Taxes have always been one of the most difficult tasks to complete regardless of whether you run an enterprise or not. More so if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford the funds to employ an accountant, making it your own could be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skip this step. But since it’s required, we have no choice.
So what can we do about it?
We can always simplify our lives by using tools like TaxJar.
This article will take a look at this popular 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.
Do you prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Twitter
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It is a solution for all aspects of your sales tax cycle. Additionally, you can use it across all of your channels of sales to ensure compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is used extensively by owners of online businesses to keep everything neat and simple. Let’s look into their features and services.
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Features and services
Integration
One of the most important things you’ll need to make sure is that your accounting tax software perfectly integrates along with sales funnels. If you have multiple sales channels, you need to maintain everything in line. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no need to collect data in multiple channels and organize it into a single platform. All you have to do is to integrate TaxJar, it will take care of the rest.
Apart from that, TaxJar also integrates with other platforms that help with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar lets customers make sales tax filings by hand or using their AutoFile feature. In our review we’ll dig into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect the sales channels you use. When it comes time to filing income tax returns, the team will instruct you on how to handle them. But, it is up for you and your staff to complete everything in time. TaxJar is there to provide guidance on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing them. But, it is possible to incur extra fees if not part of the plan you chose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. From there, you and your team will have access to everything you require, including an inventory of your transactions, reports and the data.
The most appealing aspect of the feature you’ve chosen is it lets you to update automatically every day. They not only let to know the amount you’ve accumulated, but they also help you keep track of when the next payments are due.
Their dashboard can also allow you to see the overall sales taxes for your business. Additionally, you can export the information as CSV format. CSV file if you need it in your accounting and financial planning processes or if you require it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all your sales channels. That means you won’t have to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this function can help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will allow you to allocate your money more efficiently. You’ll know exactly how much budget you have to cover other operational costs.
But what’s even better is that TaxJar provides training and tutorials, not just for their platform but everything related to sales tax. You can check out their webinars, guides and blog for more details. Additionally their sales tax calculator should be beneficial when 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 expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing levels and the features that each of these options can offer you. Currently, TaxJar offers three plans including 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 with filing requirements or reporting. It also includes sales tax reporting, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you can access their AI tax advice.
If you’re a smaller business owner, this plan could be ideal for you. It may not have all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their customer support via their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get different from the basic features, then the Professional plan may be the best option for you. It starts at $99, but it can go higher if you add custom features.
What is the difference from the starter plan?
In addition to having access to every one of Starter plan’s options, you also have access to their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to receive 12 free AutoFiles every year.
Premium
If you run a large enterprise, you may want to choose premium plans instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data, API integrations, team users and AutoFiles.
They also have a staff dedicated for managing the account. However, they don’t disclose the amount that the Premium plan costs you. TaxJar Twitter
However, they did mention that this plan is tailor-fit for each user. Therefore, the cost will differ according to what you require for your business.
Free Trial
Luckily, you don’t have to bet your life on it to determine if this service is for you. If you’re still looking into various options, they provide 30 days of free trial. This should give you enough time to see whether the software is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you must know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- You can track several sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature
- Only applicable for USA customers.
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything laid out TaxJar is an excellent platform for companies that have multiple sales channels and uses numerous platforms. If that’s what you do, then you ought to try this.
Not only can it aid in tracking the sales and profits of your business however, it will assist you in meeting your deadlines. It’s also an excellent opportunity for accountants since they have a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you save more time while keeping on top of each deadline and obligation you have to fulfill. If you’re living in an area with complex tax regulations, this will certainly help you to get your mind around it. TaxJar Twitter
If handling your taxes is straightforward and straightforward, 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 keep track of everything. In addition, if you find the entire process easy to do and you’re comfortable with it, you may be better to do it on your own.
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FAQ TaxJar Twitter
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can sync your Shopify account to TaxJar to make it easier to monitor and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar will calculate the tax.
