Taxes have always been one of the most difficult things to handle, whether you’re running a business or not. Even more so if you do not have a background in accounting or finance. Tax-related tasks can be overwhelming, especially when you’re filled with tasks to complete. When you’re not able to afford the budget to hire an accountant, making it your own could be dangerous. If you overlook one thing, you might have to redo things again!
Nearly everyone would prefer to skipping this step. But since it’s required to be done, we can’t choose not to.
So , what can we do about it?
It is always possible to simplify our lives by using tools like TaxJar.
We’ll look at this life-saving tool and how it can assist you. Even though this is a long read it is possible to assess whether TaxJar is the tool you require in the present.
Prefer video streaming instead? Watch this video – by Marcus Stonelius on YouTube they also provide a comprehensive review of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What is TaxJar? Xero Vs TaxJar
In 2013, TaxJar was established. TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculation. It is a solution for all aspects of your sales tax cycle. In addition, you can apply it across all of the sales channels you use 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 just a few minutes.
TaxJar is used in different industries such as food and beverage businesses, SaaS, retail, services as well as medical institutions.
How can this help you?
TaxJar is widely used by owners of online businesses to ensure that everything is simple and organized. Let’s look into their features and services.
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Services and features
Integration
One of the most important things you’ll need to ensure is that your accounting tax platform is compatible with your sales channel. If you’re selling through multiple channels, it is essential to maintain everything in line. The last thing you want is to get a penalty for missing a single minor point.
TaxJar allows you to display your critical metrics in one spot. That way, there’s no need to gather data from different channels and then organize it on one platform. All you have to do is to integrate TaxJar it will handle all the rest.
Apart from that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms they can integrate with:
Filing
TaxJar lets customers file their sales taxes manually or through the AutoFile feature. For the purpose of this article, we’ll take a look into both.
If you choose to manually file your tax returns, TaxJar will allow you to connect your sales platforms. When the time is right for filing income tax returns TaxJar will train you on how to handle the tax returns. But, it is up to you and your team to complete the process in time. TaxJar will only provide guidance on what you need to do but not handle it.
If you would prefer an Auto file, TaxJar will do the filling for you. This means that you don’t have to submit all forms by hand. With this feature, everything will be automated from calculating sales tax in order to record and process 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 help you with your accounting issues. The orders you place through your online channels can be compiled into one dashboard using this platform. Once you’re on the platform you and your staff will have access to all the information you need, such as the list of transactions, reports and information.
The best part about the feature you’ve chosen is they allow you to update your account automatically each day. Not only can they help to know the amount you’ve earned however, they can also help you track when your following payments are due.
Their dashboard can also allow you to see the overall sales taxes in your business. You can also export the information in the form of a CSV file in case you require it for your process of financial planning and accounting or if your team requires it for centralized reporting.
Streamlining and Training
TaxJar assists in organizing and keeping track of all of the sales avenues you use. This means that you don’t have to scramble for your documents when you’re in a pinch. Even if you already have your accountant, this feature will help them be more efficient.
Furthermore, knowing the estimated amount for the sales tax you pay in advance will help you plan your money more efficiently. You’ll know exactly how much budget you have for other operational costs.
The best part is that TaxJar provides training and tutorials and tutorials, not just for their platform , but also everything related to sales tax. Check out their guides, webinars, or blog posts for additional information. Apart from that their sales tax calculator is helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to determine your budget. Some platforms provide amazing features, but they can be too expensive for businesses. For this reason we’ll examine TaxJar’s pricing structures and the features that each of these choices can provide you. Currently, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
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 the tax on sales, 4 autofiles for free each year, and a CSV import. With the starter plan, you will be able to access their AI tax advice.
If you’re a smaller company manager, the plan could be ideal for you. It may not offer all of TaxJar’s features, but it has all the basics you require.
Additionally, you can contact their customer support via their support chart for email. You’ll also have access to their integration capabilities.
Professional
If you’re looking for a bit more than just the standard features and options, then the Professional plan may be the best option for you. It starts at $99, however, it could go up when you add additional features.
What is the difference from the basic plan?
In addition to accessing each of Starter plan’s features, you also have the support of their customer service via phone, API access, and sophisticated CSV import. Additionally, they allow you to get 12 AutoFiles for free each year.
Premium
If you have a massive company, you may need to choose premium plans instead. It comes with all the features you need to aid in your tax preparation. In addition, they offer unlimited import integrations of data, API integrationsfor team users, and AutoFiles.
They also have a team dedicated for managing the account. They don’t reveal the amount that the Premium plan will cost you. Xero Vs TaxJar
However, they did say that this plan is customized for every user. So the costs will vary according to what you require for your business.
Free Trial
It’s a good thing that you don’t have to gamble your money just to determine if this service 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 service is the right choice for you.
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Pros and Pros and
We’ve covered everything you must be aware of TaxJar let’s take a break. In order to sum up the whole thing we’ll go over the pros and cons of the use of TaxJar for your company.
Pros
- There is a 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 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
- Limits on AutoFile are determined by the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable to USA customers.
- Needs accountants and owners to review local laws
The Final Verdict
With everything laid out, TaxJar provides a fantastic platform to companies with many sales channels and utilizes plenty of platforms. If that’s what you do, then you must try TaxJar.
Not only can it aid in tracking your revenue and products however, it will also help you meet the deadlines you set. It’s also an excellent option for accountants as they provide tax Advisor program. There are tips to follow and get knowledge from their seminars about taxes through it.
Utilizing TaxJar can help you save more time while keeping the track of each deadline or requirement you need to meet. If you’re living in a region with a lot of tax regulations, this will definitely help you get your mind around it. Xero Vs TaxJar
If handling taxes is easy and straightforward, then TaxJar might not be a good investment. If you have only one or two channels of 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.
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FAQ Xero Vs TaxJar
Which areas does TaxJar offer API support?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I integrate Shopify into TaxJar?
Yes. You can link your Shopify account to TaxJar for easier monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currency values. The transactions are in USdollars. If you’re using another currency, you will need to convert it into USUSD before TaxJar will calculate your tax.
