Taxes have always been one of the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have a degree in finance or accounting. Tax-related issues can be overwhelming, especially when you’re full of things to be done. In the event that you do not have enough money to employ an accountant, doing it on your own can be dangerous. If you miss one detail it could mean you have to do it all over again!
Nearly everyone would prefer to avoid this step. But , as it’s a requirement, we have no choice.
What can we do ?
We can simplify our lives with tools such as TaxJar.
This article will take a look at this well-known life-saving tool and how it can help you. While this is an extensive read, you should be able to gauge whether TaxJar is exactly what you need in the present.
Are you looking video streaming instead? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, we’ll dive right into.
What is TaxJar? What Is Nexus TaxJar
Founded in 2013, TaxJar is an online platform that assists you in automating your reports, filings, and sales tax calculation. It’s a solution for the entire life cycle. Furthermore, you can utilize it across all your channels of sales to ensure that you are in compliance with sales tax requirements. It streamlines processes that take days to complete and finish within only a few minutes.
TaxJar has been utilized in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
What can it do to help you?
TaxJar is used extensively by owners of online businesses to keep everything organized and straightforward. Let’s explore their features and services.
Features and services
One of the first things you’ll want to check is your tax-reporting platform is compatible in conjunction with the sales channels you use. If you’re using multiple sales channels, you must keep everything in place. The final thing you would like is to get a penalty for overlooking just one minor detail.
TaxJar lets you display your critical data in one location. This means that there is no need to gather information from multiple sources and organize it into a single platform. All you need to do is integrate TaxJar and the platform will do the rest.
Other than that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of platforms they are able to integrate with:
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. For the purpose of this article, we’ll look at both.
If you opt to do it manually, TaxJar will allow you to connect all of those sales tools. When the time is right for the filing of income tax returns The team will guide you on how to manage them. But, it is up to you and your team to complete the process on time. TaxJar will only provide guidance on what you need to do , but not to handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. Through this feature, everything will be automated, from calculating sales taxes to recording and processing them. However, there might be additional costs if the feature is not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting problems. All orders made through your e-commerce channels can be compiled into a single dashboard via this platform. From there you and your staff will have access to all the information you require, including an inventory of your transactions, reports, and information.
The most appealing aspect of this option is the fact that they allow you to update automatically every day. They not only let to know the amount you’ve collected 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 fully view the sales tax totals in your business. It is also possible to export the information to the form of a CSV file if you need it to aid in accounting and financial planning processes or if your team requires it for centralized reporting.
Training and Streamlining
TaxJar helps organize and keep the track of all the channels you sell through. That means you won’t have to scramble for your documents whenever you’re when you’re in a pinch. Even if you already have your accountant, this feature can make them more efficient.
Additionally, knowing the figures for your sales tax in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just on their platform, but everything that has to do with sales tax. You can check out their webinars, guides, and blog for more information. Apart from that the sales tax calculator should 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. Certain platforms have amazing features, but they’re sometimes too costly for your business. For this reason we’ll take a look at TaxJar’s pricing levels and what each of these plans can offer. Currently, TaxJar offers three plans including Professional, Starter and Premium.
Their Starter plan is priced at $19. They say it’s the best plan to help you with filing requirements and reporting. It also includes sales tax reporting, four free yearly AutoFiles, and the option of a CSV import. Even with the starter plan, you can access their AI tax recommendations.
If you’re a small-scale company manager, the plan could be perfect for you. It might not include all of TaxJar’s features, but it has the basic features you require.
Additionally, you can contact their customer support via their email support chart. Additionally, you’ll have access to their integration capabilities.
If you’re looking to get that is more than the basics Professional may be the best option for you. It starts at $99, however, it could go up by adding custom features.
What is the difference from the starter plan?
In addition to having access to all of the Starter plan’s features, you also have their phone customer support, API access, and advanced CSV import. They also allow you to have 12 free AutoFiles each year.
If you own a huge business, you might need to choose an upgrade instead. It includes all of the features you need to make your tax filing easier. Moreover, they allow unlimited integrations with data imports, Integrations with APIs, teams of members and AutoFiles.
There is also a team that is devoted to managing your account. However, they don’t disclose the amount that the Premium plan will cost you. What Is Nexus TaxJar
But they did state that this plan is customized for every user. Therefore, the cost will differ depending on what you need for your business.
Luckily, you don’t have to gamble your money just to see if this platform is for you. If you’re still looking into various options, they provide 30 days of free trial. It should give you enough time to determine whether the software is an excellent fit for you.
Pros and Pros and
After we’ve gone over everything you must know about TaxJar let’s take a break. To sum it all up, here are the pros and cons of making use of TaxJar to run your business.
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Offers on the internet for sales tax calculator.
- Support service team
- The dashboard is simple to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- Allows you to track multiple sales channels
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access 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 out, TaxJar provides a fantastic platform to businesses with multiple sales channels and uses many platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it help you track the sales and profits of your business It can assist you in meeting the deadlines you set. This is also an excellent option for accountants as they provide the Tax Advisor program. You can get tips and gain knowledge from their workshops about taxes through it.
Using TaxJar can allow you to get more done while keeping the track of each deadline and requirement you have to meet. If you’re in an area with complex tax laws, this can definitely help you get your mind around it. What Is Nexus TaxJar
However, if managing your taxes is straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete then you’re better to do it by yourself.
FAQ What Is Nexus TaxJar
Which areas does TaxJar provide API assistance?
TaxJar is currently assisting countries such as those of the United States, the EU, Australia, and Canada.
Do I have the ability to connect Shopify with TaxJar?
Yes. You can connect your Shopify account with TaxJar to make it easier to monitor and updates.
Can I convert any kind of currency with 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 prior to when TaxJar will calculate your tax.