford the budget to engage an accountant doing it on your own can be risky. If you miss one detail it could mean you 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.

So what is the best way to deal with it?

We can make life easier by using tools like TaxJar.

We’ll look at this life-saving tool and how it can assist you. While this is an extensive read but you’ll be able to gauge whether TaxJar is exactly what you need right now.

Prefer to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.

But for those who prefer to read, let’s dive right in.

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What is TaxJar? TaxJar Teachers Pay Teachers

The company was founded in 2013 TaxJar is an application that automatizes your filings, reports, and sales tax calculations. It is a solution for the entire life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with sales tax requirements. It makes the process simpler that could require days to complete and finish within minutes.

TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services, and even medical institutions.

What can it do to help you?

TaxJar is used extensively by business owners who run online businesses to keep everything 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 that your accounting tax software is compatible along with sales funnels. If you have multiple sales channels, it is essential to maintain everything in line. The final thing you would like is to get a penalty for not paying attention to a minor thing.

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 sort it into one platform. All you have to do is integrate TaxJar then the system will do the rest.

In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms that they can connect with:

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

Filing

TaxJar allows customers to submit their sales tax by hand or using their AutoFile feature. For the purpose of this article, we’ll dig into both.

If you decide to manually file your tax returns, TaxJar will allow you to connect all of your sales platforms. When the time is right for filing tax returns for income The team will guide you on how to handle them. But, it is up to you and your team members to finish the tax returns on time. TaxJar is only there to guide you on what you need to do but not handle it.

If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. This feature will ensure that everything will be automated, from calculating taxes on sales in order to record and process them. However, there might be additional costs if the feature is not included in the plan you chose.

Sales Tax Reports

As mentioned earlier, you can use TaxJar to help you with your accounting issues. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you need, such as the list of transactions, reports, as well as data.

The most appealing aspect of the feature you’ve chosen is it allows you to update your account automatically each day. They not only let you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.

Their dashboard also allows you to fully view the overall sales taxes within your company. It is also possible to export your data as the form of a CSV file in case you require it for your financial planning and accounting processes or if you require it for centralized reporting.

Training and Streamlining

TaxJar helps organize and keep on top of all your sales channels. It means you don’t need to search for your documents when you need them when you’re in a pinch. Even if you already have your accounting firm, the feature will aid them in being more efficient.

Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your funds better. You’ll be aware of the budget you have for other operational costs.

But what’s even better is that TaxJar offers tutorials and training not only on their platform, but all things connected to sales tax. Check out their webinars, guides or blog posts for additional details. Apart from that their sales tax calculator should be helpful if you’re planning on 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 provide amazing 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 tiers and what each of those choices can provide you. Currently, TaxJar offers three plans including Professional, Starter and Premium.

Starter

The Starter plan costs $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 autofiles for free each year, and a CSV import. Even with the basic plan, you will be able to access their AI tax recommendations.

If you’re a small-scale company owner, this plan should be perfect for you. It may not have all of TaxJar’s features but it comes with all the basics you require.

In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration capabilities.

Professional

If you’re looking for a bit more than just the basic features Professional may be the best option for you. It starts at $99, but it can go higher by adding custom features.

So how different is it from the basic plan?

In addition to accessing each of Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. They also allow you to receive 12 free AutoFiles every year.

Premium

If you run a large business, you might need to go for premium plans instead. It has all of the features you need to help with your taxes. In addition, they offer unlimited data import integrations as well as API integrations, team members as well as AutoFiles.

There is also a team that is devoted in managing your accounts. But, they don’t divulge the amount that the Premium plan costs you. TaxJar Teachers Pay Teachers

But they did state that this plan is tailor-fit for every user. So the costs will vary depending on what you need to run your business.

Free Trial

Luckily, you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to see if the platform is the right choice for you.

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Pros and Cons

After we’ve gone over everything you must know about TaxJar let’s take a break. To summarize we’ll go over the advantages and disadvantages of using TaxJar to run your business.

Pros

  • Does the plan include a Tax Advisor option for some plans
  • AutoFile features can help you to reduce time
  • Available in most USA states
  • Provides Taxes on sales online calculator.
  • Support Service Team
  • The dashboard is easy to navigate
  • Offers a 30-day free trial
  • It is possible to integrate it with other platforms
  • Allows you to track multiple sales channels

Cons

  • Limits on AutoFile are determined by the plan
  • AutoFile has extra fees
  • Certain countries will not have access to the API feature.
  • Only applicable to USA customers
  • It is important for owners and accountants to check local legislation

The Final Verdict

With everything clearly laid out TaxJar provides a fantastic platform to companies that have multiple sales channels and uses plenty of platforms. If that’s what you’re doing, then should try this.

Not only will it assist you in keeping track of your products and revenue however, it will assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops about taxes through it.

Using TaxJar can help you save more time while keeping track of every deadline or requirement you need to fulfill. If you’re living in an area with complex tax regulations, this will certainly help you to get your head around it. TaxJar Teachers Pay Teachers

But if handling your taxes is simple and straightforward, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you find the entire process easy to do, you might be better in doing it all by yourself.

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FAQ TaxJar Teachers Pay Teachers

What areas does TaxJar offer API assistance?

TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.

Do I have the ability to incorporate Shopify together with TaxJar?

Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.

Are there any ways to exchange one type of currency with TaxJar?

Unfortunately, no. TaxJar cannot convert currencies. All transactions are in US$. If you’re using another currency, you’ll have to convert it to USUSD before TaxJar can calculate the tax.

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