Taxes have always been among the hardest things to do, whether you’re running your own business or not. Even more so if you do not have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. If you don’t have enough money to hire an accountant, doing it on yourself can be dangerous. If you miss one detail it could mean you have to redo things again!
Almost everyone wants to skipping this step. But since it’s required and mandatory, there’s no other choice.
So what can we do about it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this popular life-saving device and how it can assist you. While this is an extensive read it is possible to determine if TaxJar is what you need today.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, then we’ll dive right into.
What is TaxJar? TaxJar Vermonth
The company was founded in 2013 TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. It is a solution for your entire sales tax life cycle. In addition, you can apply 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 just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything neat and simple. Let’s explore 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 is compatible along with sales funnels. If you have multiple sales channels, it is essential to keep everything in place. The most important thing is not to be penalized for overlooking just one minor detail.
TaxJar allows you to show your key metrics in one spot. That way, there’s no need to collect data from different channels and then organize it on one platform. All you have to do is integrate TaxJar, then the system will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms they can integrate with:
Filing
TaxJar lets customers submit their sales tax manually or through TaxJar’s AutoFile feature. For the purpose of this article, we’ll look into both.
If you choose to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for filing income tax returns The team will guide you on managing these. But, it is up to you and your team members to complete everything within the timeframe. TaxJar is only there to guide you on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit all forms by hand. With this feature, everything will be automated, from calculating taxes on sales through recording, and then processing it. However, there might be additional costs if the feature is not part of the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. The orders you place through your online channels can be compiled into one dashboard using this platform. From there you and your staff can access everything you need, like the list of transactions, reports, as well as data.
The best part about this feature is that it lets you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows users to view in detail the total sales tax in your business. It is also possible to export the information to the form of a CSV file in case you require it for your accounting and financial planning processes or if you require it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep on top of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you need them in the event of a need. Even even if you already have an accountant, this function will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance can help you allocate your funds better. You’ll be aware of the budget you have to cover other operating costs.
But what’s even better is that TaxJar provides training and tutorials, not just on their platform, but for anything that has to do with sales tax. You can check out their webinars, guides, as well as their blog to find more info. In addition their sales tax calculator can be useful if you’re planning to complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to set your budget. Certain platforms have amazing capabilities, but they’re often 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 choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan starts at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It also includes taxes on sales and sales as well as 4 annual AutoFiles for free, as well as the option of a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small-scale business manager, the plan could be perfect for you. It may not have all the features of TaxJar however, it does include all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for something different from the standard features and options, then the Professional plan might be the right one for you. It starts at $99, but it can go higher by adding custom features.
How different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone access to APIs, as well as advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for an upgrade instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations API integrations, team members as well as AutoFiles.
They also have a staff dedicated to managing your account. They don’t reveal how much the Premium plan will cost you. TaxJar Vermonth
However, they did say that the plan is custom-made for every user. So the costs will vary in line with what you require for your business.
Free Trial
Fortunately, you don’t need to bet your life on it to see if this platform 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 determine whether the software is an excellent fit for you.
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Pros and Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. To summarize, here are the advantages and disadvantages of the use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It can be integrated with other platforms.
- It allows you to monitor multiple sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only valid for USA customers.
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies with numerous sales channels, and that utilizes many platforms. If that’s what you’re doing, then should try this.
Not only will it help you track the sales and profits of your business, but it can also help you meet the deadlines you set. It’s also an excellent platform for an accountant since they offer tax Advisor program. You can find tips and learn from their sessions about taxes through it.
Utilizing TaxJar will help you get more done while keeping the track of each deadline or requirement you need to meet. If you’re living in an area with complex tax laws, this will surely help you wrap your head around the subject. TaxJar Vermonth
If handling your taxes is straightforward, then TaxJar could be a waste of expense. If you have only one or two sales channels, TaxJar won’t be needed to track everything. In addition, if you find the whole process easy to do then you’re better in doing it all by yourself.
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FAQ TaxJar Vermonth
What areas does TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate 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 kind of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in USdollars. If you’re using another currency, you will need to convert it into USUSD before TaxJar determines the tax.
