Taxes have always been one of the most difficult things to handle regardless of whether you’re running an enterprise or not. More so if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, particularly when your whole day is packed with things to do. In the event that you do not have the budget to employ an accountant, doing it on yourself can be dangerous. If you miss one detail it could mean you need to repeat the process!
Most people want to skipping this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
We can make life 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. While this is lengthy it is possible to gauge whether TaxJar is what you need today.
Prefer to watch videos instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
For those who like to read, then let’s get right into it.
What is TaxJar? TaxJar Use Tax
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by online business owners to keep everything neat and simple. Let’s take a look at the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll need to make sure you have a tax accounting platform is compatible 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 show your most important metrics in one place. That way, there’s no need to gather information from multiple sources and then organize it on one platform. All you need to do is to integrate TaxJar it will handle the rest.
In addition, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list of the platforms they can integrate with:
Filing
TaxJar allows clients to file their sales taxes either manually or via the AutoFile feature. For this review, we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all of those sales tools. When it comes time to filing tax returns for income The team will guide you on how to handle these. However, it will be up to you and your team members to complete everything on time. TaxJar will only 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, which means you don’t have to fill out any forms manually. Through this feature, everything will be automated, from calculating sales taxes in order to record and process them. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to assist you with your accounting woes. The orders you place through your online channels can be combined 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, as well as data.
The most appealing aspect of this feature is that they allow you to automatically update every day. Not only can they help you know how much you’ve earned, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the sales tax totals for your business. It is also possible to export your data in CSV format. CSV file in case you require it in your accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the channels you sell through. It means you don’t need to hunt for your paperwork whenever you’re in a pinch. Even when you already have your accountant, this feature will help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know better how much budget you have to cover other operating costs.
What’s more is that TaxJar provides training and tutorials not only on their platform, but everything related to sales tax. Check out their guides, webinars, and blog for more info. Additionally the sales tax calculator should be useful if you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan costs $19. They claim that it’s the best plan to help you in filing and reporting. It includes the tax on sales, 4 autofiles for free each year, and a CSV import. With the starter plan, you can access their AI tax tips.
If you’re a small company proprietor, then this program will be perfect for you. It might not include all the features offered by TaxJar, but it has all the basics you require.
In addition, you can reach their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something different from the basic features Professional could be the one for you. It starts at $99, but it can go higher if you add custom features.
So how different is it from the basic plan?
Apart from having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to opt for the Premium plan instead. It has all of the features that you require to make your tax filing easier. In addition, they offer unlimited data import integrations, API integrationsfor team users, and AutoFiles.
They also have a team dedicated to managing your account. They don’t reveal how much the Premium plan will cost you. TaxJar Use Tax
But they did state that this plan is tailor-fit to each user. So the costs will vary in line with what you require for your business.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is the right one for you. If you’re still considering different options, they offer 30 days of free trial. This should give you enough time to see whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you should know about TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of using TaxJar to run your business.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Has 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.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable to USA customers.
- Owners and accountants should recheck local legislations
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform companies that have many sales channels and utilizes many platforms. If this sounds like the way you’re doing, then you should try this.
It’s not just a way to assist you in keeping track of your products and revenue, but it can help you meet your deadlines. This is also an excellent platform for an accountant since they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you save more time while keeping track of every deadline and obligation you have to meet. If you’re in a place with complicated tax regulations, this will definitely help you get your head around the subject. TaxJar Use Tax
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you find the whole process easy to do then you’re better to do it on your own.
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FAQ TaxJar Use Tax
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in US$. If you’re using a different currency, you’ll need to convert it into USdollars prior to when TaxJar will calculate the tax.
