Taxes are always 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 accounting or finance. Tax-related tasks aren’t easy, particularly when your whole day is packed with things to do. If you don’t have enough money to engage an accountant performing the task on yourself can be risky. If you miss one detail it could mean you have to do it all over again!
Almost everyone wants to skip this step. But since it’s required to be done, we can’t choose not to.
So what can we do ?
We can make our lives easier with tools such as TaxJar.
Here we’ll take a look at this life-saving device and how it can assist you. While this is a long read, you should be able to gauge whether TaxJar is the tool you require right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
For those who like to read, we’ll dive right into.
What is TaxJar TaxJar Youtube
The company was founded in 2013 TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. Additionally, you can use it in all of your channels of sales to ensure compliance with sales tax requirements. It streamlines processes that take days to complete and finish within just a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to make their business more simple and organized. Let’s look into their features and services.
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Features and services
Integration
One of the first things you’ll need to make sure is your tax-reporting platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to face a penalty due to not paying attention to a minor thing.
TaxJar lets you display your key data in one location. That way, there’s no need to collect data in multiple channels and then organize it on a single platform. All you have to do is connect TaxJar then the system will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to make sales tax filings by hand or using their AutoFile feature. In the purpose of this article, we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all of the sales channels you use. When it comes time to the filing of income tax returns The team will guide you on managing them. However, it will be up for you and your team to complete the process within the timeframe. TaxJar is there to guide you on what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing it. There could be additional charges if they are not part of the plan you choose.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be put together into one dashboard using this platform. From there you and your team can access everything you need, such as the list of transactions, reports and information.
The best part about the feature you’ve chosen is it lets you to update your account automatically each day. They not only let to know the amount you’ve collected, but they also help you keep track of when the next payment is due.
Their dashboard also allows you to fully view the overall sales taxes in your business. Additionally, you can export the data in CSV format. CSV file in case you require it in your accounting and financial planning processes or if you require it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to scramble for your documents when you’re in the event of a need. Even when you already have your accountant, this function will make them more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds better. You’ll be aware of the budget you have available for other operating costs.
But what’s even better is that TaxJar offers training and tutorials and tutorials, not just for their platform but everything that has to do with sales tax. You can look through their webinars, guides, or blog posts for additional details. In addition, their sales tax calculator can be useful if you’re planning to do everything on your own.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too expensive for businesses. This is why in this section, we’ll look into TaxJar’s pricing structures and what each of these choices can provide you. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They claim that it’s the most effective plan if you need help in filing and reporting. It includes the tax on sales, four free yearly AutoFiles, and a CSV import. Even with the basic plan, you have access to their AI tax tips.
If you’re a small-scale business proprietor, then this program will be perfect for you. It might not include all the features offered by TaxJar but it comes with the basic features you require.
In addition, you can reach their customer support via their support chart for email. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for different from the basics Professional may be the best option for you. It’s priced at $99 however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to having access to each of Starter plan’s options, you also have access to the support of their customer service via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you run a large business, you might need to opt for premium plans instead. It has all of the features needed to make your tax filing easier. In addition, they offer unlimited import integrations of data API integrations, team users, and AutoFiles.
There is also a team who are devoted for managing the account. But, they don’t divulge the price of the Premium plan. costs you. TaxJar Youtube
But they did state that this plan is customized to each user. Therefore, the cost will differ in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering various options, they provide 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 Cons
After we’ve gone over everything you should be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Has support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms
- It allows you to monitor multiple sales channels
Cons
- Limits for AutoFile are based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to 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 many sales channels and utilizes many platforms. If that’s what you’re doing, then you should try this.
It’s not just a way to aid in tracking your revenue and products however, it will help you meet the deadlines you set. It is also a great platform for an accountant since they offer the Tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
The use of TaxJar can allow you to get more done while keeping on top of each deadline or requirement you need to fulfill. If you live in an area with complex tax laws, this can certainly help you to get your head around it. TaxJar Youtube
If handling taxes is easy and straightforward, then TaxJar may be an unnecessary expense. If you’re only dealing with one or two channels of sales, TaxJar won’t be needed to track everything. If you find the entire procedure easy to complete, you might be better to do it on your own.
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FAQ TaxJar Youtube
What are the areas in which TaxJar offer API support?
TaxJar currently works with countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account with TaxJar to make it easier to monitor and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into US$ prior to when TaxJar can calculate your tax.
