Taxes have always been one of the most difficult things to handle regardless of whether you’re running a business or not. Even more so if you do not have any experience in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is packed with things to do. When you’re not able to afford enough money to employ an accountant, making it your own could be dangerous. If you overlook one thing, you might have to redo things again!
Most people want to skip this step. But since it’s required, we have no choice.
So what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
Here we’ll take a look at this popular life-saving tool and how it can benefit you. Although this is quite an extensive read, you should be able to assess whether TaxJar is what you need right now.
Are you looking to watch videos 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, then we’ll dive right into.
What exactly is TaxJar? What Does State Registered Name Mean In TaxJar
The company was founded in 2013 TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all your sales channels to ensure that you are in compliance with your sales taxes. It streamlines processes that take days to complete and finish within only a few minutes.
TaxJar has been utilized 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 extensively used by online business owners to make their business more organized and straightforward. Let’s look into their features and services.
Services and features
One of the first things you’ll need to ensure you have a tax accounting software is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar lets you display your key data in one location. This means that there is no requirement to collect data in multiple channels and sort it into a single platform. All you need to do is connect TaxJar and the platform will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to submit their sales tax by hand or using TaxJar’s AutoFile feature. For the purpose of this article, we’ll look at both.
If you choose to manually file your tax returns, TaxJar will allow you to connect all the sales channels you use. When the time is right for filing income tax returns, the team will instruct you on how to manage them. However, it will be up for you and your team to complete everything on time. TaxJar is only there to provide guidance on what you have to do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to fill out the forms in a manual manner. With this feature, everything will be automated, from calculating sales taxes through recording, and then processing it. There could be additional costs if the feature is you do not include this feature in the plan you chose.
Sales Tax Reports
As we mentioned, you can use TaxJar to help you with your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard through this platform. From there you and your team can access everything you need, such as an inventory of your transactions, reports and the data.
The best part about this option is the fact that it lets you to automatically update every day. They not only let to know the amount you’ve accumulated 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 total sales tax within your company. Additionally, you can export your data as CSV format. CSV file if you need it for your accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar assists in organizing and keeping track of all of your sales channels. It means you don’t need to hunt for your paperwork when you need them when you’re in a pinch. Even if you already have your accountant, this feature can help them be more efficient.
Furthermore, knowing the estimated amount for your sales tax in advance can help you allocate your money more efficiently. You’ll know exactly how much budget you have for other operating expenses.
But what’s even better is that TaxJar offers tutorials and training, not just for their platform but all things connected to sales tax. You can look through their webinars, guides as well as their blog to find more details. In addition the sales tax calculator can be beneficial when you’re planning to complete everything yourself.
How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb capabilities, but they’re often too costly for your business. That’s why for this section we’ll take a look at TaxJar’s pricing levels and the features that each of these choices can provide you. Currently, TaxJar offers three plans that are: Professional, Starter and Premium.
The Starter plan starts at $19. The company claims that it’s the best plan for those who need assistance in filing and reporting. It also includes the tax on sales, 4 autofiles for free each year, and an CSV import. Even with the basic plan, you have access to their AI tax recommendations.
If you’re a small-scale company owner, this plan will be ideal for you. It may not offer all of TaxJar’s features, but it has the basic features you require.
In addition, you can reach their customer support via their email support chart. You’ll also be able to use their integration features.
If you’re looking for something that is more than the basics Professional might be the right one for you. It’s priced at $99 but you can increase it when you add additional features.
So how different is it from the starter plan?
In addition to accessing all of the Starter plan’s options, you also have access to their support via phone, API access, and sophisticated CSV import. You can also get 12 AutoFiles for free each year.
If you own a huge business, you might need to opt for an upgrade instead. It has all of the features you need to make your tax filing easier. In addition, they offer unlimited integrations with data imports, Integrations with APIs, teams of members, and AutoFiles.
There is also a team who are devoted in managing your accounts. But, they don’t divulge the price of the Premium plan. is going to cost. What Does State Registered Name Mean In TaxJar
However, they did mention that this plan is tailor-fit for each user. So the costs will vary in line with what you require for your company.
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still considering various options, they provide a 30-day free trial. This should give you enough time to determine whether the software is the right choice for you.
Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a breather. To summarize Here are the advantages and disadvantages of the use of TaxJar to run your business.
- Does the plan include the Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t be able to access the API feature.
- Only applicable for USA customers
- Needs accountants and owners to recheck local legislations
The Final Verdict
With everything clearly laid out, 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 your products and revenue, but it can help you meet the deadlines you set. It is also a great opportunity for accountants since they offer tax Advisor program. You can get tips and learn from their sessions on taxes by using it.
Utilizing TaxJar can help you get more done while keeping the track of each deadline or requirement you need to meet. If you’re in a place with complicated tax laws, this will definitely help you get your head around it. What Does State Registered Name Mean In TaxJar
But if handling taxes is easy, then TaxJar might not be a good expense. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of everything. In addition, if you’re finding the entire procedure simple to follow and you’re comfortable with it, you may be better off doing it on your own.
FAQ What Does State Registered Name Mean In TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with 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 with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions’ amounts are in USdollars. If you’re using a different currency, you will need to convert it into US$ prior to when TaxJar determines your tax.