Taxes are always one of the hardest things to do regardless of whether you’re running a business or not. More so if you don’t have a degree in accounting or finance. Tax-related work can be overwhelming, particularly when your whole day is full of things to be done. In the event that you do not have the funds to hire an accountant, performing the task on your own can be risky. If you overlook one thing it could mean you need to repeat the process!
Almost everyone wants to avoid this step. But since it’s required, we have no choice.
What is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and explain how it can help you. While this is lengthy, you should be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
If you prefer to read, let’s dive right in.
What is TaxJar Update Autofile In TaxJar
Founded in 2013, TaxJar is a platform that helps automate your reports, filings, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. Additionally, you can use it across all your channels of sales to ensure that you are in compliance with sales taxes. It simplifies the processes that require days to complete and can be completed in a matter of minutes.
TaxJar has been utilized in various industries like food and beverage companies, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by owners of online businesses to make their business more simple and organized. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
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 ensure that everything is in order. The last thing you want is to face a penalty due to overlooking just one minor detail.
TaxJar allows you to show your most important data in one location. This means that there is no requirement to collect data in multiple channels and then organize it on one platform. All you have to do is to integrate TaxJar and the platform will take care of all the rest.
Apart from that, TaxJar also integrates with other platforms that can help with payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows clients to make sales tax filings either manually or via the AutoFile feature. For the purpose of this article, we’ll dig into both.
If you opt to manually file your tax returns, TaxJar will allow you to connect all of those sales tools. Once the time comes for filing tax returns for income TaxJar will train you on how to manage these. But, it is up to you and your team members to complete the process within the timeframe. TaxJar is there to guide you on what you should accomplish, but not manage it.
If you prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out any forms manually. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. However, there might be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As I mentioned earlier it is possible to use TaxJar to ease your accounting woes. All orders made through your e-commerce channels can be compiled into one dashboard using this platform. Once you’re on the platform, you and your team will have access to everything you need, such as the list of transactions, reports, and data.
The greatest benefit of this option is the fact that it allows you to automatically update every day. Not only will they let you keep track of how much you’ve accumulated however, they can also help you track when your following payment is due.
Their dashboard can also allow users to view in detail the sales tax totals for your business. You can also export your data in the form of a CSV file in case you require it to aid in process of financial planning and accounting or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. It means you don’t need to scramble for your documents whenever you’re in the event of a need. Even if you already have your accountant, this function can help them be more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have available for other operational expenses.
The best part is that TaxJar offers tutorials and training not only for their platform but all things that has to do with sales tax. You can check out their guides, webinars, and blog for more details. In addition the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section we’ll examine TaxJar’s pricing structures and what each of those options can offer you. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most effective plan to help you with filing requirements or reporting. It includes sales tax reporting, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a smaller company manager, the plan will be ideal for you. It may not have all the features of TaxJar but it comes with all the basics you require.
You can also contact their support team with their support chart for email. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking for different from the standard features, then the Professional plan could be the one for you. It starts at $99, but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive business, you might need to opt for the Premium plan instead. It comes with all the features that you require to aid in your tax preparation. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of members, and AutoFiles.
They also have a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan costs you. Update Autofile In TaxJar
But they did state that the plan is custom-made for every user. The cost of the plan will be different in line with what you require for your business.
Free Trial
Fortunately, you don’t need to bet your life on it to find out if the platform is for you. If you’re still considering various options, they provide the opportunity to try a free trial for 30 days. This should be enough time to gauge whether the software is a good fit for you.
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Pros and Pros and
After we’ve gone over everything you need to be aware of TaxJar Let’s relax. To summarize we’ll go over the pros and cons of making use of TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features help save time
- Available in most USA states
- Offers Taxes on sales online calculator
- Has support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- Allows you to track 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 for USA customers
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid down, TaxJar provides a fantastic platform to companies with multiple sales channels and uses numerous platforms. If that sounds like what you do, then you must try TaxJar.
It’s not just a way to aid in tracking the sales and profits of your business however, it will assist you in meeting the deadlines you set. It’s also an excellent platform for an accountant since they provide a Tax Advisor program. There are tips to follow and gain knowledge from their workshops about taxes through it.
Using TaxJar will help you get more done while keeping on top of each deadline and requirement you have to fulfill. If you’re in an area with complex tax laws, this can definitely help you get your head around the subject. Update Autofile In TaxJar
However, if managing taxes is easy, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two channels for sales, TaxJar won’t be needed to track all of it. If you find the whole process easy to do then you’re better in doing it all on your own.
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FAQ Update Autofile In TaxJar
What are the areas in which TaxJar offer API assistance?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions’ amounts are in USdollars. If you’re using another currency, you’ll need to convert it into US$ before TaxJar determines the tax.
