Taxes have always been one of the hardest things to do, whether you’re running your own business or not. Even more so if you do not have a degree in accounting or finance. Tax-related work can be overwhelming, especially when your whole day is filled with tasks to complete. If you don’t have enough money to hire an accountant, performing the task on yourself can be risky. If you miss one detail and you don’t know it, you may need to repeat the process!
Most people want to skip this step. However, since it’s mandatory, we have no choice.
So , what is the best way to deal with it?
We can simplify our lives by using tools like TaxJar.
We’ll look at this well-known life-saving tool and how it can help you. Even though this is an extensive read, you should be able to determine if TaxJar is what you need today.
Are you looking to watch videos instead? Check out this video – by Marcus Stonelius on YouTube they also give a complete review of the features offered by TaxJar.
But for those who prefer to read, then let’s get right into it.
What is TaxJar What Is Entity Exempt On TaxJar
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculation. It’s a solution for your entire sales tax life cycle. In addition, you can apply it across all your sales channels to ensure compliance with sales taxes. It simplifies the processes that take days to complete and is completed in just a few just a few minutes.
TaxJar has been used in different industries such as food and beverage companies, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is extensively used by owners of online businesses to make their business more neat and simple. Let’s take a look at the features and services offered by TaxJar.
Services and features
One of the first things you’ll want to check is your tax-reporting system is compatible with your sales channel. If you’re using multiple sales channels, you must maintain everything in line. The last thing you want is to be penalized for not paying attention to a minor thing.
TaxJar allows you to show your most important data in one location. So, there’s no requirement to collect data from different channels and sort it into a single platform. All you have to do is connect TaxJar, then the system will do the rest.
In addition, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of the platforms that they can connect with:
TaxJar allows customers to submit their sales tax by hand or using the AutoFile feature. For this review, we’ll look into both.
If you decide to go it alone, TaxJar will allow you to connect all your sales platforms. When the time is right for the filing of income tax returns TaxJar will train you on how to handle them. However, it will be up to you and your team to finish the tax returns within the timeframe. TaxJar will only provide guidance on what you should do , but not to handle it.
If you would prefer an Auto file, TaxJar will do the filling, which means you don’t have to submit any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing it. But, it is possible to incur additional costs if the feature is you do not include this feature in the plan you chose.
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 combined into a single dashboard via this platform. From there, you and your team will have access to everything you need, such as the list of transactions, reports, as well as data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. Not only will they let you keep track of how much you’ve accumulated, but they also help you keep track of when the next payment is due.
The dashboard allows users to view in detail the sales tax totals for your business. You can also export the information in CSV format. CSV file if you need it to aid in financial planning and accounting processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps organize and keep track of all of the channels you sell through. That means you won’t have to hunt for your paperwork whenever you’re in the event of a need. Even even if you already have an accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for your sales tax in advance will allow you to allocate your funds better. You’ll know better how much budget you have to cover other operational expenses.
What’s more is that TaxJar offers training and tutorials not only on their platform, but for anything that has to do with sales tax. Check out their guides, webinars, or blog posts for additional information. In addition the sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
How much does TaxJar cost?
We are aware of how important it is to set your budget. Some platforms offer superb capabilities, but they’re often too expensive for businesses. This is why in this section we’ll examine TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
The Starter plan starts at $19. They claim that it’s the most suitable plan for you for those who need assistance in filing and reporting. It includes the tax on sales, four autofiles for free each year, and the option of a CSV import. With the starter plan, you will be able to access their AI tax tips.
If you’re a small-scale company owner, this plan could be perfect for you. It may not have all the features of TaxJar however, it does include the basic features you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration capabilities.
If you’re looking for something different from the basic features Professional could be the one for you. It’s priced at $99 but it can go higher when you add additional features.
How different is it from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
If you have a massive business, you might need to go for the Premium plan instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited data import integrations, Integrations with APIs, teams of users as well as AutoFiles.
They also have a staff that is devoted in managing your accounts. But, they don’t divulge how much the Premium plan will cost you. What Is Entity Exempt On TaxJar
However, they did mention that the plan is custom-made for each user. Therefore, the cost will differ according to what you require to run your business.
Luckily, you don’t have to risk your money to see if this platform is the right one for you. If you’re still looking into different options, they offer the opportunity to try a free trial for 30 days. It should give you enough time to gauge if the platform is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of using TaxJar to run your business.
- Has the Tax Advisor option for some plans
- AutoFile features to reduce 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 is able to be integrated with other platforms.
- You can track several sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar is an excellent platform for companies with many sales channels and utilizes many platforms. If that’s what you’re doing, then ought to try this.
Not only can it help you track the sales and profits of your business however, it will assist you in meeting your deadlines. This is also an excellent option for accountants as they provide tax Advisor program. There are tips to follow and get knowledge from their seminars regarding taxes via it.
Using TaxJar can allow you to save more time while keeping on top of each deadline and requirement you have to fulfill. If you live in an area with complex tax laws, this will surely help you wrap your mind around it. What Is Entity Exempt On TaxJar
However, if managing taxes is easy If it isn’t, then TaxJar may be an unnecessary investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to keep track of all of it. Moreover, if you’re finding the entire procedure simple to follow then you’re better off doing it on your own.
FAQ What Is Entity Exempt On TaxJar
What areas does TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All transactions’ amounts are in US$. If you’re using a different currency, you’ll need to convert it to USdollars before TaxJar can calculate the tax.