Taxes are always one of the hardest things to do, whether you’re running 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 packed with things to do. If you don’t have the budget to hire an accountant, making it your own could be risky. If you miss one detail it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , 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 popular life-saving tool and explain how it can assist you. Even though this is a long read it is possible to gauge whether TaxJar is what you need in the present.
Do you 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, we’ll dive right into.
What exactly is TaxJar? Tn TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of your sales channels to ensure compliance with sales taxes. It streamlines processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been utilized in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
How can this help you?
TaxJar is extensively used by owners of online businesses to ensure that everything is neat and simple. Let’s look into their features and services.
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Services and features
Integration
One of the first things you’ll need to make sure is your tax-reporting system perfectly integrates in conjunction with the sales channels you use. If you have multiple sales channels, you must ensure that everything is in order. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your critical data in one location. This means that there is no need to collect data in multiple channels and organize it into a single platform. All you have to do is connect TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms that can help with payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows customers to make sales tax filings either manually or via the AutoFile feature. For our review we’ll take a look at both.
If you choose to do it manually, TaxJar will allow you to connect those sales tools. When it comes time to filing tax returns for income The team will guide you on how to manage these. But, it is up to you and your team members to complete the process on time. TaxJar will only provide guidance on what you have to do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you won’t need to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating taxes on sales to recording and processing it. However, there might be extra fees if not part of the plan you select.
Sales Tax Reports
As I mentioned earlier that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into a single dashboard via this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as the list of transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. Not only can they help you know how much you’ve collected and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard can also allow you to see the sales tax totals for your business. It is also possible to export the information in CSV format. CSV file in case you require it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accountant, this function can make them more efficient.
Furthermore, knowing the estimated amount for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have to cover other operational costs.
The best part is that TaxJar offers training and tutorials and tutorials, not just for their platform but for anything connected to sales tax. Check out their guides, webinars, as well as their blog to find more details. In addition their 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 establish your budget. Certain platforms have amazing features, but they can be too costly for your business. This is why in this section we’ll take a look at TaxJar’s pricing tiers and what each of these choices can provide you. At present, TaxJar offers three plans: Starter, Professional, 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 comes with the tax on sales, four annual AutoFiles for free, as well as a CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small company owner, this plan will be ideal for you. It may not have all of TaxJar’s features but it comes with all the basics you require.
In addition, you can reach their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 however, it could go up when you add additional features.
What is the difference from the starter plan?
In addition to having access to every one of Starter plan’s features, you also have their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you run a large business, you might need to opt for the Premium plan instead. It has all of the features needed to help with your taxes. Additionally, they permit unlimited data import integrations, API integrations, team members as well as AutoFiles.
They also have a team dedicated for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. Tn TaxJar
However, they did say that this plan is customized to each user. So the costs will vary according to what you require to run your business.
Free Trial
Fortunately, you don’t need to risk your money to see if this platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should be enough time to determine whether the software is the right choice for you.
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Pros and Cons
We’ve covered everything you need to know about TaxJar Let’s relax. In order to sum up the whole thing, here are the pros and cons of making use of TaxJar for your business.
Pros
- There is a Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online 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 on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only valid for USA customers
- Owners and accountants should check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies that have numerous sales channels, and that utilizes numerous platforms. If that’s what you’re doing, then you ought to try this.
Not only will it help you track the sales and profits of your business however, it will assist you in meeting the deadlines you set. It’s also an excellent option for accountants as they offer a Tax Advisor program. You can find tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar will help you reduce time and keep track of every deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will certainly help you to get your mind around it. Tn TaxJar
If handling your taxes is straightforward If it isn’t, then TaxJar could be a waste of expense. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to keep track of all of it. If you find the entire procedure simple to follow, you might be better to do it on your own.
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FAQ Tn TaxJar
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in US$. If you’re using another currency, you will need to convert it into USdollars before TaxJar determines your tax.
