Taxes have always been among the most difficult tasks to complete, whether you’re running your own business or not. Particularly if you don’t have a background in accounting or finance. Tax-related work can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have enough money to engage an accountant making it your own can be risky. If you make a mistake, you might need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What can we do about it?
We can always simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and how it can help you. While this is an extensive read but you’ll be able to gauge whether TaxJar is the tool you require in the present.
Do you prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, let’s get right into it.
What is TaxJar? TaxJar Vat
The company was founded in 2013 TaxJar is an application that automatizes your reporting, filings and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your channels of sales to ensure compliance with sales tax requirements. It makes the process simpler that could require days to complete and can be completed in a matter of only a few minutes.
TaxJar has been used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by owners of online businesses to keep everything simple and organized. Let’s look into the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure you have a tax accounting platform is compatible along with sales funnels. If you’re using multiple sales channels, it is essential to ensure that everything is in order. The last thing you want is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your key metrics in one place. This means that there is no need to gather data in multiple channels and then organize it on 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 to assist with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar lets customers submit their sales tax by hand or using TaxJar’s AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect those sales tools. Once the time comes for filing income tax returns TaxJar will train you on how to manage these. But, it is up for you and your team to complete everything on time. TaxJar will only help you understand what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out any forms manually. This feature will ensure that everything will be automated from calculating sales taxes to recording and processing it. There could be additional charges if they are not part of the plan you select.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting woes. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team can access everything you require, including a list of your transactions, reports, as well as information.
The greatest benefit of this feature is that it allows you to update your account automatically each day. They not only let you know how much you’ve collected, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the overall sales taxes in your business. You can also export the information as a CSV file if you need it in your financial planning and accounting processes or if your team needs it for central 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 whenever you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have available for other operational costs.
The best part is that TaxJar provides training and tutorials, not just for their platform but everything related to sales tax. You can look through their webinars, guides, and blog for more details. In addition the sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you with filing requirements or reporting. It comes with the tax on sales, four free yearly AutoFiles, and the option of a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a smaller business manager, the plan could be ideal for you. It may not offer all the features offered by TaxJar however, it does include the basic features you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also be able to use their integration features.
Professional
If you’re looking to get different from the basic features, then the Professional plan might be the right one for you. It’s priced at $99 but it can go higher when you add additional features.
How different is it from the starter plan?
Apart from having access to 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 advanced CSV import. You can also have 12 free AutoFiles each year.
Premium
If you run a large company, you may need to go for an upgrade instead. It includes all of the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports Integrations with APIs, teams of members, and AutoFiles.
There is also a team that is devoted to managing your account. But, they don’t divulge the amount that the Premium plan will cost you. TaxJar Vat
However, they did say that this plan is customized for every user. Therefore, the cost will differ depending on what you need for your business.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is right for you. If you’re still looking into other options, they have a 30-day free trial. It should give you enough time to gauge 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. In order to sum up the whole thing we’ll go over the advantages and disadvantages of the use of TaxJar for your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides an online sales tax 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.
- 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 review local laws
The Final Verdict
With everything clearly laid out TaxJar is an excellent platform for businesses with multiple sales channels and uses many platforms. If that sounds like what you do, then you ought to try this.
Not only can it aid in tracking your revenue and products however, it will help you meet the deadlines you set. It’s also an excellent opportunity for accountants since they provide tax Advisor program. You can get tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar can help you reduce time and keep the track of each deadline and obligation you have to meet. If you’re in a place with complicated tax laws, this will surely help you wrap your mind around it. TaxJar Vat
However, if managing your taxes is simple, then TaxJar might not be a good expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. In addition, if you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Vat
What 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 connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. The transactions are in US$. If you’re using another currency, you will need to convert it to USdollars before TaxJar determines the tax.
