Taxes are always one of the most difficult things to handle regardless of 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 you’re full of things to be done. When you’re not able to afford enough money to engage an accountant doing it on yourself can be risky. If you overlook one thing it could mean you have to do it all over again!
Nearly everyone would prefer to skipping this step. However, since it’s mandatory and mandatory, there’s no other choice.
So , what is the best way to deal with it?
We can always make our lives easier by using tools like TaxJar.
This article will take a look at this well-known life-saving tool and explain how it can help you. Even though this is an extensive read it is possible to assess whether TaxJar is exactly what you need right now.
Prefer video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
But for those who prefer to read, then let’s get right into it.
What exactly is TaxJar? What’S The Point Of Tax TaxJar
The company was founded in 2013 TaxJar is an application that automatizes your reports, filings, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. In addition, you can apply it across all of your sales channels to ensure that you are in compliance with sales taxes. It streamlines processes that require days to complete and finish within only a few minutes.
TaxJar has been utilized in various industries like food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is used extensively by business owners who run online businesses to make their business more organized and straightforward. Let’s look into the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll want to check you have a tax accounting system seamlessly works well with your sales channel. If you have multiple sales channels, it is essential to ensure that everything is in order. The final thing you would like is to be penalized for not paying attention to a minor thing.
TaxJar allows you to display your critical data in one location. That way, there’s no need to gather information from multiple sources and organize it into a single platform. All you have to do is integrate TaxJar it will take care of the rest.
In addition, TaxJar also integrates with other platforms to assist in the process of making payments. Here’s a list of the platforms that they can connect with:
Filing
TaxJar allows customers to file their sales taxes manually or through the AutoFile feature. In the purpose of this article, we’ll take a look into both.
If you opt to do it manually, TaxJar will allow you to connect all of the sales channels you use. When the time is right for the filing of income tax returns, the team will instruct you on how to handle these. But, it is up for you and your staff to complete the process within the timeframe. TaxJar will only guide you on what you should do but not 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 any forms manually. With this feature, everything will be automated from calculating sales taxes through recording, and then processing it. There could be additional charges if they are not included in the plan you choose.
Sales Tax Reports
As we mentioned that you can utilize TaxJar to help you with your accounting woes. 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 team will have access to all the information you need, like the list of transactions, reports, as well as the data.
The greatest benefit of this option is the fact that it lets you to update automatically every day. Not only can they help to know the amount you’ve accumulated however, they can also help you determine when your next payments are due.
Their dashboard also allows you to see the sales tax totals within your company. It is also possible to export the data to a CSV file if you need it in your process of financial planning and accounting or if your team requires it to run centralized reports.
Streamlining and Training
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 need them in a pinch. Even when you already have your accountant, this function can aid them in being more efficient.
Moreover, knowing the estimates for the sales tax you pay in advance will help you plan your money more efficiently. You’ll be aware of the budget you have available for other operational costs.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just for their platform , but also for anything that has to do with sales tax. Check out their webinars, guides and blog for more details. Additionally the sales tax calculator can be beneficial when you’re planning to take on the entire task yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms provide amazing features, but they can be too costly for your business. For this reason, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan costs $19. The company claims that it’s the best plan to help you with filing requirements or reporting. It comes with sales tax reporting, 4 free yearly AutoFiles, and the option of a CSV import. With the starter plan, you have access to their AI tax advice.
If you’re a small business proprietor, then this program should be perfect for you. It might not include all of TaxJar’s features but it comes with the essentials that you need.
Additionally, you can contact their support team with their support chart for email. Additionally, you’ll have access to their integration features.
Professional
If you’re looking for something a bit more than just the basic features Professional might be the right one for you. The price starts at $99 however, it could go up if you add custom features.
How different is it from the original plan?
In addition to accessing all of the Starter plan’s features, you also have their phone customer support Access to APIs, phone support, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you own a huge enterprise, you may want to choose the Premium plan instead. It has all of the features you need to help with your taxes. In addition, they offer unlimited import integrations of data, API integrations, team users, and AutoFiles.
They also have a staff dedicated in managing your accounts. However, they don’t disclose the price of the Premium plan. will cost you. What’S The Point Of Tax TaxJar
But they did state that this plan is customized for each user. So the costs will vary according to what you require for your company.
Free Trial
Fortunately, you don’t need to gamble your money just to find out if the platform is right for you. If you’re still considering other options, they have 30 days of free trial. This should give you enough time to determine if the platform is the right choice for you.
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Pros and Pros and
Now that we’ve covered all you should be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the pros and cons of making use of TaxJar to run your business.
Pros
- Has the Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Provides on the internet for sales tax calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is able to be integrated with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable for USA customers
- It is important for owners and accountants to check local legislation
The Final Verdict
With everything clearly laid down, TaxJar can be a great platform companies with numerous sales channels, and that utilizes plenty of platforms. If this sounds like the way you do, then you should try this.
Not only can it assist you in keeping track of the sales and profits of your business, but it can help you meet your deadlines. It’s also an excellent option for accountants as they offer tax Advisor program. You can find tips and gain knowledge from their workshops regarding taxes via it.
Utilizing TaxJar can help you reduce time and keep the track of each deadline and obligation you have to fulfill. If you’re in an area with complex tax regulations, this will certainly help you to get your head around the subject. What’S The Point Of Tax TaxJar
However, if managing your taxes is straightforward, then TaxJar may be an unnecessary expense. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better to do it on your own.
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FAQ What’S The Point Of Tax TaxJar
Which areas does TaxJar provide API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify with TaxJar?
Yes. You can link your Shopify account with TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar cannot convert currencies. The transactions’ amounts are in USdollars. If you’re using a different currency, you’ll need to convert it into USUSD before TaxJar can calculate the tax.
