Taxes have always been among the most difficult things to handle, whether you’re running your own business or not. Particularly if you don’t have a background in finance or accounting. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. In the event that you do not have the funds to hire an accountant, doing it on yourself can be risky. If you make a mistake and you don’t know it, you may have to redo things again!
Nearly everyone would prefer to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
What can we do about it?
It is always possible to make life easier by using tools like TaxJar.
We’ll look at this well-known life-saving device and how it can assist you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require today.
Are you looking watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also give a complete analysis of TaxJar’s features.
If you prefer to read, then let’s dive right in.
What exactly is TaxJar? Total Sales And Taxed Sales Different TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all the sales channels you use to make sure you’re in compliance with sales tax requirements. It streamlines processes that take days to complete and can be completed in a matter of just a few minutes.
TaxJar has been used in various industries like food and beverage companies, SaaS, retail, services, and even medical institutions.
What can it do to help you?
TaxJar is widely used by owners of online businesses to ensure that everything is neat and simple. Let’s look into the features and services offered by TaxJar.
Features and services
One of the first things you’ll need to ensure you have a tax accounting system is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, it is essential to keep everything in place. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your key metrics in one spot. That way, there’s no need to gather data from different channels and organize it into a single platform. All you need to do is connect TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they can integrate with:
TaxJar lets customers file their sales taxes manually or through the AutoFile feature. In the purpose of this article, we’ll look into both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When it comes time to filing income tax returns The team will guide you on how to manage the tax returns. However, it will be up to you and your staff to complete the process within the timeframe. TaxJar is there to provide guidance 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 fill out any forms manually. This feature will ensure that everything will be automated from calculating sales tax in order to record and process them. However, there might be additional charges if they are you do not include this feature in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to help you with your accounting issues. All orders made through 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 an inventory of your transactions, reports, and the data.
The best part about the feature you’ve chosen is they allow you to update your account automatically each day. They not only let to know the amount you’ve accumulated and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard can also allow users to view in detail the overall sales taxes within your company. Additionally, you can export the data as the form of a CSV file if you need it in your accounting and financial planning processes or if your team requires it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping on top of all your sales channels. That means you won’t have to search for your documents whenever you’re in a pinch. Even even if you already have an accountant, this function will make them more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance will allow you to allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but for anything that has to do with sales tax. You can check out their guides, webinars, as well as their blog to find more information. Additionally, their sales tax calculator can be useful if you’re planning to do everything on your own.
How much does TaxJar cost?
We know how crucial it is to determine your budget. Some platforms offer superb features, but they’re sometimes too expensive for businesses. For this reason, we’ll look into TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan is priced at $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It also includes the tax on sales, four autofiles for free each year, and an CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a small-scale company owner, this plan will be perfect for you. It may not have all the features offered by TaxJar however, it does include the basic features you require.
In addition, you can reach the support team via their email support chart. You’ll also be able to use their integration features.
If you’re looking for something different from the basic features and options, then the Professional plan could be the one for you. The price starts at $99 however, it could go up when you add additional features.
So how different is it from the starter plan?
Apart from having access to all of the Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. They also allow you to receive 12 free AutoFiles every year.
If you run a large enterprise, you may want to choose an upgrade instead. It includes all of the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrationsfor team members as well as AutoFiles.
They also have a team dedicated for managing the account. But, they don’t divulge the price of the Premium plan. is going to cost. Total Sales And Taxed Sales Different TaxJar
However, they did say that the plan is custom-made to each user. So the costs will vary depending on what you need for your company.
It’s a good thing that you don’t have to gamble your money just to determine if this service is for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. In order to sum up the whole thing Here are the pros and cons of the use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms.
- You can track several sales channels
- 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
- Needs accountants and owners to review local laws
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with many sales channels and utilizes numerous platforms. If this sounds like the way you’re doing, then should try this.
It’s not just a way to assist you in keeping track of the sales and profits of your business however, it will help you meet the deadlines you set. It’s also an excellent option for accountants as they offer the 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 the track of each deadline or requirement you need to meet. If you’re in a region with a lot of tax laws, this can certainly help you to get your head around the subject. Total Sales And Taxed Sales Different TaxJar
However, if managing taxes is easy If it isn’t, then TaxJar could be a waste of investment. If you have only one or two channels of sales, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
FAQ Total Sales And Taxed Sales Different TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Are there any ways to exchange one kind of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transaction amounts are n USdollars. If you’re using another currency, you’ll need to convert it to US$ prior to when TaxJar determines your tax.