Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related tasks can be overwhelming, particularly when you’re full of things to be done. In the event that you do not have the funds to engage an accountant performing the task on your own could be risky. If you make a mistake it could mean you have to do it all over again!
Most people want to avoid this step. But , as it’s a requirement, we have no choice.
So what is the best way to deal with it?
It is always possible to make life easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and how it can help you. Although this is quite a long read it is possible to determine if TaxJar is what you need right now.
Do you prefer watching videos rather than watch them? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, then let’s dive right in.
What exactly is TaxJar? TaxJar Vs Outright
The company was founded in 2013 TaxJar is a platform that helps automate your reporting, filings and sales tax calculation. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it in all of the sales channels you use to make sure you’re in compliance with sales taxes. It makes the process simpler that could take days to complete and finish within minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services and even medical establishments.
How can it help you?
TaxJar is extensively used by online business owners to ensure that everything is simple and organized. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is that your accounting tax software seamlessly works well with your sales channel. If you’re using multiple sales channels, it is essential to keep everything in place. The last thing you want is to get a penalty for not paying attention to a minor thing.
TaxJar allows you to show your most important data in one location. This means that there is no requirement to collect data from different channels and sort it into a single platform. All you need to do is integrate TaxJar, it will do all the rest.
Other than that, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you opt to go it alone, TaxJar will allow you to connect your sales platforms. When it comes time to the filing of income tax returns The team will guide you on how to manage these. However, it will be up to 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’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. With this feature, everything is automated, from calculating sales tax in order to record and process it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you select.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to assist you with your accounting problems. Your orders from your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform, you and your team will have access to everything you need, like the list of transactions, reports, and information.
The most appealing aspect of this feature is that it lets you to update automatically every day. They not only let you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payment is due.
The dashboard allows users to view in detail the sales tax totals within your company. You can also export your data as a CSV file if you need it to aid in process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to search for your documents when you need them in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds better. You’ll know better how much budget you have for other operational costs.
The best part is that TaxJar offers tutorials and training, not just for their platform but everything related to sales tax. You can check out their webinars, guides, as well as their blog to find more information. Additionally the sales tax calculator is helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to determine your budget. Certain platforms have amazing capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing levels and what each of these options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan costs $19. They say it’s the best plan for those who need assistance with filing requirements and reporting. It includes taxes on sales and sales as well as four free yearly AutoFiles, and a CSV import. Even with the basic plan, you will be able to access their AI tax advice.
If you’re a small-scale business owner, this plan should be ideal for you. It may not offer all of TaxJar’s features, but it has the essentials that you need.
Additionally, you can contact their customer support via their email support chart. You’ll also be able to use their integration tools.
Professional
If you’re looking for something different from the basics Professional could be the one for you. It’s priced at $99 but it can go higher by adding custom features.
So how different is it from the starter 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. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to choose the Premium plan instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited import integrations of data Integrations with APIs, teams of users as well as AutoFiles.
They also have a staff who are devoted to managing your account. However, they don’t disclose the price of the Premium plan. will cost you. TaxJar Vs Outright
But they did state that this plan is tailor-fit for every user. So the costs will vary in line with what you require to run your business.
Free Trial
It’s a good thing that you don’t have to risk your money to see if this platform is right for you. If you’re still considering different options, they offer a 30-day free trial. It should give you enough time to see whether the service is a good fit for you.
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Pros and Pros and
Now that we’ve covered all you need to know about TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Offers on the internet for sales tax calculator
- Has support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid down, TaxJar is an excellent platform for companies with many sales channels and utilizes numerous platforms. If that sounds like what you do, then you should try this.
It’s not just a way to help you track the sales and profits of your business It can also help you meet your deadlines. It is also a great option for accountants as they provide tax Advisor program. There are tips to follow and learn from their sessions regarding taxes via it.
Using TaxJar can allow you to save more time while keeping on top of each deadline and requirement you have to fulfill. If you’re living in a place with complicated tax regulations, this will certainly help you to get your head around the subject. TaxJar Vs Outright
However, if managing your taxes is straightforward If it isn’t, then TaxJar may be an unnecessary investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of everything. Moreover, if you’re finding the entire process easy to do then you’re better off doing it by yourself.
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FAQ TaxJar Vs Outright
What are the areas in which TaxJar offer API assistance?
TaxJar currently works with countries like Australia, the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Do I have the ability to convert every type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar will calculate your tax.
