Taxes have always been among the most difficult tasks to complete, whether you’re running a business or not. Particularly if you don’t have a degree in finance or accounting. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. If you don’t have the funds to employ an accountant, doing it on yourself can be dangerous. If you miss one detail, you might need to repeat the process!
Nearly everyone would prefer to avoid this step. But since it’s required, we have no choice.
So , what can we do about it?
We can make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and explain how it can help you. Even though this is an extensive read but you’ll be able to determine if TaxJar is what you need today.
Are you looking video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What is TaxJar Vat Explained TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. TaxJar is a solution to the entire life cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It streamlines processes that can take days to complete, and finish within just a few minutes.
TaxJar is used in a variety of industries, including food and beverage companies, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to make their business more organized and straightforward. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the most important things you’ll want to check you have a tax accounting platform perfectly integrates in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to be penalized for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to collect data in multiple channels and organize it into a single platform. All you need to do is connect TaxJar, and the platform will do all the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar allows customers to submit their sales tax either manually or via their AutoFile feature. For our review we’ll dig at both.
If you choose to go it alone, TaxJar will allow you to connect all your sales platforms. When it comes time to filing income tax returns TaxJar will train you on how to manage them. But, it is up to you and your staff to complete the process within the timeframe. TaxJar is there to guide you on what you have to do but not handle it.
If you prefer an Auto file, TaxJar will do the filling, which means you don’t have to fill out all forms by hand. With this feature, everything is automated, from calculating sales taxes through recording, and then processing it. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier it is possible to use TaxJar to help you with your accounting problems. 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 team will have access to everything you require, including a list of your transactions, reports, as well as information.
The greatest benefit of this option is the fact that they allow you to update your account automatically each day. Not only will they let you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you track when your following payment is due.
Their dashboard can also allow you to see the total sales tax in your business. It is also possible to export your data in CSV format. CSV file in case you require it for your financial planning and accounting processes or if your team needs it for central reporting.
Streamlining and Training
TaxJar helps organize and keep on top of all your sales channels. This means that you don’t have to search 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.
Moreover, knowing the estimates for your sales tax in advance can help you allocate your funds better. You’ll know exactly how much budget you have available for other operating expenses.
The best part is that TaxJar offers tutorials and training not only for their platform but all things related to sales tax. You can check out their webinars, guides, and blog for more details. In addition, their sales tax calculator can be 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 set your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. For this reason we’ll examine TaxJar’s pricing tiers and the features that each of these choices can provide you. At present, TaxJar offers three plans including Professional, Starter and Premium.
Starter
Their Starter plan is priced at $19. They claim that it’s the best plan if you need help in filing and reporting. It also includes sales tax reporting, 4 annual AutoFiles for free, as well as an CSV import. With the starter plan, you have access to their AI tax tips.
If you’re a small business manager, the plan will be perfect for you. It may not offer all the features of TaxJar, but it has all the basics you require.
Additionally, you can contact their support team with their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking to get a bit more than just 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 if you add custom features.
What is the difference from the starter plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and the ability to do advanced CSV import. You can also get 12 AutoFiles for free each year.
Premium
If you have a massive enterprise, you may want to choose an upgrade instead. It comes with all the features needed to aid in your tax preparation. In addition, they offer unlimited data import integrations API integrationsfor team users and AutoFiles.
They also have a staff that is devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. Vat Explained TaxJar
However, they did say 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
Luckily, you don’t have to bet your life on it to find out if the platform is for you. If you’re still considering different options, they offer the opportunity to try a free trial for 30 days. This should give you enough time to gauge if the platform is the right choice for you.
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Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing, here are the advantages and disadvantages of using TaxJar to run your business.
Pros
- There is a 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 simple to navigate
- Offers a 30-day free trial
- It can 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
- Some countries won’t be able to access the API feature.
- Only valid for USA customers.
- It is important for owners and accountants to recheck local legislations
The Final Verdict
With everything clearly laid out TaxJar provides a fantastic platform to companies with numerous sales channels, and that utilizes many platforms. If this sounds like the way you do, then you should try this.
Not only can it aid in tracking your revenue and products, but it can also help you meet your deadlines. It is also a great option for accountants as they offer a Tax Advisor program. You can find tips and gain knowledge from their workshops on taxes by using it.
Using TaxJar will help you save more time while keeping track of every deadline and requirement you have to meet. If you’re in a region with a lot of tax laws, this can certainly help you to get your mind around it. Vat Explained TaxJar
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary expense. If you have only one or two sales channels, TaxJar won’t be needed to keep track of everything. Moreover, if you find the whole procedure easy to complete then you’re better to do it on your own.
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FAQ Vat Explained TaxJar
Which areas does TaxJar provide API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify together with TaxJar?
Yes. You can link your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any type of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transaction amounts are n USdollars. If you’re using a different currency, you’ll need to convert it to USdollars prior to when TaxJar will calculate your tax.
