Taxes have always been one of the most difficult things to handle regardless of whether you run your own business or not. More so if you don’t have a degree in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. In the event that you do not have the budget to engage an accountant doing it on yourself can be risky. If you overlook one thing and you don’t know it, you may need to repeat the process!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
What is the best way to deal with it?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can benefit you. Even though this is a long read, you should be able to gauge whether TaxJar is what you need right now.
Do you prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
For those who like to read, then let’s dive right in.
What is TaxJar? TaxJar With Freshbooks
The company was founded in 2013 TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to ensure compliance with your sales taxes. It streamlines processes that can take 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 widely used by business owners who run online businesses to ensure that everything is organized and straightforward. Let’s look into the features and services offered by TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure you have a tax accounting software is compatible with your sales channel. If you’re using multiple sales channels, you need to maintain everything in line. The most important thing is not to get a penalty for missing a single minor point.
TaxJar allows you to show your critical metrics in one place. So, there’s no requirement to collect data in multiple channels and sort it into a single platform. All you have to do is integrate TaxJar then the system will take care of the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms that they can connect with:
Filing
TaxJar lets customers file their sales taxes manually or through the AutoFile feature. In the purpose of this article, we’ll take a look at both.
If you decide to do it manually, TaxJar will allow you to connect all the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on how to manage these. It is up to you and your team to complete the process within the timeframe. TaxJar is only there to guide you on 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 won’t need to fill out any forms manually. Through this feature, everything will be automated, from calculating sales taxes in order to record and process them. But, it is possible to incur extra fees if not included in the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting problems. Your orders from your e-commerce channels can be compiled into a single dashboard via this platform. Once you’re on the platform you and your staff can access everything you need, like the list of transactions, reports, as well as data.
The most appealing aspect of the feature you’ve chosen is it lets you to automatically update every day. Not only will they let you keep track of how much you’ve earned however, they can also help you keep track of when the next payments are due.
Their dashboard also allows you to fully view the overall sales taxes in your business. You can also export the data as CSV format. CSV file if you need it in your financial planning and accounting processes or if your team requires it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all the sales avenues you use. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even when you already have your accountant, this feature will aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance can help you allocate your money more efficiently. You’ll be aware of the budget you have to cover other operational expenses.
What’s more is that TaxJar offers tutorials and training not only for their platform but for anything connected to sales tax. You can look through their guides, webinars, as well as their blog to find more details. Apart from that the sales tax calculator can be 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 features, but they’re sometimes too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and the features that each of these choices can provide you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They say it’s the best plan for those who need assistance with filing requirements or reporting. It comes with taxes on sales and sales as well as four annual AutoFiles for free, as well as the option of a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale business manager, the plan could be perfect for you. It may not offer all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also have access to their integration tools.
Professional
If you’re looking for different from the standard features and options, then the Professional plan could be the one for you. It’s priced at $99 but you can increase it if you add custom features.
So how different is it from the basic plan?
In addition to accessing each of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to choose the Premium plan instead. It comes with all the features needed to aid in your tax preparation. Additionally, they permit unlimited import integrations of data as well as Integrations with APIs, teams of members and AutoFiles.
They also have a staff that is devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar With Freshbooks
However, they did say that the plan is custom-made for every user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. It should give you enough time to gauge whether the software is a good fit for you.
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Pros and Cons
We’ve covered everything you should be aware of TaxJar Let’s relax. To summarize Here are the pros and cons of using TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy 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 applicable to USA customers
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything laid out TaxJar provides a fantastic platform to companies that have many sales channels and utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. This is also an excellent platform for an accountant since they have the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can help you get more done while keeping the track of each deadline and requirement you have to fulfill. If you live in a place with complicated tax laws, this will certainly help you to get your head around it. TaxJar With Freshbooks
But if handling taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. In addition, if you find the whole procedure simple to follow, you might be better in doing it all on your own.
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FAQ TaxJar With Freshbooks
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Can I connect Shopify together with TaxJar?
Yes. You can sync 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 cannot convert currency values. The transactions are in US$. If you’re using another currency, you’ll have to convert it into US$ before TaxJar can calculate the tax.
