Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related work aren’t easy, particularly when you’re full of things to be done. When you’re not able to afford the budget to employ an accountant, doing it on yourself can be dangerous. If you overlook one thing it could mean you have to do it all over again!
Most people want to skip this step. But , as it’s a requirement and mandatory, there’s no other choice.
So what can we do ?
It is always possible to simplify our lives by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and explain how it can assist you. Although this is quite a long read, you should be able to gauge whether TaxJar is exactly what you need right now.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also do a full review of TaxJar’s features.
But for those who prefer to read, let’s get right into it.
What is TaxJar Using TaxJar For Merchant To Merchant Payments
Founded in 2013, TaxJar is an application that automatizes your reporting, filings and sales tax calculation. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it in all of your channels of sales to ensure that you are in compliance with your sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar is used in different industries such as food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by online business owners to ensure that everything is organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Features and services
Integration
One of the first things you’ll need to make sure you have a tax accounting system perfectly integrates with your sales channel. If you have multiple sales channels, you need to keep everything in place. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to show your key metrics in one place. That way, there’s no requirement to collect data from different channels and organize it into one platform. All you have to do is to integrate TaxJar, and the platform will do the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of platforms they can integrate with:
Filing
TaxJar allows clients to make sales tax filings manually or through their AutoFile feature. In our review we’ll take a look at both.
If you decide to manually file your tax returns, TaxJar will allow you to connect all your sales platforms. Once the time comes for filing income tax returns TaxJar will train you on how to handle them. It is up for you and your team members 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 prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit the forms in a manual manner. Through this feature, everything is automated, from calculating sales tax through recording, and then processing them. But, it is possible to incur additional costs if the feature is not included in the plan you select.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to help you with your accounting problems. The orders you place through your online channels can be put together 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 data.
The most appealing aspect of the feature you’ve chosen is they allow you to automatically update every day. They not only let to know the amount you’ve accumulated, but they also help you determine when your next payments are due.
Their dashboard also allows you to fully view the sales tax totals for your business. You can also export the information in the form of a CSV file in case you require it for your accounting and financial planning processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the sales avenues you use. It means you don’t need to search for your documents when you’re in the event of a need. Even even if you already have an accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for your sales tax in advance can help you allocate your funds more effectively. You’ll know exactly how much budget you have for other operational costs.
But what’s even better is that TaxJar offers training and tutorials, not just on their platform, but everything related to sales tax. You can look through their guides, webinars, and blog for more details. Apart from that, their sales tax calculator is helpful if you’re planning on do everything on your own.
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How much does TaxJar cost?
We are aware of how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of those plans can offer. Presently, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. The company claims that it’s the most effective plan for those who need assistance with filing requirements or reporting. It includes the tax on sales, 4 autofiles for free each year, and the option of a CSV import. Even with the starter plan, you have access to their AI tax advice.
If you’re a smaller business proprietor, then this program could be perfect for you. It might not include all of TaxJar’s features but it comes with the basic features you require.
Additionally, you can contact the support team via their email support chart. You’ll also be able to use their integration capabilities.
Professional
If you’re looking for different from the basic features and options, then the Professional plan may be the best option for you. The price starts at $99 but you can increase it by adding custom features.
What is the difference from the original plan?
In addition to having access to all of the Starter plan’s features, you also have the support of their customer service via phone Access to APIs, phone support, and advanced CSV import. They also allow you to get 12 AutoFiles for free each year.
Premium
If you run a large enterprise, you may want to choose the Premium plan instead. It has all of the features that you require to help with your taxes. Moreover, they allow unlimited integrations with data imports, API integrationsfor team users, and AutoFiles.
They also have a staff that is devoted to managing your account. They don’t reveal the amount that the Premium plan costs you. Using TaxJar For Merchant To Merchant Payments
However, they did mention that this plan is customized to each user. The cost of the plan will be different depending on what you need for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is for you. If you’re still considering other options, they have a 30-day free trial. This should give you enough time to see whether the software is an excellent fit for you.
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Pros and Pros and
After we’ve gone over everything you should know about TaxJar let’s take a break. To sum it all up Here are the pros and cons of using TaxJar for your business.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only valid for USA customers.
- Owners and accountants should check local legislation
The Final Verdict
With everything laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you do, then you must try TaxJar.
Not only will it aid in tracking your products and revenue, but it can also help you meet your deadlines. It’s also an excellent option for accountants as they provide the Tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
The use of TaxJar can help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in a region with a lot of tax regulations, this will definitely help you get your head around the subject. Using TaxJar For Merchant To Merchant Payments
But if handling taxes is easy, then TaxJar could be a waste of investment. If you have only one or two sales channels, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure easy to complete and you’re comfortable with it, you may be better in doing it all on your own.
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FAQ Using TaxJar For Merchant To Merchant Payments
What areas does TaxJar provide API assistance?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. The transaction amounts are n USdollars. If you’re using a different currency, you will need to convert it into USUSD prior to when TaxJar can calculate your tax.
