Taxes have always been among the hardest things to do regardless of whether you run an enterprise or not. Even more so if you do not have a background in finance or accounting. Tax-related issues aren’t easy, particularly when your whole day is full of things to be done. In the event that you do not have enough money to employ an accountant, making it your own can be risky. If you miss one detail it could mean you need to repeat the process!
Most people want to skipping this step. However, since it’s mandatory to be done, we can’t choose not to.
What is the best way to deal with it?
We can make our lives easier by using tools like TaxJar.
We’ll look at this life-saving device and how it can benefit you. Although this is quite lengthy but you’ll be able to determine if TaxJar is exactly what you need today.
Are you looking video streaming instead? Check out this video – by Marcus Stonelius on YouTube they also do a full review of the features offered by TaxJar.
If you prefer to read, then let’s get right into it.
What is TaxJar? Y Tax
Founded in 2013, TaxJar is an online platform that assists you in automating your filings, reports, and sales tax calculations. TaxJar is a solution to all aspects of your sales tax cycle. In addition, you can apply it across all of your channels of sales to make sure you’re in compliance with your sales taxes. It simplifies the processes that can take days to complete, and is completed in just a few just a few minutes.
TaxJar has been used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can this help you?
TaxJar is extensively used by business owners who run online businesses to keep everything organized and straightforward. 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 you have a tax accounting platform is compatible along with sales funnels. If you have multiple sales channels, it is essential to maintain everything in line. The most important thing is not to get a penalty for overlooking just one minor detail.
TaxJar allows you to display your critical metrics in one spot. This means that there is no need to collect data from different channels and sort it into one platform. All you need to do is to integrate TaxJar and the platform will handle the rest.
In addition, TaxJar also integrates with other platforms that help in the process of making payments. Here’s a list of the platforms they are able to integrate with:
Filing
TaxJar allows clients to submit their sales tax manually or through TaxJar’s AutoFile feature. In this review, we’ll take a look into both.
If you decide to go it alone, TaxJar will allow you to connect the sales channels you use. When the time is right for filing tax returns for income The team will guide you on how to manage these. However, it will be up for you and your staff to complete everything on time. TaxJar will only help you understand what you have to accomplish, but not manage it.
If you’d prefer an Auto file, TaxJar will do the filling – that means you won’t need to fill out the forms in a manual manner. This feature will ensure that everything will be automated, from calculating taxes on sales through recording, and then processing them. However, there might be extra fees if not included in the plan you select.
Sales Tax Reports
As mentioned earlier that you can utilize TaxJar to ease your accounting issues. The orders you place through your online channels can be combined into one dashboard using this platform. From there, you and your team will have access to everything you need, such as an inventory of your transactions, reports, as well as data.
The most appealing aspect of this option is the fact that it allows you to update your account automatically each day. Not only can they help to know the amount you’ve accumulated, but they also help you track when your following payment is due.
The dashboard allows users to view in detail the total sales tax within your company. You can also export your data to the form of a CSV file, if you want to use it for your financial planning and accounting processes or if your team needs it for central reporting.
Training and Streamlining
TaxJar assists in organizing and keeping the track of all the channels you sell through. That means you won’t have to scramble for your documents whenever you’re in the event of a need. Even even if you already have an accountant, this function can aid them in being more efficient.
Additionally, knowing the figures for your sales tax ahead of time can help you allocate your money more efficiently. You’ll know better how much budget you have for other operational expenses.
The best part is that TaxJar offers tutorials and training and tutorials, not just on their platform, but all things that has to do with sales tax. Check out their guides, webinars, as well as their blog to find more info. Apart from that, their sales tax calculator can be helpful if you’re planning on complete everything yourself.
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How much does TaxJar cost?
We know how crucial it is to establish your budget. Some platforms offer superb features, but they’re sometimes too costly for the business you run. That’s why for this section we’ll take a look at TaxJar’s pricing levels and what each of these plans can offer. Presently, TaxJar offers three plans that are: Professional, Starter and Premium.
Starter
The Starter plan is priced at $19. They say it’s the most effective plan to help you with filing requirements or reporting. It comes with taxes on sales and sales as well as 4 autofiles for free each year, and an CSV import. With the starter plan, you have access to their AI tax recommendations.
If you’re a smaller business manager, the plan will be perfect for you. It may not offer all the features offered by TaxJar, but it has the essentials that you need.
In addition, you can reach the support team via their support chart for email. You’ll also be able to use their integration tools.
Professional
If you’re looking for something a bit more than just the standard features and options, then the Professional plan may be the best option for you. It’s priced at $99 but you can increase it when you add additional features.
How different is it from the basic plan?
Apart from having access to each of Starter plan’s features, you also get access to their phone customer support access to APIs, as well as advanced CSV import. Additionally, they allow you to receive 12 free AutoFiles every year.
Premium
If you have a massive enterprise, you may want to go for an upgrade instead. It has all of the features needed to help with your taxes. In addition, they offer unlimited integrations with data imports Integrations with APIs, teams of members, and AutoFiles.
They also have a team who are devoted in managing your accounts. However, they don’t disclose how much the Premium plan will cost you. Y Tax
But they did state that this plan is customized for each user. The cost of the plan will be different in line with what you require for your business.
Free Trial
It’s a good thing that you don’t have to bet your life on it to find out if the platform is the right one for you. If you’re still considering other options, they have the opportunity to try a free trial for 30 days. It should give you enough time to determine whether the service is the right choice for you.
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Pros and Pros and
We’ve covered everything you should know about TaxJar let’s take a break. In order to sum up the whole thing Here are the pros and cons of using TaxJar for your company.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features save time
- Available in most USA states
- Provides Taxes on sales online calculator
- Support service team
- The dashboard is easy to navigate
- It offers a free trial of 30 days.
- It can be integrated with other platforms.
- You can track several sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not be able to access 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 is an excellent platform for companies with multiple sales channels and uses plenty of platforms. If that sounds like what you’re doing, then must try TaxJar.
Not only can it help you track your revenue and products, but it can also help you meet your deadlines. It’s also an excellent option for accountants as they have a Tax Advisor program. There are tips to follow and get knowledge from their seminars on taxes by using it.
Using TaxJar will help you reduce time and keep on top of each deadline or requirement you need to fulfill. If you’re in an area with complex tax laws, this will certainly help you to get your head around it. Y Tax
However, if managing your taxes is straightforward and straightforward, then TaxJar could be a waste of investment. If you have only one or two channels for sales, TaxJar won’t be needed to keep track of everything. If you find the entire procedure easy to complete, you might be better to do it by yourself.
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FAQ Y Tax
What areas does TaxJar provide API assistance?
TaxJar currently supports countries like those of the United States, the EU, Australia, and Canada.
Can I connect Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Do I have the ability to convert every kind of currency with TaxJar?
Unfortunately, no. TaxJar does not convert currencies. All of the transactions are in USdollars. If you’re using another currency, you’ll need to convert it to USUSD prior to when TaxJar determines the tax.
