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 work can be overwhelming, especially when your whole day is filled with tasks to complete. In the event that you do not have enough money to employ an accountant, performing the task on yourself can be dangerous. If you make a mistake, you might need to repeat the process!
Most people want to avoid this step. However, since it’s mandatory, we have no choice.
So what can we do ?
We can make life easier with tools such as TaxJar.
This article will take a look at this well-known life-saving device and how it can assist you. Even though this is an extensive read but you’ll be able to assess whether TaxJar is the tool you require today.
Prefer watching videos rather than watch them? Take a look at this video by Marcus Stonelius on YouTube they also provide a comprehensive analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? Would A Wealth Tax Work
In 2013, TaxJar was established. TaxJar is a platform that helps automate your filings, reports, and sales tax calculations. TaxJar is a solution to your entire sales tax life cycle. Additionally, you can use it across all your channels of sales to ensure compliance with sales taxes. It simplifies the processes that require days to complete and is completed in just a few minutes.
TaxJar has been utilized in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is extensively used by owners of online businesses to make their business more organized and straightforward. Let’s explore the benefits and features of TaxJar.
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Services and features
Integration
One of the first things you’ll want to check is your tax-reporting platform seamlessly works well in conjunction with the sales channels you use. If you’re using multiple sales channels, you need to keep everything in place. The most important thing is not to get a penalty for not paying attention to a minor thing.
TaxJar allows you to display your critical data in one location. That way, there’s no requirement to collect data from different channels and organize it into a single platform. All you need to do is integrate TaxJar, it will handle the rest.
Apart from that, TaxJar also integrates with other platforms to assist with payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax either manually or via TaxJar’s AutoFile feature. For the purpose of this article, we’ll dig into both.
If you decide to do it manually, TaxJar will allow you to connect all of the sales channels you use. Once the time comes for filing tax returns for income TaxJar will train you on how to manage these. However, it will be up to you and your staff to complete everything within the timeframe. TaxJar is there to provide guidance on what you should do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out any forms manually. Through this feature, everything will be automated from calculating sales taxes through recording, and then processing them. There could be extra fees if not part of the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. Your orders from your e-commerce channels can be compiled into a single dashboard through this platform. Once you’re on the platform you and your team will have access to all the information you need, such as an inventory of your transactions, reports, and the data.
The greatest benefit of the feature you’ve chosen is they allow you to update automatically every day. Not only will they let to know the amount you’ve earned and how much you’ve earned, but they also let you keep track of when the next payments are due.
Their dashboard also allows you to see the sales tax totals in your business. You can also export your data as CSV format. CSV file if you need it in your financial planning and accounting processes or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping the track of all the channels you sell through. This means that you don’t have to hunt for your paperwork when you’re in the event of a need. Even if you already have your accounting firm, the feature can help them be more efficient.
Moreover, knowing the estimates for your sales tax ahead of time will allow you to allocate your funds more effectively. You’ll know exactly how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but all things related to sales tax. You can look through their webinars, guides, and blog for more info. In addition, their sales tax calculator can be beneficial when you’re planning to complete everything yourself.
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How much does TaxJar cost?
We understand how important it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for your business. This is why in this section we’ll examine TaxJar’s pricing structures and the features that each of these plans can offer. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan costs $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It includes the tax on sales, four annual AutoFiles for free, as well as the option of a CSV import. Even with the starter plan, you can access their AI tax tips.
If you’re a small-scale business owner, this plan will be ideal for you. It may not offer all the features offered by TaxJar but it comes with the basic features you require.
You can also contact their support team with their email support chart. You’ll also have access to their integration features.
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. It starts at $99, but you can increase it by adding custom features.
What is the difference from the original plan?
In addition to accessing every one of Starter plan’s features, you also get access to their phone customer support Access to APIs, phone support, and advanced CSV import. Additionally, they allow you to have 12 free AutoFiles each year.
Premium
If you own a huge enterprise, you may want to go for an upgrade instead. It includes all of the features that you require to make your tax filing easier. Additionally, they permit unlimited integrations with data imports, Integrations with APIs, teams of members, and AutoFiles.
They also have a staff who are devoted to managing your account. They don’t reveal how much the Premium plan costs you. Would A Wealth Tax Work
But they did state that this plan is customized to each user. So the costs will vary in line with what you require to run your business.
Free Trial
Fortunately, you don’t need to gamble your money just to see if this platform is right for you. If you’re still looking into different options, they offer 30 days of free trial. This should give you enough time to see if the platform is the right choice for you.
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Pros and Cons
After we’ve gone over everything you must be aware of TaxJar let’s take a break. To summarize Here are the pros and cons of making use of TaxJar for your business.
Pros
- Has a Tax Advisor option for some plans
- AutoFile features help to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It can be integrated with other platforms
- Allows you to track multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Some countries won’t have access to the API feature.
- Only applicable to USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything clearly laid out, TaxJar can be a great platform businesses with numerous sales channels, and that utilizes plenty of platforms. If that sounds like what you’re doing, then you ought to try this.
Not only can it aid in tracking your products and revenue It can help you meet your deadlines. This is also an excellent platform for an accountant since they have a Tax Advisor program. You can find tips and get knowledge from their seminars about taxes through it.
Using TaxJar will help you reduce time and keep track of every deadline and requirement you have to meet. If you live in a place with complicated tax regulations, this will surely help you wrap your head around it. Would A Wealth Tax Work
If handling your taxes is straightforward If it isn’t, then TaxJar might not be a good investment. If you’re only dealing with one or two sales channels, TaxJar won’t be needed to track all of it. Moreover, if you’re finding the entire procedure easy to complete, you might be better in doing it all on your own.
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FAQ Would A Wealth Tax Work
What are the areas in which TaxJar provide API support?
TaxJar is currently assisting countries such as the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Are there any ways to exchange one type of currency with TaxJar?
Unfortunately, no. TaxJar cannot convert currency values. All transactions’ amounts are in US$. If you’re using a different currency, you’ll have to convert it to USUSD prior to when TaxJar can calculate your tax.
