Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. Even more so if you do not have a degree in accounting or finance. Tax-related issues aren’t easy, particularly when you’re full of things to be done. In the event that you do not have enough money to engage an accountant doing it on your own can be risky. If you miss one detail and you don’t know it, you may have to do it all over again!
Most people want 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?
It is always possible to make our lives easier by using tools like TaxJar.
Here we’ll take a look at this life-saving tool and how it can assist you. Although this is quite an extensive read, you should be able to gauge whether TaxJar is what you need today.
Are you looking watching videos rather than watch them? 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 we’ll dive right into.
What is TaxJar When Taxes Return
Founded in 2013, TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. It’s a solution for your entire sales tax life cycle. Additionally, you can use it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that require 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.
How can this help you?
TaxJar is widely used by online business owners to keep everything simple and organized. Let’s explore the features and services offered by TaxJar.
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Features and services
Integration
One of the first things you’ll want to check is that your accounting tax system seamlessly works well along with sales funnels. If you have multiple sales channels, you need to ensure that everything is in order. The most important thing is not to be penalized for not paying attention to a minor thing.
TaxJar lets you display your critical metrics in one place. So, there’s no requirement to collect information from multiple sources and organize it into one platform. All you need to do is to integrate TaxJar it will do all the rest.
Other than that, TaxJar also integrates with other platforms to assist with payment processing. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows customers to make sales tax filings manually or through TaxJar’s AutoFile feature. In the purpose of this article, we’ll look at both.
If you choose to go it alone, TaxJar will allow you to connect all the sales channels you use. When it comes time to filing tax returns for income The team will guide you on managing the tax returns. It is up to you and your team to finish the tax returns within the timeframe. 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 don’t have to fill out any forms manually. With this feature, everything will be automated from calculating sales taxes in order to record and process them. However, there might be additional charges if they are not included in the plan you chose.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be combined into one dashboard using this platform. From there, you and your team will have access to everything you need, like an inventory of your transactions, reports and information.
The best part about this option is the fact that they allow you to update your account automatically each day. Not only can they help you know how much you’ve accumulated however, they can also help you keep track of when the next payments are due.
The dashboard allows users to view in detail the overall sales taxes for your business. You can also export the information in a CSV file in case you require it to aid in financial planning and accounting processes or if your team needs it for centralized reporting.
Streamlining and Training
TaxJar helps you organize and keep on top of all the channels you sell through. This means that you don’t have to scramble for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature can help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds more effectively. You’ll know exactly how much budget you have for other operational expenses.
The best part 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, as well as their blog to find more information. In addition the sales tax calculator should 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 set your budget. Some platforms provide amazing capabilities, but they’re often too costly for your business. For this reason we’ll examine TaxJar’s pricing structures and what each of these options can offer you. Presently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan is priced at $19. The company claims that it’s the best plan for those who need assistance with filing requirements or reporting. It also includes taxes on sales and sales as well as four annual AutoFiles for free, as well as a CSV import. Even with the starter plan, you have access to their AI tax recommendations.
If you’re a smaller company proprietor, then this program could be perfect for you. It may not have all of TaxJar’s features but it comes with all the basics you require.
You can also contact the support team via their email support chart. Additionally, you’ll have access to their integration capabilities.
Professional
If you’re looking to get a bit more than just the basics and options, then the Professional plan may be the best option for you. The price starts at $99 but it can go higher when you add additional features.
How different is it from the original plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone Access to APIs, phone support, and the ability to do advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge business, you might need to choose the Premium plan instead. It includes all of the features you need to aid in your tax preparation. In addition, they offer unlimited data import integrations, Integrations with APIs, teams of members as well as AutoFiles.
There is also a team who are devoted in managing your accounts. However, they don’t disclose the amount that the Premium plan will cost you. When Taxes Return
However, they did say that the plan is custom-made to each user. The cost of the plan will be different depending on what you need for your company.
Free Trial
It’s a good thing that 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 a 30-day free trial. This should give you enough time to gauge whether the software is an excellent fit for you.
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Pros and Pros and
Now that we’ve covered all you must know about TaxJar let’s take a break. To summarize we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- There is the Tax Advisor option for some plans
- AutoFile features can help you to reduce time
- Available in most USA states
- Offers an online sales tax calculator.
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It is possible to integrate it with other platforms.
- You can track several sales channels
Cons
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not be able to access the API feature
- Only applicable to USA customers
- Needs accountants and owners to check local legislation
The Final Verdict
With everything clearly laid out TaxJar can be a great platform companies with multiple sales channels and uses plenty of platforms. If this sounds like the way you’re doing, then you must try TaxJar.
Not only will it assist you in keeping track of your revenue and products however, it will assist you in meeting the deadlines you set. It’s also an excellent opportunity for accountants since they offer a Tax Advisor program. There are tips to follow and gain knowledge from their workshops regarding taxes via it.
Using TaxJar can allow you to save more time while keeping on top of each deadline and obligation you have to meet. If you’re in a region with a lot of tax laws, this can definitely help you get your head around it. When Taxes Return
But if handling taxes is easy and straightforward, then TaxJar could be a waste of expense. If you have only one or two channels for sales, TaxJar won’t be needed to track everything. Moreover, if you’re finding the entire procedure simple to follow then you’re better off doing it on your own.
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FAQ When Taxes Return
Which areas does TaxJar offer API support?
TaxJar currently supports countries like the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can sync your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency using TaxJar?
Unfortunately, no. TaxJar does not convert currency values. The transactions’ amounts are in US$. If you’re using another currency, you’ll need to convert it into USUSD before TaxJar will calculate the tax.
