Taxes have always been one of the most difficult tasks to complete, whether you’re running a business or not. More so if you don’t have any experience in finance or accounting. Tax-related issues aren’t easy, particularly when you’re packed with things to do. In the event that you do not have enough money to employ an accountant, making it your own can be risky. If you overlook one thing it could mean you have to do it all over again!
Almost everyone wants to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
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 life-saving tool and how it can assist you. While this is a long read but you’ll be able to gauge whether TaxJar is exactly what you need right now.
Do you prefer watching videos rather than watch them? Check out 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 Taxing Billionaires Work
In 2013, TaxJar was established. TaxJar is an application that automatizes your reports, filings, and sales tax calculations. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it in all of your sales channels to make sure you’re in compliance with sales tax requirements. It simplifies the processes that can take days to complete, and is completed in just a few only a few minutes.
TaxJar is used in various industries like food and beverage businesses, SaaS, retail, services and even medical establishments.
What can it do to help you?
TaxJar is widely used by business owners who run online businesses to keep everything organized and straightforward. Let’s take a look at 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 that your accounting tax platform perfectly integrates along with sales funnels. If you’re using multiple sales channels, you need to maintain everything in line. The final thing you would like is to face a penalty due to missing a single minor point.
TaxJar lets you display your critical data in one location. That way, there’s no need to collect data from different channels and organize it into a single platform. All you need to do is to integrate TaxJar then the system will do the rest.
Apart from that, TaxJar also integrates with other platforms that can help in the process of making payments. Here’s a list of platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through their AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect all of the sales channels you use. When the time is right for filing tax returns for income The team will guide you on managing them. But, it is up for you and your team to complete everything within the timeframe. TaxJar will only help you understand what you should do , but not to handle it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you don’t have to submit the forms in a manual manner. Through this feature, everything is automated, from calculating sales tax through recording, and then processing them. There could be extra fees if you do not include this feature in the plan you choose.
Sales Tax Reports
As mentioned earlier, you can use TaxJar to ease your accounting issues. The orders you place through your online channels can be compiled into a single dashboard through this platform. From there you and your staff will have access to all the information you require, including a list of your transactions, reports and data.
The greatest benefit of this option is the fact that it lets you to automatically update every day. Not only will they let you keep track of how much you’ve earned and how much you’ve earned, but they also let you track when your following payments are due.
Their dashboard also allows users to view in detail the total sales tax within your company. It is also possible to export the data to CSV format. CSV file, if you want to use it to aid in process of financial planning and accounting or if your team needs it to run centralized reports.
Streamlining and Training
TaxJar assists in organizing and keeping on top 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 help them be more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will allow you to allocate your funds more effectively. You’ll know better how much budget you have for other operating costs.
The best part is that TaxJar offers tutorials and training not only for their platform but everything related to sales tax. You can look through their webinars, guides and blog for more information. In addition their 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. Certain platforms have amazing capabilities, but they’re often too costly for the business you run. That’s why for this section, we’ll look into TaxJar’s pricing tiers and what each of these plans can offer. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
Their Starter plan starts at $19. They claim that it’s the most effective plan for those who need assistance with filing requirements or reporting. It includes taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a small company proprietor, then this program could be ideal for you. It may not offer all the features offered by TaxJar however, it does include all the basics you require.
You can also contact their support team with their support chart for email. You’ll also have access to their integration features.
Professional
If you’re looking for something that is more than the basics, then the Professional plan could be the one for you. It starts at $99, but it can go higher by adding custom features.
How different is it from the original plan?
Apart from having access to each of Starter plan’s options, you also have access to their support via phone access to APIs, as well as the ability to do advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you own a huge company, you may need to choose the Premium plan instead. It has all of the features needed to make your tax filing easier. Moreover, they allow unlimited import integrations of data as well as API integrationsfor team members as well as AutoFiles.
There is also a team that is devoted for managing the account. But, they don’t divulge the amount that the Premium plan costs you. Would Taxing Billionaires Work
However, they did mention that this plan is tailor-fit to each user. The cost of the plan will be different in line with what you require for your company.
Free Trial
Luckily, you don’t have to gamble your money just to determine if this service is the right one for you. If you’re still considering different options, they offer 30 days of free trial. It should give you enough time to gauge whether the software is the right choice for you.
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Pros and Pros and
After we’ve gone over everything you should be aware of TaxJar let’s take a breather. To sum it all up we’ll go over the advantages and disadvantages of using TaxJar for your company.
Pros
- Does the plan include the Tax Advisor option for some plans
- AutoFile features to reduce time
- Available in most USA states
- Offers Taxes on sales online calculator.
- Support Service Team
- The dashboard is simple to navigate
- Offers a 30-day free trial
- It is able to be integrated with other platforms
- It allows you to monitor multiple 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 review local laws
The Final Verdict
With everything clearly laid down, TaxJar provides a fantastic platform to companies with many sales channels and utilizes many platforms. If that’s what you do, then you must try TaxJar.
Not only will it assist you in keeping track of your revenue and products It can assist you in meeting the deadlines you set. It is also a great opportunity for accountants since they offer tax Advisor program. You can get tips and learn from their sessions regarding taxes via it.
Utilizing TaxJar can allow you to reduce time and keep the track of each deadline and requirement you have to fulfill. If you’re in a place with complicated tax laws, this can surely help you wrap your head around it. Would Taxing Billionaires Work
If handling taxes is easy If it isn’t, then TaxJar might not be a good investment. If you only have one or two channels of sales, TaxJar won’t be needed to keep track of all of it. If you find the whole procedure simple to follow, you might be better to do it by yourself.
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FAQ Would Taxing Billionaires Work
What areas does TaxJar provide API support?
TaxJar currently works with countries like those of the United States, the EU, Australia, and Canada.
Do I have the ability to incorporate Shopify together with TaxJar?
Yes. You can connect your Shopify account with TaxJar for easier monitoring and updates.
Do I have the ability to convert every kind of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. All of the transactions are in US$. If you’re using a different currency, you will need to convert it into USdollars prior to when TaxJar can calculate your tax.
